China Development Financial (CDF; TWSE: 2883) announced February preliminary net profit of NT$341mn, and accumulative January-February net profit of NT$1.106bn, for EPS of NT$0.08.
Increasing preventive actions worldwide against the COVID-19 epidemic have continued to drag down global capital markets, weighing on the company’s brokerage business and direct investment valuation. Nevertheless, China Life managed to deliver resilient earnings in February. CDF spokesperson Richard Chang notes that globally the focus remains on COVID-19, including its impact on supply chains and future economic momentum, and that financial markets have been facing significant fluctuations recently.
Subsidiary KGI Bank posted stable core earnings, with net interest spread and fee income both making a positive contribution, leading to February net profit of NT$254mn. KGI Securities registered net profit of NT$235mn, as investment business was dragged down by a weak TAIEX due to heavy FINI net selling. CDIB Capital Group reported a net loss of NT$337mn in February in the face of capital market fluctuations, while China Life’s bottom line arrived at NT$1.475bn.
Chang also said CDF intends to keep recruiting in spite of COVID-19 to meet the challenges of a rapidly-changing environment in the financial industry. The 2020 MA program is open for online applications until the end of March, and welcomes ambitious candidates with master’s degrees or above in any subject, and with excellent English proficiency and interpersonal skills.
