SinoPac Financial Holdings Co (永豐金控) on Wednesday posted NT$803 million (US$27.14 million) in net income for last month, after its securities house swung into loss and snapped the group’s record of being the only profitable player in Taiwan by measure of year-on-year financial results.
The bank-focused conglomerate accumulated NT$6.88 billion in net income in the first five months of the year, a 6.3 percent decline from the same period last year, with earnings per share of NT$0.61, SinoPac said.
As of April, SinoPac Financial was the only financial company with positive earnings growth compared with a year earlier, as unrealized asset losses
The central bank is expected to tighten selective credit controls for a third time at its quarterly meeting next week, as the property market continues to heat up, the chief economists at Cathay United Bank (國泰世華銀行) and SinoPac Financial Holdings Co (永豐金控) said yesterday.
Rising housing prices are a greater concern for the bank, taking precedence over inflation or the New Taiwan dollar’s exchange rate, Cathay United Bank chief economist Lin Chi-chao (林啟超) told a meeting in Taipei.
“Surging housing prices have prompted widespread criticism, with mortgages and construction loans combined hitting a record NT$11 trillion [US$396.51 billion], about 54 percent of
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