CDF reports 2022 full-year after-tax profit of NT$ 16.39 billion, and EPS was NT$0.98

Jan 10, 2023

China Development Financial Holding Corporation (hereinafter referred to as "CDF") reported today its financial result for the month of December. While unaudited after-tax loss was NT$1.59 billion, after-tax profit for the 2022 full-year reached NT$16.39 billion, and EPS totaled at NT$0.98.

The  U.S. Fed's interest-rate hikes and the widening spread between New Taiwan dollar and the U.S. dollar primarily impacted the performance of life insurance business. This resulted in an after-tax loss in the month of December for China Life of NT$2.32 billion, and an after-tax profit for the  2022 full-year of NT$13.15 billion. In response to market fluctuations, China Life will continue to improve its products and adjust investment allocation in a timely manner to stabilize income. The business performance of KGI Securities in December was mainly supported by the brokerage business, coupled with the derivatives business and overseas investment. KGI Securities’ after-tax profit in December was NT$464 million, and after-tax profit for the 2022 full year was NT$3.66 billion. KGI Bank continued to grow steadily driven by contributions from interest and fee income. KGI Bank’s after-tax profit in December was NT$ 551 million, and after-tax profit for the 2022 full-year was NT$ 6 billion. CDIB Capital Group reported an after-tax loss of NT$ 52 million in December, and its after-tax deficit for the 2022 full-year was NT$333 million due to the fluctuation in the valuation of its investment portfolios.

In 2023, CDF stated that as rising interest rates continue to affect economic growth, this coupled with a potential resurgence of the epidemic as a result of China's relaxation of COVID control measures and the Ukraine-Russia conflict, may disrupt the recovery of supply chains adding more uncertainty to the economic outlook. CDF will continue to strengthen its competitiveness and operational synergy, while enhancing its risk control mechanism in order to cope with future fluctuations and mitigate operational risk.