At an investors’ conference in Taipei, the conglomerate said that Bank SinoPac’s (永豐銀行) net profit increased 25 percent annually in the third quarter to NT$2.85 billion (US$99.1 million). In the first two quarters of this year, the banking unit’s net profit fell 15 percent from a year earlier due to less interest income and investment losses caused by market volatility. Photo: Kelson Wang, Taipei TimesIts net interest income rose 15 percent annually to NT$4.42 billion last quarter, as it focused on loans with higher margins, such as green loans, personal loans and lending to small and medium-sized enterprises (SME). Overall, Bank SinoPac’s cumulative net profit dropped 3.2 percent year-on-year to NT$7.63 billion for the first three quarters, its parent company said. However, SinoPac Financial’s securities arm, SinoPac Securities Co (永豐金證券), saw its net profit jump 72 percent year-on-year to NT$1.01 billion last quarter, as its capital gains and net fee income increased.

Source: Taipei Times November 18, 2020 15:56 UTC