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Cathay Financial sees Q1 net income fall 54% YOY


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Cathay Financial sees Q1 net income fall 54% YOY

Cathay FinancialHolding Co. Ltd. reported first-quarter net income of NT$8.34 billion,or 65 cents per share, down 54% in the aggregate from NT$18.11 billion, or NT$1.43per share, in the first quarter of 2015.

During the first quarter, the company's net interest income camein at NT$37.59 billion, up from NT$32.88 billion for the prior-year period, whilethe company registered pretax income of NT$8.30 billion in the three months endedMarch 31, down from NT$19.91 billion in the first quarter of 2015, the firm saidMay 3.

Cathay Financial saw other net noninterest income fall year overyear in the first quarter to NT$5.62 billion from NT$10.69 billion.

Banking unit CathayUnited Bank Co. Ltd. posted net income of NT$5.65 billion in the quarter,up 2% from NT$5.53 billion in the prior-year quarter. The bank's first-quarter netinterest income totaled NT$6.21 billion, down 7% from NT$6.65 billion in the correspondingquarter of 2015.

During the first quarter, the bank's nonperforming provisionsrose to NT$17.70 billion from NT$17.11 billion in the same period of 2015. The bank'snonperforming loan ratio fell to 0.17% from 0.23%, while coverage ratio rose to870% from 646%.

Life insurance subsidiary Cathay Life Insurance Co. Ltd. posted net income of NT$2.68billion for the quarter ended March 31, down 79% from NT$12.50 billion for the year-agoperiod.

Fee income slid to NT$1.35 billion from NT$1.65 billion whilenet investment income decreased to NT$42.82 billion from NT$47.62 billion.

Nonlife insurance unit CathayCentury Insurance Co. Ltd. posted first-quarter net income of NT$131million, down 46% from NT$242 million in the first quarter of 2015. Premium incomesurged to NT$5.68 billion from NT$4.61 billion, while first-quarter operating incomefell year over year to NT$183 million from NT$305 million.

As of May 3, US$1 was equivalentto NT$32.33.