Cathay Financial Holding Co (國泰金控), the nation’s largest listed financial group by assets, yesterday posted NT$3.04 billion (US$105.57 million) in net profit for last month — nearly quadruple that of a month earlier — on the back of its life insurance arm, which turned loss into gain for the month.
On a quarterly basis, Cathay Financial posted NT$4.71 billion in net income, or NT$0.45 in earnings per share (EPS), for the second quarter, up from a net profit of NT$1.91 billion, or EPS of NT$0.19, in the first quarter, the company’s financial data showed.
Last month’s profits helped drive up the financial group’s first-half net profits to NT$6.62 billion, or EPS of NT$0.64, making it the 10th most profitable among 14 domestic financial service providers.
Fubon Financial Holding Co (富邦金控), the nation’s second--largest listed financial group by assets, led all local financial peers, becoming the most profitable in the first six months with a net income of NT$17.33 billion, or EPS of NT$2.03.
It was followed by Yuanta Financial Holding Co’s (元大金控) NT$11.49 billion, or NT$1.42 per share, and Chinatrust Financial Holding Co’s (中信金控) NT$11.15 billion, or NT$1.07 a share, according their separate statements issued on Friday.
Shares of Cathay Financial have declined 14.51 percent so far this year compared with a 2.48 percent fall for the benchmark TAIEX, Taiwan Stock Exchange data showed. The stock fell 1.78 percent to close at NT$44.2 on Friday.
Flagship unit Cathay Life Insurance Co (國泰人壽), the nation’s largest life insurer, made the biggest contribution by earning a net income of NT$2.84 billion last month, showing an improvement from a net loss of NT$410 million in the previous month, Cathay Financial said.
Last month’s improvement also helped the life insurance firm turn from loss to profit in the first half of the year. Its cumulative net profit reached NT$1.18 billion as of last month, translating into EPS of NT$0.22, Cathay Financial said.
Its banking subsidiary, Cathay United Bank (國泰世華銀行), continued to gain pace to supply NT$1.04 billion in net profit last month on growing fee and interest incomes, improving asset quality and a rising loan balance, the group said.
The bank remained the largest contributor to the group in the first half of the year, with net income standing at NT$6.23 billion, or EPS of NT$1.19, the parent company said.
The company’s non-life insurance unit, Cathay Century Insurance Co (國泰產險), made a net profit of NT$20 million last month and NT$160 million in the first six months, the statement showed.
Net income for its securities arm, Cathay Securities Co (國泰證券), totaled NT$20 million last month and NT$100 million in the first half of the year, data showed.
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