Shinkong Bank (
The bank posted its first net loss last month of NT$499 million (US$15.45 million), down from a net profit of NT$300 million a year earlier, after it decided to book another NT$750 million on top of its regular monthly provision of about NT$500 million to NT$600 million to cover the rising cost of defaulting credit-card loans.
Shinkong Bank, which had a lending balance of NT$220.6 billion, reported a rising non-performing loan ratio of 2.42 percent last month, up slightly from 2.39 percent the previous month, and a declining coverage ratio of 46.83 percent, down from 27.04 percent over the same period.
Revolving credit card balance accounted for about 6 percent of the total lending balance, while cash-card loans made up a minimum of 1 percent, the bank said.
They have no clear idea how much more money needs to be spent on reserves because of the continued uncertainty over bad consumer debts, Shinkong Financial Holding Co (
The problem is expected to ease in the second half of this year, he said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
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Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
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