By Chen Cheng-hui /
Overseas branches of Taiwanese banks have reported NT$28.99 billion (US$918.8 million) in combined net profit for the first quarter of this year, a record high for the period and up 8.6 percent year-on-year, although their overseas units in China saw net profit decline of 19.71 percent, data released by the Financial Supervisory Commission (FSC) showed yesterday.The commission attributed the profit increase in banks’ overseas units to higher interest and fee income and lower bad debt charges, even though investment gains decreased due to unfavorable foreign exchange and bond market conditions.Hong Kong remained the most profitable market for banks’ overseas units, with their combined profit in the first quarter rising 5.1 percent to NT$13.39 billion from NT$12.74 billion a year earlier, accounting for 46.19 percent of the total, FSC data showed.
An aerial view of the Central business district in Hong Kong is pictured on Feb. 24.
Singapore was second, with NT$3.42 billion, followed by the US at NT$3.26 billion, China at NT$2.24 billion, and Japan at NT$1.67 billion, the data showed.The commission said fluctuations in the bond and foreign exchange markets dragged banks’ combined profit in China to fall from the previous year’s NT$2.79 billion.
