State-run Mega Financial Holding Co (兆豐金控) yesterday said it would seek to grow its profit this year by maintaining its leadership position in international trade financing and expanding its retail banking business.
The company made the remarks at an annual general meeting held at a parking lot in New Taipei City’s Linkou District (林口), where shareholders approved the company’s plan to distribute a cash dividend of NT$1.58 per share based on last year’s net income of NT$25 billion (US$890.95 million), or earnings per share (EPS) of NT$1.84.
That suggests a payout ratio of about 85 percent.
Photo courtesy of Mega Financial Holding Co
Despite the COVID-19 outbreak, Mega Financial said its main subsidiary, Mega International Commercial Bank (兆豐銀行), last year posted a 9.3 percent increase in foreign currency deposits and stayed ahead of its peers in international trade financing volume with an 18.6 percent market share.
Overseas branches and offshore banking units contributed 56.2 percent of overall business, it added.
Mega Bank reported a net income of NT$20.33 billion, or EPS of NT$2.38, for last year.
The lender’s efforts to grow a second profit driver have borne fruit, with consumer loans last year rising 16 percent, it said.
For this year, it aims to strengthen lending to small and medium-sized enterprises and seize business opportunities arising from the electronics supply chain realignment, it said.
Meanwhile, Mega Securities Co (兆豐證券) last year saw its net income swell 42 percent to NT$1.55 billion, thanks to a bull market at home, and Mega Bills Finance Co (兆豐票券) posted a net profit of NT$2.93 billion, an increase of 11.64 percent, company data showed.
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