Mega Bank chairman satisfied with profits, sees fiscal rebound

Linger Liu, The China Post

TAIPEI, Taiwan — Mega Financial Holding Co. (兆豐金控) Chairman McKinney Tsai (蔡友才) said yesterday the profits accumulated by Mega Bank’s overseas branches last year took a 53-percent share of the total profits of the Mega banking group.

The chairman said 28 overseas Mega Bank branches had very positive performances last year. Tsai said 13 out of 28 banks made profits of more than NT$100 million last year alone. This improved performance is a sign of a recovering economy, he said. International Banking

Tsai said Mega Bank’s net profit is somewhat lacking in terms of growth, and that the bank requires additional funds to better compete with international banks.

The chairman said Mega Bank only made a net profit of NT$200 billion last year. It requires a net profit of NT$500 billion to be upgraded to an international bank status, said the chairman.

The chairman said Taiwan’s economy is forecast to enjoy GDP growth of 3.53 this year, and that though domestic investment is a driving force, consumption remains weak.

Tsai said Taiwan’s banking groups should consider acquiring small investment companies to generate more profit.