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CTBC Financial Holding Posts Historic Monthly Profits in October 2023

CITIC Financial reveals a remarkable after-tax surplus of 5.006 billion yuan for October, setting a historic high for the period.
Taiwan
c 2891.TW Blue Chip 150
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In October 2023, CTBC Financial Holding recorded an after-tax surplus of 5.006 billion yuan, marking a historic high for the same period. The cumulative after-tax profit for the first ten months reached 53.593 billion yuan, demonstrating a 16% year-on-year increase. The notable growth was propelled by robust performance in banking and insurance, particularly by its subsidiary China Trust Bank, which saw a monthly after-tax profit of 3.405 billion yuan.

The positive momentum was attributed to sustained growth in deposit business, a robust wealth management sector, and successful financial product operations. Taiwan Life, another subsidiary, capitalized on exchange benefits from the U.S. dollar’s appreciation, yielding a single-month after-tax profit of 1.616 billion yuan. Despite high hedging costs in the insurance sector, CTBC Financial Holding’s after-tax profits surged by 186% compared to the same period last year, as the company overcame the impact of epidemic prevention insurance.

The growth in deposits, expansion of interest spreads, increased sales of diversified wealth management products, and a rise in credit card consumption all contributed to this significant upswing across various industries.

 

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