Salary hikes and bonuses expected at First Commercial Bank

TAIPEI (TVBS News) — First Commercial Bank has reported a remarkable net income of NT＄192 billion for the first ten months of this year, closely approaching its total profit margins from 2022.

This success is attributed to the effective management of corporate tax avoidance strategies.

In a statement on Monday (Nov. 13), the bank announced plans to reward its employees with a year-end bonus equivalent to seven months' salary. More importantly, an exciting 4 percent salary increase is planned, potentially raising the average salary hike to 7 percent.

A key factor in this financial windfall has been the widening interest rate gaps between Taiwan and the U.S., benefiting the bank's returns on currency exchange transactions, particularly those involving SWAP agreements. These agreements involve the exchange of financial instruments between two parties.

In related news, Bank Sinopac Company Limited announced on Tuesday (Nov. 7) its plan to implement a 5 percent salary increase next year, marking the highest raise level in nearly five years. The bank is also preparing to offer food subsidies of NTD＄600 per month to its employees.

The surge in SWAP financial exchanges has significantly contributed to First Commercial Bank's impressive post-tax net income of NT＄192 billion in just ten months. This figure represents a 9.5 percent annual increase and accounts for 94 percent of the net margins achieved in 2022.

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