CTBC Financial Holding Co (中信金控) on Friday said that its net profit last month halved from a year earlier to NT$3.71 billion (US$133.33 million) as income from cash dividends was delayed after the nation’s listed companies were ordered to postpone their annual shareholders’ meetings due to a COVID-19 outbreak, the company said.
The financial conglomerate’s life insurance arm, Taiwan Life Insurance Co (台灣人壽), saw its net profit decline 55 percent from NT$5 billion a year earlier to NT$2.25 billion last month.
Cash dividends usually make up a large portion of life insurance companies’ net income in the third quarter, when many listed firms distribute cash dividends.
Photo: Lee Chin-hui, Taipei Times
The Financial Supervisory Commission required listed firms to postpone their shareholders’ meetings from June to last month or this month, CTBC said.
CTBC Bank’s (中國信託銀行) net profit declined 8.8 percent annually to NT$2.42 billion last month, also weighing on its parent company’s bottom line.
In the first seven months of this year, Taiwan Life’s net profit totaled NT$18.82 billion, up 43 percent year-on-year, and CTBC Bank’s net profit reached NT$17.3 billion, up 7 percent from a year earlier, company data showed.
From January to last month, fee income from CTBC Bank’s wealth management operations rose by double-digit percentages due to its diverse products and digital services, while the first-year premiums generated by Taiwan Life grew more than 30 percent from a year earlier, CTBC Financial said.
Overall, the financial conglomerate’ net profit rose 40 percent annually to NT$37.1 billion during the period, it said.
CTBC Financial’s earnings per share were NT$1.85 in the first seven months.
Taishin Financial Holding Co (台新金控) yesterday reported that its net profit grew 4 percent annually to NT$1.72 billion last month, while its banking unit, Taishin International Bank (台新銀行), reported a 5 percent gain in net profit to NT$1.38 billion, it said.
The bank maintained good loan quality amid the COVID-19 pandemic, with its non-performing loan ratio standing at 0.12 perfect, the company said.
Its newly acquired life insurance unit, Prudential Life Insurance Co of Taiwan (保德信人壽), which is to be renamed Taishin Life Insurance Co (台新人壽), made a net profit of NT$300 million, up 15 percent from a year earlier, it said.
Meanwhile, SinoPac Financial Holdings Co (永豐金控) said its net profit expanded 22 percent annually to NT$1.72 billion last month, when Bank SinoPac (永豐銀行) and SinoPac Securities Co (永豐金證券) both reported growth in net profit.
In the first seven months, SinoPac Financial’s cumulative net profit totaled NT$10.3 billion, up 45 percent from a year earlier, it said.
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