Mega looks to global trade financing, retail for growth

2020 0902 02 mega 01Mega Financial Holding Co said it would seek to grow its profit this year by maintaining its leadership position in international trade financing and expanding its retail banking business.

The company made the remarks at an annual general meeting held at a parking lot in New Taipei City’s Linkou District, where shareholders approved the company’s plan to distribute a cash dividend of NT$1.58 per share based on last year’s net income of NT$25 billion (US$890.95 million), or earnings per share (EPS) of NT$1.84. That suggests a payout ratio of about 85%.

Despite the COVID-19 outbreak, Mega Financial said its main subsidiary, Mega International Commercial Bank, last year posted a 9.3% increase in foreign currency deposits and stayed ahead of its peers in international trade financing volume with an 18.6% market share.

Overseas branches and offshore banking units contributed 56.2% of overall business, it added. Mega Bank reported a net income of NT$20.33 billion, or EPS of NT$2.38, for last year.

The lender’s efforts to grow a second profit driver have borne fruit, with consumer loans last year rising 16%, it said. For this year, it aims to strengthen lending to small and medium-sized enterprises and seize business opportunities arising from the electronics supply chain realignment, it said.

Taipei Times

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