CTBC and SinoPac report annual drop in net profitBy Kao Shih-ching / Staff reporterCTBC Financial Holding Co (中信金控) and SinoPac Financial Holdings Co (永豐金控) yesterday reported that net profit for last month fell year-on-year, due to less income from interest and fees. CTBC Financial’s profit declined 4.5 percent to NT$3.35 billion (US$112.37 million), as profit at its banking unit, CTBC Bank (中國信託銀行), plunged 29.6 percent to NT$1.83 billion. There was “less interest income due to the central bank’s rate cut of 25 basis points in March,” CTBC Financial head of financial management Chiu Ya-ling (邱雅玲) told the Taipei Times by telephone. SinoPac Financial’s profit plummeted 9.8 percent annually to NT$963 million, as its banking unit, Bank SinoPac (永豐銀行), saw its profit tumble 21 percent due to higher loan-loss provisions and lower interest income. For the first five months, SinoPac Financial’s profit totaled NT$4.51 billion, down 20 percent from a year earlier, it said.

Source: Taipei Times June 08, 2020 15:56 UTC