Cathay Financial Holding Co (
The company, which last month forecast profit of NT$22.7 billion (US$688 million) for this year, posted a first-quarter net income of NT$12 billion, or earnings per share (EPS) of NT$1.51, which represents an increase of 71 percent over a year before, according to a statement issued through the Taiwan Stock Exchange.
Cathay's first-quarter profit amounted to 53 percent of the company's profit goal for the year, Cathay Financial Chief Strategic Officer Lee Chang-ken (
"Many have asked me if we will raise our forecast in view of our bright results," Lee said.
"My answer is: We'll make an adjustment if our business continues to grow in the second quarter."
Cathay Financial shares closed up NT$0.5 at NT$64.5 on the TAIEX.
"I think Cathay Financial will retain its leading position because of its good fundamentals," said Mike Chow (周道中), a manager with Yuanta Core Pacific Securities Corp (元大京華證券).
For the three months ended March 31, Cathay Life Insurance Co (
However, the largest growth in net income for Cathay Financial came from its banking unit, Cathay United Bank (國泰世華銀行), whose net income totalled NT$4.65 billion in the first quarter.
The bank's consumer banking business reported NT$294.2 billion in sales for the first quarter, up from NT$253.3 billion a year ago, while its corporate banking sector saw NT$283.9 billion in sales, which was almost unchanged.
Joseph Jao (
Perhaps as early as July a new subsidiary of Cathay Financial will begin operations -- a securities firm into which the company has pumped NT$3.5 billion. Cathay expects to see red ink of NT$11.37 million in the company's first year.
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