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CTBC Financial Q3 profit rises YOY

Taiwan-based CTBC Financial Holding Co. Ltd. reported a year-over-year rise in its net profit for the quarter ended Sept. 30.

The company said Nov. 21 that net profit after tax climbed to NT$11.63 billion from NT$9.03 billion in the prior-year period. EPS came in at 60 cents, up from 50 cents.

Net interest income rose to NT$23.33 billion from NT$21.56 billion, while fee income increased to NT$5.35 billion from NT$3.74 billion. Operating revenue for the quarter amounted to NT$30.41 billion, up from NT$27.94 billion in the year-ago period.

For the nine months ended Sept. 30, CTBC Financial posted a 33% year-over-year jump in net profit to NT$31.02 billion from NT$23.33 billion. EPS for the period rose to NT$1.59 from NT$1.29.

The company's capital adequacy ratio was at 119.5%, down from 124% at the end of June and from 130.5% in the prior-year period.

At the group's CTBC Bank Co. Ltd. unit, third-quarter net profit rose year over year to NT$7.26 billion from NT$6.05 billion.

The bank's net interest income inched up to NT$12.36 billion from NT$12.20 billion. Fee income increased to NT$8.00 billion from NT$7.72 billion.

For the nine months to Sept. 30, the bank's net profit jumped 27% to NT$22.36 billion from NT$17.60 billion in the year-ago period.

As of Sept. 30, the bank's net interest margin stood at 1.47%, up from 1.42% in the previous quarter but flat with the year-ago period. The total nonperforming loan ratio fell to 0.43% from 0.47% at the end of June and 0.72% at the end of September 2016.

CTBC Bank's capital adequacy ratio clocked in at 13.48% at the end of September, down from 14.13% in the second quarter but up from 13.37% in the prior-year period. As of Sept. 30, the bank's Tier 1 ratio came in at 12.14%, down from 12.34% as of June 30 but up from 11.46% at the end of September 2016. Its common equity Tier 1 ratio stood at 10.94%, down from 10.96% but up from 10.08% as of Sept. 30, 2016.

As of Nov. 21, US$1 was equivalent to NT$30.