Q1 Profits Almost Double for Taiwanese Banks in China

The 10 Taiwanese banks in China scored combined profits of US$22 million in the first quarter of 2014, nearly double that of the corresponding figure of last year and accounting for more than 40% of the US$50 million gained for 2013.

Among the Taiwanese banks operating in China, Cathay United Bank's Shanghai Branch raked in the highest profits of US$5 million in the first quarter, or over 30% of the total gained during the quarter. Bank of Taiwan recorded the second highest earnings of nearly US$4 million although its total profits was only US$1 million in 2013.

As of end of March Cathay's Shanghai Branch held outstanding loans of US$1.2 billion, higher than its counterparts in China. First Bank and Taiwan Cooperative Bank followed with US$800 million and US$600 million, respectively, with the other banks holding loans ranging US$500-100 million.

In the same quarter the profits gained by offshore banking units (OBUs) of Taiwan's domestic banks reached NT$25.9 billion (US$863.33 million), up 63% from the corresponding figure of last year, due mainly to further relaxation on businesses operated by OBUs. (JL)

Q1 Profitability of Taiwanese Banks in  China                                   Unit: US$Million
Bank	Profits in Q1	No. of loans as of March
Cathay United	Over 5	About 1,200
Bank of Taiwan	Near 4	About 200
Mega International Commercial Bank	Near 3	About 300
First	Near 3	About 800
Chang Hwa Bank	Over 2	About 500
Taiwan Cooperative	Near 2	About 600
Hua Nan Bank	Over 1	About 500
Land Bank of Taiwan	Near 1.5	About 500
E. Sun Bank	Near 1	About 100
CTBC Bank	Near 2	About 200

Source: the said banks