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Pretax Profits of Taiwan's 38 Domestic Banks Totaled NT$196.1 Billion

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Core prompt: Taipei, Nov. 5, 2012 (CENS)--Pretax profits of Taiwan's 38 domestic banks totaled NT$196.1 billion (US$6.54 billion) in the first nine months for

Taipei, Nov. 5, 2012 (CENS)--Pretax profits of Taiwan's 38 domestic banks totaled NT$196.1 billion (US$6.54 billion) in the first nine months for a sharp annual growth of 17.5% and are expected to exceed last year's NT$200 billion (US$6.67 billion) at the end of October, according to Financial Supervisory Commission (FSC).

As of the end of September outstanding loans extended by the 38 banks amounted to NT$22.1573 trillion (US$738.58 billion), down slightly by NT$24.3 billion (US$810 million) from a month earlier, due mainly to the shrinkage of NT$31.9 billion (US$1.06 billion) in revolving credit extended to government-run enterprises and the reduction of NT$36.2 billion (US$1.21 billion) in loans offered by offshore banking units (OBUs).

In the same period the banks all witnessed low non-performing loan (NPL) ratios below 2%. Cosmos Bank sharply reduced NPL ratio to 0.81% from 6.82% recorded a month earlier after recovering during the month debts of NT$3.9 billion (US$130 million) from Prince Motor, which defaulted earlier. The bank may further lower its NPL ratio as it may redeem more debt, estimated to be NT$1.9 billion (US$63.33 million), from the company soon.

The average return on equity (ROE) rate of domestic banks is expected to exceed 10% for the year, which is believed to be the highest of its kind since 2004.

(by Judy Li)

 
 
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