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Union Bank posts EPS of NT$0.7 for first half of year
Taiwan News, Staff Writer
2014-07-07 10:15 AM
Union Bank of Taiwan (2838) posted net income for the first half of the year of close to NT$1.6 billion for year-on-year growth of 8%. Nonperforming loans fell to 0.08% while coverage ratio was as high as 1,268.99%.

Union Bank posted June pre-tax income of NT$362 million, pre-tax income for the first half of the year of NT$1.91 billion, net income of approximately NT$1.58 billion, pre-tax EPS of NT$0.84, and EPS of NT$0.7, growing year-on-year.

The performance of Union Bank’s consumer banking business has been outstanding. Focused on the credit cards, proper asset quality and cost control drove relevant fee and interest spread income higher which, in turn, stimulates the continued upward momentum of Union Bank profits.

In terms of asset quality, after significant improvement in May, the current excellent standard continues in June. Nonperforming loan ratio fell to 0.08% in June and, after the coverage ratio exceeded 1,000% in May, it reached 1,268.99% in June.

Union Bank’s board of directors recently approved the distribution of a stock dividend of NT$1.03 per share, the highest allotment in recent years. After the recapitalization of surplus, the bank’s capital adequacy ratio will be further strengthened and financial strength enhanced.

Union Bank stated, the bank will start from a basis of a capital adequacy ratio of at least 12% this year and continue to strengthen market share and increase profit momentum.

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