Taiwan’s steady GDP growth and housing market could lend support to the credit profiles and ratings of local private banks, Fitch Ratings said on Wednesday.
Fitch is predicting GDP growth of 3.3 percent for Taiwan this year and 2.8 percent next year, after a robust 6.5 percent pickup last year, driven by strong exports of high-tech products and reshoring of manufacturing activities from abroad, mainly China.
“We believe that rated banks in Taiwan will maintain steady credit profiles in 2022-2023,” Fitch said in a report, referring to CTBC Bank (中國信託銀行), King’s Town Bank (京城銀行), Taiwan-based Shanghai Commercial and Savings Bank (上海商業儲蓄銀行), Far