King’s Town Bank (京城銀行) yesterday posted net income of NT$738 million (US$26.42 million) for last month, or earnings per share (EPS) of NT$0.66, up 29.7 percent from a year earlier.
The Tainan-based bank attributed the rise in profitability to higher fees income and improved recovery of bad debt.
Net profit for the first seven months of this year was NT$5.07 billion, or EPS of NT$4.53, up 98.4 percent from a year earlier, King’s Town Bank said in a statement.
Photo courtesy of King’s Town Bank
It did not disclose how much it had recouped from bad loans, saying only that its load quality remained stable last month, despite a nationwide COVID-19 alert.
Its non-performing loan ratio was 0.02 percent, flat from a month earlier, it said.
Although a local outbreak of COVID-19 that began in the middle of May had hit private consumption and businesses focused on the domestic market, the bank said that the impact would be short-term, as the alert on Tuesday last week was reduced to level 2.
It has accelerated its transformation from conventional to digital banking amid the pandemic, while it encourages customers to use its online services, with incentives including rewards and an app for its corporate clients, King’s Town Bank said.
“We saw strong growth last month in the number of users of the digital platform,” it said.
“The number of transactions on it increased 42 percent annually, while the number of corporate clients who applied for digital accounts rose 28 percent, with their transactions expanding 77 percent,” the bank added.
The bank is collaborating with Far EasTone Telecommunications Co (遠傳電信) to this month launch an open banking trial, which would offer more innovative digital services, it said.
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