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Taishin Financial Holdings Reports Slight Decline in 2023 Profits, Subsidiaries Show Mixed Performance

Taishin Financial's overall profits dip by 1.75% in 2023, while subsidiary Taishin Bank records a historic 22.4% profit increase
Taiwan
t 2887.TW Mid and Small Cap 2000
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Taishin Financial Holdings, a prominent player in the financial sector, has announced its financial performance for 2023, revealing a nuanced picture of its subsidiaries’ earnings. The company reported a total profit of 14.6 billion yuan last year, marking a slight decrease of 1.75% from the 14.86 billion yuan earned in 2022.

A key highlight in Taishin Financial’s portfolio is the performance of its subsidiary, Taishin Bank. The bank achieved a record-breaking profit of 14.92 billion yuan, representing a significant annual growth of 22.4%. This growth is noteworthy as it played a crucial role in bolstering the parent company’s overall financial results.

In December 2022, Taishin Financial reported an after-tax surplus of 210 million yuan, a 54.3% decline from the same period the previous year. The full-year earnings amounted to a modest 1.01 yuan per share after taxes.

Another subsidiary, Taishin Securities, also showed a robust performance with an after-tax profit of 230 million yuan in December, a 130% increase year-on-year. This surge was attributed to the rise in the securities market index and improved operational performance, which boosted brokerage fee income and securities disposal profits. The cumulative profit for the year reached 1.55 billion yuan, a dramatic 198.1% increase from 2022.

However, Taishin Life Insurance Co., Ltd., faced challenges, reporting a net loss of NT$580 million in December due to exchange losses caused by the Taiwan dollar’s appreciation. The year’s cumulative after-tax surplus stood at NT$250 million, significantly down by 82.1% from the previous year, mainly due to adjustments in investment asset allocation and disposal benefits realization.

Taishin Financial’s mixed performance across its subsidiaries provides a nuanced view of its operations in the rapidly evolving financial landscape. While the parent company experienced a slight dip in profits, the remarkable growth in specific subsidiaries like Taishin Bank and Taishin Securities indicates a diverse and resilient portfolio capable of navigating market fluctuations.

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