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State-run banks yesterday said that they would raise interest rates on savings deposits and loans after the central bank last week raised its policy rates by 25 basis points, but would approach the matter guided by business needs and other considerations.
Top officials from state-run lenders made known their intentions during a meeting of the legislature’s Finance Committee in Taipei, where lawmakers raised questions about the impact of the rate hikes.
State-owned Bank of Taiwan (臺灣銀行) has increased the interest rates on its savings deposits by 0.25 percentage points, but would not impose similar charges on all lending operations to retain customers,
Multilayer ceramic capacitor (MLCC) manufacturer Murata Manufacturing Co’s decision to suspend some production lines at a key plant in Japan to fight a COVID-19 cluster infection there could lead to order transfers for high-end products, but the short-term revenue benefits for Taiwanese firms would be limited, Capital Investment Management Corp (群益投顧) said yesterday.
“We believe that the effect of order transfers remains to be seen, as the first quarter is a low season for consumer passive components in the Greater China region and the demand is weak,” Capital Investment wrote in a note.
“However, the demand for high-end products used in automotive
China Steel Corp , the nation’s only integrated steelmaker, last week reported that its pretax profit last month rose 233.81 percent from a year earlier, as revenue increased 51.4 percent year-on-year. The firm last month posted consolidated pretax profit of NT$7.87 billion (US$284 million), operating profit of NT$8.09 billion and consolidated revenue of NT$45.28 billion, .
China Steel Corp (中鋼), the nation’s only integrated steelmaker, last week reported that its pretax profit last month rose 233.81 percent from a year earlier, as revenue increased 51.4 percent year-on-year.
The firm last month posted consolidated pretax profit of NT$7.87 billion (US$284 million), operating profit of NT$8.09 billion and consolidated revenue of NT$45.28 billion, up from NT$2.36 billion, NT$2.08 billion and NT$29.91 billion respectively a year earlier.
However, on a monthly basis, China Steel’s pretax profit fell 9.03 percent from NT$8.65 billion.
“Although China Steel’s revenue grew in November, its pretax profit declined mainly due to a decrease in operating margin, which