China Development Financial Holding Corporation (CDF) held its Q4 2021 investor conference today. During the conference CDF highlighted an overall steady profit growth in 2021, with an after-tax net income of NT$35.0 billion, showing a 177% increase from the same period last year.
CDF and subsidiaries China Life, KGI Bank, KGI Securities and CDIB continue to maintain a strong capital position. China Life was the largest contributor to the profit performance of 2021, with an after-tax net income of NT$28.54 billion of which CDF recognized NT$13.45 billion. KGI Securities' after-tax profit reached a record high of NT$12.9 billion in 2021, benefiting from a full range of contributions from all its lines of business, and retained first place in the equity and bond underwriting markets. KGI Bank's after-tax profit contribution in 2021 was NT$4.15 billion, showing growth in various businesses such as mortgage loans, consumer loan and SMEs lending. CDIB Capital's after-tax profit for 2021 was NT$9.89 billion, mainly driven by the disposal of the CDF Building and recovering valuations.
In addition to steady business growth, CDF continued to implement its ABCDE strategies (Accelerate Digital, Become Employer of Choice, Customer Focus, Drive Growth, and Execution Excellence) making significant progress on all pillars of the strategy in 2021. Accomplishments included the completion for the China Life acquisition which made it a wholly-owned subsidiary of CDF by December 30, 2021, also the integration of all subsidiaries with 3rd party strategic partners to implement diverse digital innovation applications for the development of an ecosystem model. In addition, CDF has launched a new Management Associates program called “YOUth LEADership (YouLead) Program” to cultivate a new generation of recruits for the group. Internally, CDF also has accelerated the simplification of workflows in order to optimize customer experience. Also CDF has accelerated the capital reallocation strategy to enhance profitability.
Steve Bertamini, President and Chief Executive Officer of CDF, said that China Life becoming a wholly-owned subsidiary of CDF on December 30, 2021 will improve profitability and strengthen the Group's competitiveness in the years to come. CDF has been listed in the Dow Jones Sustainability Index (DJSI) for two consecutive years and is the first financial holding company in Taiwan to pledge for net-zero carbon emissions from its entire asset portfolio by 2045. In 2022, CDF will continue to promote carbon neutrality in all its locations, increase its green industry investment portfolio, and leverage the social impact from the financial industry to deepen its commitment to sustainable management.