BANKING ON GROWTH:The bank aims to increase SME lending by at least 10 percent this year, higher than the 8 percent target for its loan book as a whole
Date: Mar 03, 2016
By: Crystal Hsu / Staff reporter
State-run Chang Hwa Commercial Bank (CHB, 彰化銀行) aims to increase profits this year by strengthening overseas operations and loans to small and medium-sized enterprises (SMEs), despite economic uncertainty at home and abroad, bank officials said yesterday.
The lender, in which the two largest shareholders, Taishing Financial Holding Co (台新金控) and the Ministry of Finance, are disputing management rights, achieved a record pre-tax income of NT13.75 billion (US$412.05 million) last year, up 10.64 percent from 2014, thanks to rapid growth in earnings contributions from overseas branches, company data showed.
The figures help boost returns on equities to 11.05 percent, and on assets to 0.32 percent, while the banking sector saw a mild decline caused by losses related to yuan-based financial derivatives, CHB chairman Chang Ming-daw (張明道) said. [FULL STORY]