Taiwan Cooperative aims to match economic growthRESTRICTED: The conglomerate’s net income for the first three quarters dropped 6.29% from a year earlier, due to the low interest rate environment, its president saidBy Crystal Hsu / Staff reporterTaiwan Cooperative Financial Holding Co (TCFH, 合庫金控) aims to improve its business next year in line with the nation’s economic growth, but uncertainty related to the COVID-19 pandemic lingers, top executives told an investors’ conference yesterday. A sign displaying the logo of Taiwan Cooperative Financial Holding Co stands outside the company’s headquarters in Taipei’s Songshan District on May 21, 2018. Net interest margin, a critical gauge for the banking industry, stood at 0.966 percent in September, compared with 0.993 percent three months earlier. The lender attributed the retreat to interest rate cuts at home and abroad, as well as competition among its peers to woo customers. Chen said net interest margin showed signs of stabilization last quarter, but added that it is too early to talk about a recovery.

Source: Taipei Times November 24, 2020 15:56 UTC