Taiwan’s banks suffer from debt spring clean
(22 September 2006 – Taiwan) A spring clean of consumer debt caused by credit and cash card defaults saw Taiwan’s domestic banks post a T$7,321 million pre-tax loss between them for the month of July.
The banks are expected to return to profitability in the final quarter with the bad debt clean up set to be completed by the end of the current quarter.
The July result was the first monthly loss this year, according to the data supplied by Taiwan’s Financial Supervisory Commission.
In June the overall financial industry posted a profit of just T$490 million, a far cry from January’s T$14 billion profit.
The July result was the first monthly loss this year, according to the data supplied by Taiwan’s Financial Supervisory Commission.
In June the overall financial industry posted a profit of just T$490 million, a far cry from January’s T$14 billion profit.
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