Taiwan Cooperative aims to match economic growth

RESTRICTED: 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 said

Taipei Times
Date: Nov 25, 2020
By: Crystal Hsu / Staff reporter

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.
Photo: Lu Kuan-cheng, Taipei Times

Taiwan 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.

The guardedly positive view was shared after the state-run conglomerate reported NT$12.39 billion (US$429.75 million) in net income for the first three quarters — a 6.29 percent decline from the same period last year, as the low interest rate environment restricted its earnings ability, TCFH president Chen Mei-tsu (陳美足) said.

That translated into earnings per share of NT$0.9, down from NT$0.97 for the same period last year, company data showed.

“We will take cues from the nation’s GDP growth next year in setting profitability goals,” Chen told an online conference call, adding that the Directorate-General of Budget, Accounting and Statistics in August forecast that Taiwan’s economy would grow 3.92 percent next year.

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