Cathay Financial Holding Co. reported its second-highest annual profit of NT$111.2 billion ($3.5 billion) in 2024, with earnings per share reaching NT$7.29, as the company’s banking and insurance units delivered strong performances.
The Taiwanese financial giant’s President Lee Chang-gung said the company will push for a more generous dividend policy than last year’s NT$2 per share when the board meets in April. He expressed optimism about dividend yields improving this year, citing robust profit levels.
Cathay United Bank achieved record profits for the fourth consecutive year, with 32% annual growth driven by strong lending that boosted net interest income by 18%. The bank’s wealth management and credit card fee revenues grew by 41% and 33% respectively.
Meanwhile, Cathay Life Insurance maintained its value-oriented strategy, with healthy sales momentum in health, accident, and foreign currency long-term payment products. The insurer reported first-year premium equivalent and value of new business growth of 22% and 30% respectively, alongside a risk-based capital ratio of 359%.
The company’s property insurance, investment trust, and securities subsidiaries all posted record profits, with the securities arm maintaining its market-leading position in the foreign brokerage business.
Looking ahead, Lee said the group will focus on expanding wealth management services, promoting protection-oriented insurance products, and enhancing digital capabilities across its businesses.
