CDF November net profit of NT$641mn; January-November net profit of NT$11.76bn, for EPS of NT$0.81

Dec 9, 2019

China Development Financial (hereinafter CDF, TWSE: 2883) announced today that its November preliminary net profit was NT$641mn. CDF spokesperson Richard Chang notes that despite paring gains amid fears of Sino-US trade talks uncertainties, continued net-buying by QFII pushed up the TAIEX in November. That said, the profit momentum of the securities brokerage and financial trading operations were boosted by a stable financial market. Accumulative January-November net profit arrived up 48% YoY to NT$11.765bn, for EPS of NT$0.81.

Subsidiary KGI Bank maintained stable profit at its major businesses, with net interest spread, fee income and financial trading all making a positive contribution. With November net profit of NT$312mn, the bank’s January-November net profit arrived at NT$3.339bn.

Despite a slightly smaller trading volume MoM, the TAIEX continued to rise in the month, fueled by QFII net-buying. Driven by profit contribution from both the brokerage and bond businesses as well as underwriting revenue, subsidiary KGI Securities posted November net profit of NT$525mn, and January-November net profit of NT$5.491bn.

Subsidiary CDIB Capital’s earnings momentum suffered from the suppressed valuation of investment positions and posted November net losses of NT$42mn and January-November net profit of NT$1.917bn.

China Life posted November net profit of NT$224mn, and January-November net profit of NT$14.1bn.

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