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Taiwan Financial swings to NT$76.5M net loss in Q3

Taiwan Financial Holding Co. Ltd. swung to a net loss of NT$76.5 million for the third quarter from a net profit of NT$5.89 billion in the prior-year period.

For the three months ended Sept. 30, the group also posted losses of NT$2.43 billion from investments in equity instruments in the quarter, compared to a profit of NT$3.81 billion a year ago. Net profit from insurance business surged to NT$11.53 billion from NT$1.69 billion, according to a Nov. 28 report.

Net interest income rose 5.8% year over year to NT$9.50 billion from NT$8.98 billion, while net fee and commission income slid to NT$938.3 million from NT$1.13 billion.

The group's banking unit, Bank of Taiwan, reported an after-tax profit of NT$1.24 billion in the quarter, down 46.1% from NT$2.31 billion in the year-ago quarter.

As of Nov. 28, US$1 was equivalent to NT$30.50.