Fitch affirms Cathay United Bank

Fitch Ratings said it affirmed Cathay United Bank's support rating at 3 and the bank's individual rating at B/C, reflecting its strong franchise, adequate profitability, sound asset quality and above-industry-average capitalization.

The bank continues to expand its franchise to leverage on the group's resources and to maximize cross-selling opportunities, Fitch said.

Despite being negatively impacted by the ongoing U.S. subprime turmoil, the bank's profitability improved to an unaudited pre-tax profit of NT$8.1 billion in 2007 as the unsecured consumer lending crisis subsided and the bank's loan loss provisions decreased, the agency said.

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