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CTBC Financial Q2 net profit falls 3.7% YOY

Taiwan's CTBC Financial Holding Co. Ltd. posted a 3.7% year-over-year decline in net profit for the second quarter.

The company on Aug. 13 reported a consolidated second-quarter net profit after income tax of NT$9.32 billion, down from NT$9.68 billion in the prior-year period. EPS fell to 44 cents from 50 cents.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 47 cents, with four analysts reporting.

Net interest income for the quarter rose to NT$27.87 billion from NT$25.18 billion, while fee income rose to NT$5.89 billion from NT$4.91 billion. Operating revenue slipped to NT$30.62 billion from NT$30.75 billion.

Net credit loss provision for the quarter came to NT$1.34 billion, down from NT$1.70 billion in the prior-year quarter.

As of June 30, CTBC Financial's capital adequacy ratio stood at 115.6%, down from 118.2% at March 31 and 123.7% at June 30, 2018.

CTBC Bank Co. Ltd., a unit of the group, posted a 2.1% year-over-year rise in consolidated second-quarter net profit after income tax to NT$6.99 billion from NT$6.84 billion.

Net interest income grew to NT$14.03 billion from NT$12.97 billion, while fee income rose to NT$8.02 billion from NT$7.16 billion. Operating revenue for the quarter increased to NT$25.44 billion from NT$23.77 billion.

The banking unit's net interest margin for the quarter came to 1.50%, compared to 1.53% in the previous quarter and 1.49% in the prior-year quarter.

The lender's nonperforming loans ratio came to 0.41% as of the end of June, down from 0.43% at March 31 and 0.42% at June 30, 2018.

As of June 30, CTBC Bank's capital adequacy ratio stood at 13.36%, down from 14.45% at March 31 and 14.12% at June 20, 2018. Its Tier 1 ratio for the period came to 11.94%, down from 13.05% at the end of March and 12.71% at June 20, 2018, while its common equity Tier 1 ratio for the period fell to 10.88% from 11.92% at March 31 and 11.51% at June 30, 2018.

As of Aug. 12, US$1 was equivalent to NT$31.46.