China Development Financial Holding Corporation (hereinafter referred to as "CDF") reported today its profit for the month of October. Unaudited after-tax profit was NT$229 million, while after-tax profit for the first ten months this year reached NT$20.55 billion, and EPS totaled at NT$1.23.
China Life, continued to benefit from the depreciation of the New Taiwan dollar against the US dollar which helped lower its hedging cost. China Life reported an after-tax profit in October of NT$551 million, and after-tax profit for the first ten months of NT$18.72 billion. KGI Bank continued to grow steadily driven by contributions from interest and fee income. KGI Bank’s after-tax profit in October was NT$ 470 million, and after-tax profit for the first ten months was NT$5.19 billion. KGI Securities’ performance was affected by a transaction volume decline and market volatility. KGI Securities’ after-tax profit in October was NT$11 million, and after-tax profit for the first ten months was NT$2.69 billion. CDIB Capital Group reported an after-tax loss of NT$270 million in October, and its after-tax deficit for the first ten months was NT$862 million mainly due to the fluctuation in the valuation of its investment portfolios.
CDF stated that the US Fed is expected to continue a hawkish stance and interest rate hike strategy to curb inflation, which may affect future economic growth outlook and increase uncertainty. CDF will continue to focus on strengthening its core businesses and support the steady development of its subsidiaries, while enhancing its risk control mechanism in order to cope with future fluctuations and mitigate operational risk.