Sat, Sep 08, 2012 - Page 14 News List

Cathay Financial posts slight drop in monthly profits

By Crystal Hsu  /  Staff reporter

Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider, yesterday posted NT$1.36 billion (US$45.45 million) in net profit for last month, slowing from NT$4.41 billion in July, the company said in a statement.

Cathay United Bank (國泰世華銀行) made the greatest contribution, with a net income of NT$980 million last month, while Cathay Life Insurance Co (國泰人壽) reported a modest profit of NT$280 million, Cathay Financial said in the statement.

Cathay Financial’s cumulative net income totaled NT$10.98 billion in the first eight months, or earnings per share (EPS) of NT$1.03.

State-run Mega Financial Holding Co (兆豐金控) fared better, with a net income of NT$1.66 billion last month, thanks to its lending subsidiary Mega International Commercial Bank (兆豐國際商銀) that generated NT$1.45 billion in net profit, accounting for 87.34 percent, the company said in a statement.

Taishin Financial Holding Co (台新金控) posted NT$1.1 billion in net income last month, up modestly from NT$1.05 billion in July, the company reported yesterday, with its net profit for the first eight months totaling NT$7.71 billion, or EPS of NT$0.98, it said.

However, earnings at E. Sun Financial Holding Co (玉山金控) dropped a bit last month to NT$596.04 billion, compared with NT$611.4 million in July.

E. Sun Financial attributed the decline to a provision of NT$167 million at its banking unit E. Sun Commercial Bank (玉山銀行) to prepare for higher capital requirements.

Cumulative profits amounted to NT$5.09 billion between January and last month, or NT$1.06 per share, it said.

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