Taiwanese Banks' Overseas Branches Earn Nearly NT$29 Billion in Q1, a Record High for the Period

Taipei, May 17 (CNA) - According to statistics from the Financial Supervisory Commission (FSC), the overseas branches (including branches and subsidiaries) of domestic Taiwanese banks generated a profit of NT$28.99 billion in the first quarter of this year, a record high for the same period and an annual increase of 8.6%. Hong Kong was the top earner with NT$13.39 billion, also a record high for the period, solidifying its position as the 'golden goose' of overseas operations. The FSC's data shows that the profit growth was driven by loan expansion, increased net interest and fee income, and reduced bad debt expenses, although this was partially offset by reduced investment and other net income due to currency and bond market volatility. Asia accounted for the largest share of profits at 83%, followed by the Americas at 11.8% and Oceania at 3.1%. The top five profit-generating regions were Hong Kong, Singapore, the United States, China, and Japan. Singapore ranked second with NT$34.2 billion, and the US third with NT$32.6 billion, which also saw the largest increase. Profits from New Southbound Policy countries also hit a record high of NT$7.51 billion.