SCSB shareholders meeting votes for higher dividends
The China Post news staff
June 11, 2014, 12:01 am TWN
TAIPEI, Taiwan -- The Shanghai Commercial & Savings Bank (SCSB, 上海商銀) recently held their annual Shareholders Assembly General Meeting, chaired by Chairman Hung-Ching Yung, and approved NT$1.50 for cash dividends and NT$0.25 for stock dividends, according to an SCSB press release.
The meeting passed the resolution of the earnings distribution per share for the last year (2013), which is NT$1.50 for cash dividends and NT$0.25 for stock dividends. The amendments to the articles of the company, which increase the authorized paid-in capital from NT$38 billion to NT$60 billion, were also passed for the needs of business development in the future, stated the SCSB.
SCSB has been operating steadily, developing business and creating earnings based on the operating principle of “Asset Safety, Liquidity Sufficiency and Capital Adequacy.” To date, SCSB has 69 domestic branches, two foreign branches in Hong Kong and Vietnam, and two representative offices in Thailand and Cambodia, the SCSB said.
A subsidiary of SCSB has also established a financial leasing company in Shanghai. In the past year, SCSB's earnings before tax was NT$11.628 billion, earnings after tax NT$10.143 billion, and earnings per share after tax NT$2.74, according to SCSB.
Furthermore, SCSB's non-performing loan ratio at the end of last year was 0.34 percent, with coverage ratio at 419.19 percent, loan coverage ratio at 1.43 percent, and capital adequacy ratio at 12.05 percent. The overall operation of SCSB was remarkable, and the result puts SCSB at the top of list of the high-quality local banks, said the SCSB.
This year, SCSB was chosen as “Best Trade Finance Bank Taiwan” by the Global Banking & Finance Review and awarded the “Best Commercial Bank Taiwan” by International Financial Magazine, the SCSB said.
Alex Lin, the spokesperson and executive vice president of SCSB, said that SCSB will continue to spread its overseas service bases, especially in mainland China and the Asia-Pacific area. Meanwhile, SCSB is also actively preparing for registration of emerging stock trading, hoping to be listed at the end of September.
SCSB has had an outstanding performance in the first five months, with earnings before tax at NT$5.012 billion, earnings per share before tax at NT$1.35, an NPL ratio at 0.23 percent, a coverage ratio at 642.80 percent, a loan coverage ratio at 1.50 percent, and a capital adequacy ratio at 12.91 percent, said the SCSB.