＜Taipei＞ The Industrial Bank of Taiwan( IBT) held its 2010 shareholder meeting this morning (June 18), approving the bank’s 2009 financial report and earnings distribution proposal of NT$ 0.2 cash dividend per share. The meeting also completed the election of an independent director, i.e. Dr. Hou-Sheng Chan, National Policy Advisor of Office of the President of ROC and Chairman of Cross-Straits Common Market Foundation.
Chairman Kenneth Lo of IBT indicated that it was because of the bank’s well-executed risk control and fee income enhancement mechanisms that it was able to deliver after tax earnings of NT$ 1.651 billion (NT$0.69 per share) in 2009 despite aftershocks of the global financial tsunami and weak economy. At the end of 2009, the bank’s asset grew over the previous year to be NT$ 123.7 billion and its BIS ratio reached 15.11%. NPL ratio was merely 0.78%. NPL coverage ratio was as high as 160.9%, presenting a healthy and stable financial structure.
Chairman Lo further pointed out that IBT already met the standards for ‘healthy financial institution’ set by Financial Supervisory Commission in terms of profitability, asset quality, financial structure and operational efficiency. Therefore, the bank is qualified to apply for admission to mainland China for establishing business presence there. IBT formed its ‘China Strategy Working Group’ end of last year to integrate resources within the IBT Group for our entry plans to China. As the IBT Group engages in a full and diversified range of businesses (industrial banking, commercial banking, securities, venture capital management, bill finance and investment trust), we thus will take a multi-pronged approach in our future ventures in China.
In March 2010, the IBT was given ‘twA’ and ‘twA-1’ for its long- and short-term credit ratings by Taiwan Ratings Corp.