CDF reports January net profit of NT$766mn, for EPS of NT$0.05

Feb 10, 2020

China Development Financial Holding (CDF; TWSE: 2883) announced January preliminary net profit of NT$766mn, equivalent to EPS of NT$0.05. CDF said its brokerage business and financial asset valuation were capped by capital market swings in January brought about by the coronavirus outbreak, while China Life managed to deliver resilient earnings in that month.

Subsidiary KGI Bank posted stable core earnings, with net interest spread and fee income both picking up, leading to January net profit of NT$294mn. KGI Securities registered net profit of NT$247mn, as brokerage and proprietary investment businesses were dragged down by fewer trading days in January due to the Chinese New Year, as well as stock market corrections triggered by the coronavirus outbreak when trading resumed. CDIB Capital Group reported a net loss of NT$10mn in January in the face of capital market fluctuations, while China Life’s bottom-line arrived at NT$1,568mn.

Mr. Andy Lin, deputy spokesperson of CDF, said the temporary truce of the Sino-US trade war is conducive to the stabilization of the financial market. However, the market is now more focused on the ramifications of the coronavirus outbreak in China, with many feeling apprehensive about the impact on supply chains. CDF believes the financial market will be more volatile in the near future, and expects economic growth momentum will be affected.

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