Banks upbeat over their full-year profit outlook - Taipei Times

By Crystal Hsu / Staff reporter

Taiwan Cooperative Financial Holding Co (合庫金控) and Chang Hwa Commercial Bank Ltd (彰化銀行) yesterday struck an upbeat tone on their full-year profit outlook after posting solid earnings growth in the first quarter, underpinned by resilient corporate lending, expanding wealth management income and improved overseas operations.Taiwan Cooperative Financial said net profit rose 21.77 percent year-on-year to NT$5.81 billion (US$184.73 million), or earnings per share of NT$0.36.The results reflected steady contributions from its banking, securities and insurance subsidiaries, which helped offset external headwinds from higher inflation and softer global growth amid lingering geopolitical tensions in the Middle East, Taiwan Cooperative Financial president Su Tso-cheng (蘇佐政) told an earnings conference.

Taiwan Cooperative Financial Holding Co’s headquarters is pictured in Taipei ‘s Songshan District in an undated photograph.

.Photo: Taipei Times

Favorable financial conditions and continued technology investment have helped cushion macroeconomic volatility, and could help the company deliver record-high profit again this year, Su said.The company’s banking unit, Taiwan Cooperative Bank Ltd (合庫銀行), posted double-digit growth in fee income alongside stable loan expansion, it said.