China Development Financial (hereinafter CDF) announced October preliminary net profit of NT$436mn today. The group’s spokesperson, Richard Chang, said net profit for the first ten months of 2019 arrived up 56% YoY to NT$11.124bn, for EPS of NT$0.76, thanks to easing Sino-US trade war and the TAIEX hitting a 29-year high driven by an optimistic semiconductor outlook and continued net buying by QFII, boosting the earnings momentum of securities and insurance businesses.
Subsidiary KGI Bank derived October profits from net interest and fee incomes. In addition, financial investment proceeds were solid. However, impacted by additional loan loss provisions, October net profit was NT$158mn, and January-October net profit came in at NT$3.027bn.