The overseas branches of Taiwanese banks reported a 4.4 percent annual increase in combined pretax profit to a record NT$69.2 billion (US$2.13 billion) during the first three quarters of the year, data released by the Financial Supervisory Commission (FSC) showed yesterday.
The FSC attributed the growth to higher interest income, more investments and other net gains.
Among the overseas branches, those in Hong Kong contributed the most profits to Taiwanese banks, accounting for nearly 44 percent of total profits in the first three quarters, the FSC said.
Photo: Reuters
However, Hong Kong branches’ combined pretax profit fell 16.9 percent year-on-year to NT$30.26 billion during the period, as a poor housing market forced the branches to increase bad-debt charges, which affected their earnings, it said.
Taiwanese banks’ Singaporean branches came in second with a combined pretax profit of NT$7.86 billion, but the figure was 2.3 percent lower than a year earlier due to a higher comparison base, the commission’s data showed.
Chinese branches ranked third with aggregate pretax profit of NT$7.2 billion, up 55.6 percent from a year earlier, backed by higher capital gains from securities investments and better interest income, the data showed.
US branches ranked fourth with a combined pretax profit of NT$6.39 billion, down 19 percent year-on-year amid rising bad-debt charges for commercial real estate, followed by Vietnamese branches, whose pretax profit grew 20.2 percent to a record NT$4.53 billion, commission data showed.
Over the same period, Taiwanese banks’ branches in countries in the government’s New Southbound Policy reported an annual increase of 12.1 percent in combined pretax profit to a record NT$18.95 billion, the commission said
The New Southbound Policy aims to enhance trade and exchanges between Taiwan and 18 countries, with branches in Vietnam, Cambodia and Malaysia posting the largest increases in aggregate pretax profit during the period, it said.
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