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Taiwan Financial FY'16 profit jumps 133.7% on noninterest income at bank unit

Taiwan Financial Holding Co. Ltd. reported a 133.7% yearly jump in net profit for 2016, thanks to profit at subsidiary Bank of Taiwan nearly doubling, largely on a rise in noninterest income.

Net profit for the 12 months through Dec. 31, 2016, rose to NT$14.81 billion from NT$6.34 billion for 2015, while basic EPS increased to NT$1.65 from 70 cents.

Net interest income slid to NT$34.84 billion from NT$37.44 billion.

Taiwan Financial saw a NT$17.12 billion gain from financial assets, on a fair value basis, compared to a loss of NT$19.9 million for 2015.

Net profit at Bank of Taiwan rose 99.0% year over year to NT$17.65 billion in 2016 from NT$8.87 billion in 2015. EPS was NT$1.86 in 2016, up from 93 cents in the prior year.

The bank unit's net interest income declined to NT$26.04 billion from NT$28.41 billion, while noninterest income jumped to NT$18.48 billion from NT$6.65 billion in 2015.

As of March 30, US$1 was equivalent to NT$30.31.