By Crystal Hsu
/ Staff reporter
SinoPac Financial Holdings Co (永豐金控) yesterday said it remains on track for another record year after net profit nearly doubled in the first five months of this year, as recent acquisitions and stronger core businesses begin to lift earnings momentum.Cumulative net income for January to last month rose 96 percent year-on-year to NT$20.29 billion (US$642.6 million) driven by robust wealth-management growth, stronger lending and early synergies from last year’s acquisitions of King’s Town Bank Co (京城銀行) and CL Securities Taiwan Co (匯立證券).SinoPac Financial president Stanley Chu (朱士廷) said the performance reflected organic expansion and the “emerging benefits of integration” from the group’s recent deal spree.
SinoPac Financial Holdings Co president Stanley Chu speaks at the company’s earnings conference in Taipei yesterday.
“The strong financial performance so far this year reflects not only organic growth in core businesses but also the emerging benefits of synergies from last year’s acquisitions,” Chu said.At King’s Town Bank, fee income climbed as the lender expanded its wealth-management offerings, an area that had previously played a relatively limited role in its business mix, he said.
