TAIPEI (Taiwan News) — First Bank announced its after-tax net profit reached NT$7 billion (US$215 million) at an investor’s meeting on Friday (May 31).

During its Q1 2024 investor’s conference, First Bank reported continued growth post-pandemic, per CNA. Combined with a market preference for fixed dividends and cautious stock market behavior, this led to a 5.8% growth compared to Q1 2023, with an earnings per share of NT$0.52, the bank said.

In terms of Taiwan’s New Southbound Policy, the bank is considering upgrading some of its administrative offices to branch status in Southeast Asia.

Regarding its subsidiaries, First Bank reported it netted an after-tax profit of NT$6.49 billion in Q1, a 2.7% year-over-year increase. Other subsidiaries, including securities and life insurance, saw a 33.2% increase in after-tax net profit compared to the same period last year.

First Bank highlighted robust momentum in its wealth management business, leading to a 60.7% increase in net fee income in Q1, amounting to NT$3.26 billion. The fee income for the year is expected to surpass NT$10 billion, setting a new historical high.

The bank announced the establishment of a loan production office (LPO) in Ontario, California, and plans to open an administrative office in Osaka next year, reported CNA. The proposal will be submitted to the board in July, aiming to enhance business cooperation with its Tokyo branch.