DBS Bank only foreign lender to see profits grow
By Kao Shih-ching / Staff reporter
DBS Bank Taiwan’s (星展台灣) pretax profit rose 78 percent from a year earlier to NT$941 million (US$33.47 million) last year, the only foreign bank reporting profit growth for last year, Financial Supervisory Commission data showed on Tuesday last week.
A low companion base the previous year, more income from fees in its wealth management business and a reduction in operational expenses contributed to its rising profit, the commission said.
In comparison, Citibank Taiwan Ltd (花旗台灣) had pretax profit of NT$9.7 billion last year, down 33 percent year-on-year and the lowest in five years, the data showed.