TAIPEI, May 6 (Xinhua) -- Banks in Taiwan reported a year-on-year profit reduction of 44 percent in March and 16.9 percent in the first quarter, the biggest ever, according to the island's financial regulatory agency.
Banks across the island gained a profit of 18.2 billion new Taiwan dollars (about 607 million U.S. dollars) in March and 80.95 billion new Taiwan dollars in the first quarter, the agency said in a press release.
While the banks' headquarters and branches inside Taiwan reported a profit reduction of 19.7 percent year on year in the first quarter, their branches on the mainland saw a profit growth of 12.2 percent, the statement said.
It attributed the significant reduction to the COVID-19 pandemic that caused turbulence in international financial markets.
Meanwhile, the interest rate cuts in Taiwan also caused profit losses for banks, the agency said. Enditem
