TAIPEI (Taiwan News) — The Financial Supervisory Commission said Tuesday that Taiwan's financial sector reported a pre-tax net profit of NT$1.58647 trillion (US$52.88 billion) last year.

Sector profits exceeded NT$1 trillion for the first time last year, representing a 50.4% increase compared to the previous year, per CNA.

Record pre-tax net profits were achieved in the banking, securities, futures, and investment trust sectors, while the insurance industry posted its second-highest profit, behind 2021. The commission said the banking sector accounted for more than half of the total.

The banking sector posted a pre-tax net profit of NT$565.56 billion last year, up 11.8% from the previous year. Domestic banks saw revenues surpass NT$500 billion for the first time, reaching NT$527.31 billion, an 11.6% increase.

Wang Yun-Chung (王允中), an official of the commission’s banking bureau, said domestic banks saw a significant rise in fee income due to strong financial product sales. Fees from credit cards and loans also increased.

The insurance industry reported a pre-tax net profit of NT$341.5 billion last year, a 2.48-fold increase. Life insurance profits rose 2.91-fold to NT$315.5 billion, while non-life insurance earned NT$26 billion, up 48.6%.

The securities, futures, and investment trust sectors reported a pre-tax net profit of NT$151.59 billion last year, a 51.26% increase from a year earlier. The securities industry's pre-tax profit reached NT$116.45 billion, up 52.98% compared to a year prior. 

The futures industry reported a pre-tax net profit of NT$9.38 billion last year, a 34.06% increase from a year earlier. The investment trust sector earned a pre-tax profit of NT$25.76 billion, up 50.66% from the previous year. 

The commission’s Securities and Futures Bureau added securities firm profits were driven by growth in brokerage, underwriting, and proprietary trading revenues fueled by Taiwan’s stock market. The investment trust sector profit increase was mainly due to asset growth under management.