CDF reports October after-tax profit of NT$1.196 billion. After-tax profit for the first 10 months was NT$31.888 billion and EPS was NT$2.13

Nov 10, 2021

China Development Financial Holding Corporation (CDF) reported today its profit for the month of October. Self-assessed after-tax profit was NT$1.196 billion, while after tax profit for the first 10 months was NT$31.888 billion. EPS was NT$2.13.

CDF said that its subsidiaries maintained a stable performance even though capital markets showed turbulence and consolidation trends in October due to concerns about inflation and lower foreign investor volume. KGI Bank's profits in October were mainly generated from interest and fee income, partially offset by losses from investment exposure adjustments used to limit the impact from interest rate fluctuations; its total after-tax profit was NT$0.101 billion. The first 10 month after-tax profit was NT$3.744 billion. Stocks in Taiwan were also undermined in October by lower foreign investor volume. Nonetheless, KGI Securities had a profit of NT$0.589 billion after tax in October. Its 10-month after-tax profit was NT$10.755 billion. CDIB Capital Group's after-tax profit for the month of October was NT$0.185 billion mainly from increases in the valuation of its investment positions. Its first 10 month after-tax profit was NT$9.182 billion. China Life reported an October after-tax profit at NT$1.270 billion and accumulated after-tax profit from January to October at NT$27.207 billion.

CDF spokesperson Richard Chang said that in addition to implementing risk controls to reduce the potential impact of changes in the external operating environment, CDF adopted share conversion at the 10/1 extraordinary shareholders meeting to include China Life as a wholly-owned subsidiary of CDF. FSC approval is expected to be obtained in December, and share conversion is expected to be completed by the end of this year. With the acquisition of China Life, CDF will further accelerate the development of its banking, securities, private equity, asset management, and insurance businesses as well as enhance the group's competitiveness, create synergies, demonstrate its entrepreneurial spirit and its creative capabilities to realize its vision of becoming a leading financial company in Asia.