Q1 Profits Almost Double for Taiwanese Banks in China
2014/06/24 | By Judy LiThe 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
|