Cathay Financial Holding Co (國泰金控), the nation’s biggest financial services provider by assets, yesterday reported that its net value increased by NT$35.8 billion (US$1.23 billion), or NT$2.6 per share, after the company reclassified its financial assets according to the International Financial Reporting Standard (IFRS) 9 guidelines.
The company’s net value would grow to about NT$45 per share or higher, compared with NT$42.5 as of the end of September last year.
The guidelines stipulate that companies must switch to recognizing and providing for expected credit losses on financial assets, rather than the current practice of providing them only when losses are incurred.
Under the guidelines, Cathay Life Insurance Co (國泰人壽), the main arm of Cathay Financial, is to see net value expand by NT$32.6 billion and other subsidiaries of the group are to see a total increase of NT$3.2 billion, a company statement said.
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