Profit halved at CTBC Financial
By Kao Shih-ching / Journalist
CTBC Financial Holding Co (中信 金控) said on Friday that its net profit halved last month from a year earlier to stand at NT $ 3.71 billion (US $ 133.33 million ), as cash dividend income was delayed after listed companies nationwide were ordered to postpone their shareholders due to a COVID-19 outbreak, the company said.
The life insurance arm of financial conglomerate Taiwan Life Insurance Co (台灣 人壽) saw its net profit drop 55%, from NT $ 5 billion a year earlier to NT $ 2.25 billion last month .
Cash dividends typically make up a large portion of the net profit of life insurance companies in the third quarter, when many listed companies distribute cash dividends.
Photo: Lee Chin-hui, Taipei Times
The Financial Supervisory Commission has asked listed companies to postpone their June shareholder meetings to last month or this month, CTBC said.
CTBC Bank’s (中國 信託 銀行) net profit fell 8.8% 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 was NT $ 18.82 billion, up 43% year-on-year, and CTBC Bank’s net profit reached 17.3 billion NT dollars, up 7% from a year earlier, according to company data.
From January to last month, commissions from CTBC Bank’s wealth management operations increased by double-digit percentages due to the diversity of its digital products and services, while first-year bonuses generated by Taiwan Life have increased by more than 30% from the previous year, CTBC Financial said.
Overall, the financial conglomerate’s net profit grew 40% annually to NT $ 37.1 billion during the period, he said.
CTBC Financial’s earnings per share were NT $ 1.85 in the first seven months.
Taishin Financial Holding Co (台 新 金控) announced yesterday that its net profit rose 4% per year to NT $ 1.72 billion last month, while its banking unit, Taishin International Bank (台 新 銀行) , reported a net gain of 5% to NT $ 1.38. billion, he said.
The bank has maintained good loan quality amid the COVID-19 pandemic, with its non-performing loan ratio standing at a perfect 0.12, the company said.
Its newly acquired life insurance business, Prudential Life Insurance Co of Taiwan (保德信 人壽), to be renamed Taishin Life Insurance Co (台 新 人壽), achieved net profit of NT $ 300 million, up 15% compared to the previous year. noted.
Meanwhile, SinoPac Financial Holdings Co (永豐 金控) said its net profit grew 22% 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 recorded net growth. profit.
In the first seven months, SinoPac Financial’s cumulative net profit totaled NT $ 10.3 billion, up 45% from the previous year, he said.
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