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Taiwan's CTBC Financial posts YOY rise in Q1 net income

CTBC Financial Holding Co. Ltd. reported a year-over-year rise in net income for the quarter ended March 31, which the company attributed to revenue growth resulting from lending, fees and trading gains.

The Taiwanese company said in a May 10 report that first-quarter after-tax net profit rose to NT$12.23 billion from NT$10.21 billion in the prior-year quarter. EPS went up to 63 cents from 52 cents.

The S&P Capital IQ mean consensus estimate for GAAP EPS was 51 cents, with three analysts reporting, while the mean estimate for normalized EPS was 52 cents.

Net interest income for the quarter rose to NT$24.01 billion from NT$21.62 billion, while fee income went up to NT$6.44 billion from NT$5.30 billion.

Operating revenue increased to NT$29.01 billion for the three-month period from NT$26.15 billion in the prior-year quarter, while insurance business loss, net of reserves, claims and payments, widened to NT$7.43 billion from NT$5.25 billion.

Unit CTBC Bank Co. Ltd. posted an increase in first-quarter net income after tax to NT$9.14 billion from NT$8.42 billion in the previous year.

The bank's net interest income rose to NT$12.59 billion for the quarter, from NT$11.54 billion in the year-ago quarter, while fee income inched up to NT$8.99 billion from NT$8.93 billion.

Net interest margin for the quarter was 1.48%, up from 1.45% in the prior-year period but down from 1.49% in the December 2017 quarter.

CTBC Bank's nonperforming loan ratio declined to 0.41% at end-March, from 0.54% at March 31, 2017.

The bank's common equity Tier 1 and Tier 1 capital adequacy ratios rose to 11.93% and 13.14% at March 31, from 11.06% and 12.50% a year ago. The capital adequacy ratio went up to 14.55% at the end of March, from 14.44% at March 31, 2017.

As of May 9, US$1 was equivalent to NT$29.94.