Fees, interest give SCSB best profitBy Kao Shih-ching / Staff reporterShanghai Commercial and Savings Bank Ltd (SCSB, 上海商業儲蓄銀行) on Monday reported record-high profit for last year on the back of higher income from fees and interest. Net profit increased 6.9 percent year-on-year to NT$14.66 billion (US$484.6 billion), or earnings per share of NT$3.5, with net fee income rising 19 percent to NT$6.52 billion and net interest income increasing 10 percent to NT$29.94 billion, the bank said. The bank’s Hong Kong operations reported increased lending despite pro-democracy protests, Lin said. SCSB this year expects growth of 10 percent on its loan book, given it has few borrowers in the aviation, hotel and tourism sectors, Lin said. However, low interest rates remain a major concern for profit growth this year, as net interest margin would continue to contract following interest rate cuts by central banks worldwide, he said.

Source: Taipei Times March 31, 2020 15:56 UTC