Banks’ combined pretax profits grow 76%By Kao Shih-ching / Staff reporterLocal banks’ combined profit grew in March, for the first time since May last year, thanks to an increase in investment gains and interest income, data released by the Financial Supervisory Commission on Thursday showed. The banks’ combined pretax profits grew 76 percent year-on-year to NT$32 billion (US$1.15 billion) in March, ending 10 consecutive months of annual declines, the data showed. The commission reported on Thursday that local banks’ combined pretax profits grew 76 percent year-on-year to NT$32 billion (US$1.15 billion) in March, ending 10 consecutive months of annual declines. Photo: Kelson Wang, Taipei TimesIn the first quarter, banks’ pretax profits rose 10.9 percent year-on-year to NT$89.76 billion, it showed. Domestic bank branches saw their combined pretax profits rise 25 percent year-on-year to NT$59.9 billion in the first quarter, accounting for 66.8 percent of all profits, while banks’ offshore banking units, overseas branches and operations in China reported annual declines of 3 percent, 23 percent and 55.5 percent in pretax profits respectively, the data showed.

Source: Taipei Times May 09, 2021 15:56 UTC