The nation’s major financial conglomerates recorded noticeable profit improvements last month as overseas lending remained robust, while limited hedging costs helped support insurance earnings.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, posted NT$4.51 billion (US$149.68 million) in net income, or earnings per share (EPS) of NT$0.37, the company said in a statement.
UNREALIZED GAINS
Cathay Financial spokesman Alan Lee (李偉正) said the group benefited from unrealized property gains valued at NT$830 million due to accounting rule changes, as well as a monthly profit contribution of NT$2.2 billion from Cathay United Bank (國泰世華銀行) and NT$190 million in bad loan recovery.
Altogether, Cathay Financial reported NT$12.3 billion in net income last quarter, or EPS of NT$1.08, making it the second-best performer after Fubon Financial Holding Co (富邦金控).
Fubon Financial earned NT$13.52 billion in net profit, or EPS of NT$1.32, representing a 33 percent increase from the same period last year, the company said in a statement.
WORST PERFORMER
SinoPac Financial Holding Co (永豐金控) finished the worst performer among the 15 listed financial holding firms at NT$5.15 million last month, dragged down by a retained earnings tax of NT$670 million, the company said.
The company is likely to see profit growth slow in the coming months due to the Financial Supervisory Commission’s scrutiny of Treasury Market Unit (TMU) operations at local banks, Credit Suisse said in a note.
NORMALIZING INCOME
CTBC Financial Holding Co (中信金控) may also see TMU income normalize going forward, after a strong start this year, the brokerage said.
CTBC Financial reported a net income of NT$7.8 billion last quarter, or EPS of NT$0.53, company data showed.
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