King’s Town Bank’s Board of Directors Elects First Female Director
King’s Town Bank’s Board of Directors Elects First Female Director
2023.5.23
King’s Town Bank held a shareholders’ meeting today (23rd), during which a resolution was passed to distribute a cash dividend of NT$1.1 per share. The meeting also saw the election of seven directors (including three independent directors), Chairman of King’s Town Bank Tai Cheng-Chih was reappointed, and the bank’s first female director was elected.
In accordance with the company’s Articles of Association, King’s Town Bank’s shareholders’ meeting elected four general directors and three independent directors, the latter taking up a significant proportion of 43%. Newly elected general directors include representatives from Tiangang Investment Co., Ltd., Tai Cheng-Chih and Tsai Chiung-Ting, as well as representatives from Fu Chiang Investment Ltd., Ou Ching-Shun, and Chuang Yi-Li, who is also the first female director. Independent directors include Chen Chao-Long, Hou Chuan-Fu, and Wu Ping-Sung. Subsequently, an interim board meeting was held to re-elect Mr. Tai Cheng-Chih as Chairman, and Mr. Tsai Chiung-Ting as Vice Chairman.
King’s Town Bank recorded a cumulative after-tax profit of NT$2.21 billion in 2022, resulting in an earnings per share (EPS) of NT$1.98. The return on equity (ROE) stood at 4.84%, while the after-tax return on assets reached 0.61%. Regarding asset quality, as of the end of 2022, the non-performing loan ratio stood at 0.02%, while bad debt coverage ratio reached 8,870.25%, surpassing the industry average.
As of the end of 2022, the bank’s total assets amounted to NT$379.9 billion, with a capital adequacy ratio of 14.05% and a Tier 1 capital ratio of 12.92%. It received a long-term domestic credit rating of “A+(twn)” with a stable outlook from Fitch Ratings in March 2023. King’s Town Bank has consistently ranked among the top 5% of companies for six consecutive years in the 9th Corporate Governance Evaluation of Taiwan Stock Exchange.
As we look ahead to 2023, King’s Town Bank recognizes the challenges presented by high inflation, interest rate cycles, and geopolitical impacts. Economic growth is expected to decelerate. In response to such competition and challenges, King’s Town Bank will proceed cautiously and maintain its focus on enhancing interest rate spreads, ensuring stable core deposits, and managing funding costs. At the same time, the bank will continue to improve its digital financial services and expand the range of digital platform products, which is also a major part of its business development strategy.