King’s Town Bank has announced a notable financial performance for April 2024, with an after-tax profit reaching NT$360 million and earnings per share (EPS) standing at NT$0.32. From January to April 2024, the bank’s cumulative after-tax profit surged to NT$2.379 billion, marking a substantial annual increase of 98.7%, with an EPS of NT$2.14.
In a recent evaluation conducted by the Taiwan Stock Exchange on April 30, King’s Town Bank continued its streak of excellence in corporate governance, ranking among the top 5% of companies for the seventh consecutive year. Additionally, it has been listed among the top 10 in the “financial and insurance category” for three years running, underscoring its commitment to robust governance practices.
The bank provided an analysis of the economic landscape, noting a deceleration in the U.S. economic growth to a near two-year low in the first quarter, coupled with a sharp rebound in inflation. These factors have tempered expectations for a soft landing of the U.S. economy. Conversely, Taiwan’s economic climate remains robust, as indicated by the National Development Council’s latest report, which maintains a green signal with rising leading and concurrent indicators, suggesting continued economic recovery.
Facing an uncertain global economic environment, King’s Town Bank has affirmed its commitment to prudent management. It boasts a low overdue loan ratio of 0.02%, an overdue loan coverage rate of 6483.67%, and an overall loan coverage rate of 1.45%, ensuring the maintenance of solid asset quality.
King’s Town Bank’s strategic focus on maintaining high standards of corporate governance and sound financial practices is set to position it well for sustained growth amidst fluctuating economic conditions.
