Cathay Financial says monthly profit increased 19.21%

By Crystal Hsu  /  Staff reporter

Thu, Apr 11, 2013 - Page 13

Cathay Financial Holding Co (國泰金控), the nation’s largest financial service provider by assets, posted NT$2.12 billion (US$70.67 million) in net income for last month, up 19.21 percent from February and 18.44 percent from a year earlier, the company said in a statement.

The company attributed the increase to recovering business at its life insurance and banking subsidiaries, with Cathay Life Insurance Co (國泰人壽) contributing NT$1.45 billion in profit and NT$1.31 billion from Cathay United Bank (國泰世華銀行).

Cathay Financial said its life insurer continued to benefit from unrealized gains in real-estate investments as allowed by new accounting rules, boosting the unit’s profit by 64.38 percent last month and raising its earnings per share (EPS) to NT$0.73, from NT$.026 without the benefit.

In the first quarter, Cathay Financial accumulated NT$6.93 billion in net profit with EPS of NT$0.64, ranking third after Fubon Financial Holding Co (富邦金控) at NT$1.05 and Shin Kong Financial Holding Co (新光金控) at NT$0.88, company data showed.

Meanwhile, the state-run Hua Nan Financial Holding Co (華南金控) reported NT$930 million in net income last month, the company said in a statement yesterday.

Hua Nan's cumulative earnings totaled NT$2.61 billion in the first three months, equivalent to EPS of NT$0.3 and tying with Taiwan Cooperative Financial Holding Co (合庫金控) in 10th place among their listed peers, company statistics indicated.

On Monday, Taishin Financial Holding Co (台新金控) reported first-quarter earnings of NT$4.23 billion, or EPS of NT$0.58, while SinoPac Financial Holding Co (永豐金控) said its cumulative net profits rose 3.4 times to NT$3.07 billion in the first quarter from the previous year, with EPS of NT$0.41.