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Taishin Financial Holdings Maintains Stability with 14.39 Billion Yuan Cumulative Profit, Taishin Bank Achieves Record High

Taiwan
t 2887.TW Mid and Small Cap 2000
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Taishin Financial Holdings announced robust financial figures, revealing a cumulative after-tax profit of 14.39 billion yuan for the first 11 months of 2023, mirroring the results from the same period last year. The subsidiary Taishin Bank emerges as a key contributor, achieving a record high cumulative profit of 14.09 billion yuan, showcasing a remarkable 23% annual growth rate, setting a historic milestone in its performance.

While major domestic financial holding companies unveil their self-generated profits, Taishin Financial’s performance remains consistent, contributing to the cumulative profit of 14.39 billion yuan for the first 11 months, with an after-tax net profit of 1.01 yuan per share (EPS).

Taishin Bank, a standout performer among subsidiaries, reports a notable single-month profit of 1.13 billion yuan in November, contributing significantly to the cumulative profit of 14.09 billion yuan in the previous 11 months. The impressive 23% growth over the same period last year reflects the bank’s sustained profitability and stable core business operations.

Taishin Financial assures the stability of its subsidiary banks’ asset quality, citing an over-disbursement ratio of 0.11% and a coverage ratio of bad debt allowances at 1159.99% as of the end of November. Meanwhile, subsidiary Taishin Securities records a monthly profit of 200 million yuan in November, attributing the increase to a rise in the securities market index and improved operating performance, leading to higher brokerage and underwriting fee income.

For the first 11 months, Taishin Securities reports a cumulative after-tax net profit of 1.32 billion yuan, reflecting the positive impact of this year’s securities market index rise and enhanced operational efficiency. However, Taishin Life records a net loss after tax of NT$320 million in November, primarily attributed to exchange losses due to the appreciation of the Taiwan dollar. The cumulative net profit after tax for the first 11 months stands at NT$830 million, reflecting adjustments in investment asset allocation compared to the same period last year.

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