China Development Financial Holding Corporation (hereinafter referred to as "CDF") reported today its profit for the month of May. Unaudited after-tax profit was NT$320 million, while after-tax profit for the first five months this year reached NT$11.54 billion, and EPS was NT$0.69.
The global financial market continues to be impacted by inflation concerns, Ukraine-Russia conflict and a depreciating U.S dollar in May. China Life’s insurance business and asset quality remained stable, yet hedging cost increased due to a weaker U.S dollar. China Life’s after-tax profit in May was NT$407 million and after-tax profit for the first five months was NT$11.18 billion. KGI Bank managed to grow its core income from fee and interest; its profit after tax in May was NT$416 million and after-tax profit for the first five months was NT$2.20 billion. KGI Securities' after-tax profit in May was NT$220 million and after-tax profit for the first five months was NT$1.87 billion KGI Securites’ profit performance was impacted by the capital market volatility. CDIB reported an after-tax loss of NT$302 million for May, and its after-tax decline for the first five months was NT$1.20 billion due to the fluctuation in the valuation of its investment portfolios.
CDF stated that financial markets are expected to continue to face short-term uncertainties. CDF will continue to focus on its core businesses and execute its ABCDE strategy in order to mitigate operational risk and drive long-term growth.