China Development Financial Holding Corporation (CDF) held its Q1 2023 investor conference today. During the conference, CDF shared its profit results as well as its overall operational performance. CDF reported an after-tax net income of NT$3.5 billion for the first quarter, and EPS totaled at NT$0.21.
CDF and its subsidiaries managed to deliver stable performance in the first quarter this year despite of market fluctuation. KGI Securities was the largest contributor to the profit performance of the first quarter of 2023 with an after-tax net income of NT$1.9 billion, representing a 31% YoY growth compared to the same period last year. KGI Securities’ overseas contribution has also increased 213% YoY. China Life reported an after-tax net income of NT$321 million in the first quarter 2023 while the value of new business (VNB) margin increased to 34.4% YoY. KGI Bank reported an after-tax net income of NT$1.54 billion in the first quarter, up 13% YOY. The bank’s SME lending and personal loan businesses grew 26% and 20% YoY respectively in Q1 2023. CDIB Capital Group net income in the first quarter reached NT$0.93 billion as it benefited from investment portfolios’ appreciation.
During the conference, China Life also shared its embedded value for the year of 2022. China Life’s embedded value reached NT$371.8 billion as of the end of last year, and the value of in force grew 8.1% since end 2021. The embedded value of China Life per share was NT$75.6 as of the end of 2022, which brought the embedded value of CDF to NT$22.2 per share.
CDF states that in the face of the current economic situation it will continue to enhance risk control mechanism to mitigate operational risks and focus on core strategies to maintain long-term stable business development.