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Cathay Financial posts YOY decline in Q4'17 net income

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Cathay Financial posts YOY decline in Q4'17 net income

Taiwan-based Cathay Financial Holding Co. Ltd. reported a year-over-year decline in net income for the fourth quarter.

Net income for the quarter ended Dec. 31, 2017, slipped to NT$8.41 billion, or 66 cents per share, from NT$8.79 billion, or 71 cents per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 73 cents, with four analysts reporting.

Net interest income for the fourth quarter increased to NT$43.48 billion from NT$39.39 billion. The company posted a loss of NT$607 million in net commissions and fees for the quarter, compared to a loss of NT$3.06 billion in the prior-year period.

The company's net earned premium increased to NT$173.93 billion from NT$167.72 billion, while investment income more than doubled to NT$12.09 billion from NT$5.10 billion a year ago.

For the full year ended Dec. 31, 2017, Cathay Financial reported a year-over-year gain in net income to NT$56.67 billion, or NT$4.47 per share, from NT$48.04 billion, or NT$3.79 per share for 2016.

Net interest income for the year rose to NT$168.46 billion from NT$153.48 billion in 2016, while net earned premium ticked up slightly to NT$624.62 billion from NT$622.92 billion.

The Taiwanese company's bad debt expenses for the year dropped to NT$3.46 billion from NT$5.23 billion in 2016.

The company's capital adequacy ratio as of Dec. 31, 2017, clocked in at 141%, down from 146% a year earlier.

Unit Cathay Life Insurance Co. Ltd.'s fourth-quarter net income rose year over year to NT$5.32 billion from NT$4.87 billion in the prior-year quarter.

The insurer's net earned premium rose to NT$169.01 billion from NT$163.05 billion in the prior-year quarter. Cathay Life's fee income for the quarter climbed to NT$2.56 billion from NT$1.45 billion.

For the full year ended Dec. 31, 2017, the insurer reported a year-over-year increase in net income to NT$36.27 billion from NT$30.24 billion.

Cathay Life's risk-based capital ratio at the end of 2017 came in at 309%, up from 305%.

As of March 21, US$1 was equivalent to NT$29.18.