Taiwan banks’ pre-tax profits in May dip nearly 18% due to COVID-19

Taipei, June 30 (CNA) The total pre-tax earnings of Taiwanese banks in May declined by 17.8 percent year-on-year to NT$27.23 billion (US$924.88 million) due to the persistent effects of the COVID-19 pandemic on economic activity, the Financial Supervisory Commission (FSC) said Tuesday. However, the banks’ offshore banking units (OBUs) and their branches in China saw their pretax profits grow by 3.4 percent and 35.6 percent, respectively, in May from a year earlier, according to data released by the FSC. In Taiwan, profits posted in domestic banks’ banking units (DBUs) and their overseas branches in the month fell by 23.7 percent…