SinoPac Financial Holdings Co (永豐金控) on Wednesday posted NT$803 million (US$27.14 million) in net income for last month, after its securities house swung into loss and snapped the group’s record of being the only profitable player in Taiwan by measure of year-on-year financial results.
The bank-focused conglomerate accumulated NT$6.88 billion in net income in the first five months of the year, a 6.3 percent decline from the same period last year, with earnings per share of NT$0.61, SinoPac said.
As of April, SinoPac Financial was the only financial company with positive earnings growth compared with a year earlier, as unrealized asset losses plagued peers, it said.
Photo: Kelson Wang, Taipei Times
That status came to an end last month after its securities arm, SinoPac Securities Co (永豐金證券), incurred NT$136 million in net losses, although main subsidiary Bank SinoPac (永豐銀行) held strong with NT$1.26 billion in net income.
The group told an investors’ conference on Tuesday last week that healthy loan growth and wealth management business enabled the lender to grow fee incomes and absorb losses from its credit card operation in the first three months of the year.
Bank SinoPac generated nearly 80 percent of the group’s profit of NT$4.41 billion in the first quarter of the year, or earnings per share of NT$0.39, while SinoPac Securities saw profit retreat 14.3 percent in the first quarter as trading volume on the TAIEX slumped, the financial group said.
SinoPac Financial is also looking at soft contributions from overseas operations as market corrections are shrinking value in foreign assets and its capital leasing unit is taking a hit from the COVID-19 pandemic, it said.
SinoPac Financial would press ahead with downsizing plans that cut its number of affiliated companies from 37 in 2017 to 21 in March this year, it added.
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