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CTBC Financial, banking unit report YOY increases in Q2 profits

CTBC Financial Holding Co. Ltd. reported a year-over-year increase in net profit for the quarter ended June 30.

The company said net profit after income tax increased to NT$9.68 billion from NT$9.18 billion in the prior-year period. EPS came to 50 cents from 47 cents.

The second-quarter S&P Global Market Intelligence consensus estimate for normalized EPS was 53 cents. The consensus estimate for GAAP EPS was 50 cents, with three analysts reporting.

Net interest income for the quarter grew to NT$25.18 billion from NT$22.11 billion, while fee income fell to NT$4.91 billion from NT$5.35 billion. The group's operating revenue amounted to NT$30.73 billion, up from NT$27.25 billion a year earlier.

For the six months to June 30, the group's net profit after tax increased 12.9% year over year in the aggregate to NT$21.90 billion from NT$19.39 billion in the year-ago period. EPS for the period was NT$1.12, up from NT$1.00 in the year-ago period.

At the end of June, CTBC Financial's capital adequacy ratio stood at 123.6%, down from 131.4% at the end of March and from 124.0% as of June 30, 2017.

The group's banking unit, CTBC Bank Co. Ltd., reported second-quarter net profit of NT$6.84 billion, up from NT$6.68 billion a year earlier.

The bank's net interest income rose to NT$12.97 billion from NT$11.57 billion, while fee income fell to NT$7.16 billion from NT$7.24 billion. Operating revenue amounted to NT$23.77 billion, up from NT$22.54 billion.

For the first half, the Taiwanese lender's net profit after income tax increased 5.9% year over year to NT$15.99 billion from NT$15.10 billion.

As of June 30, the bank's net interest margin improved to 1.49%, compared to 1.48% in the previous quarter and 1.42% at the end of June 2017.

CTBC Bank's nonperforming loans ratio was 0.42% at the end of June, compared to 0.41% as of March 31 and 0.47% at the end of June 2017.

At the end of June, the bank's capital adequacy ratio was 14.12%, down from 14.55% in the previous quarter and from 14.13% in the year-ago quarter. Its Tier 1 ratio came to 12.71%, down from 13.14% as of March 31 but up from 12.34% a year earlier. The lender's common equity Tier 1 ratio clocked in 11.51% as of June 30, down from 11.93% as of March 31 but up from 10.96% as of June 30, 2017.

As of Aug. 14, US$1 was equivalent to NT$30.84.