TAIPEI, Taiwan, October 6, 2023-CTBC Holding has announced its preliminary earnings for September 2023.
The Company posted a pre-tax profit of NT$5.7 billion and an after-tax profit of NT$4.5 billion for the month. On a cumulative basis, the Company's pre-tax profit was NT$56.5 billion, after-tax profit was NT$48.6 billion, and after-tax EPS was NT$2.44.
The Company observed decent momentum in its core businesses. For the month, CTBC Bank reported an after-tax profit of NT$3.3 billion, driven by sustained growth in loans and deposits as well as growing wealth management and syndicated loan fees. Meanwhile, Taiwan Life reported an after-tax profit of NT$1.4 billion thanks to investment gains. Furthermore, CTBC Bank saw its second highest net profit for the first three quarters on record, having increased by 10% YoY. This came on the back of double-digit growth in loans as well as wealth management business momentum returning to pre- pandemic levels, benefitting from diversified product offerings. In addition, credit card consumption continued to grow, up approximately 30% YoY. Despite elevated hedging costs so far this year, Taiwan Life's net profit increased 181% YoY after the one-off COVID loss event last year.
The asset quality of CTBC Bank remained stable and the provision charge was NT$736 million in the month.
The earnings of our key subsidiaries were as follows:
Unit: NT$ million
Subsidiary
September 2023
September 2023 (YTD)
Pre-tax profit
After-tax profit
Pre-tax profit
After-tax profit
Bank
4,349
3,279
40,140
31,714
Insurance
1,652
1,383
13,573
14,466
Securities
69
46
1,018
947
CTBC Holding
5,723
4,458
56,519
48,586
(consolidated basis)
About CTBC Holding
CTBC Holding (TPE: 2891) was established in 2002, having grown out of CTBC Bank, which has been helping build customers' personal wealth and Taiwan's economy since 1966. Headquartered in Taipei, its subsidiaries specialize in diverse services including banking, securities, insurance, venture capital and asset management.
With a global team of over 30,000 people, CTBC Holding operates over 370 locations in 14 markets, including the U.S., Canada, Japan, China, Hong Kong, Singapore, India, Indonesia, Malaysia, Vietnam, Thailand, Myanmar, the Philippines and Australia. It is also a Taiwan industry leader in corporate and environmental sustainability, consistently being an early adopter of emerging international standards and best practices.
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CTBC Financial Holding Co. Ltd. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2023 04:05:24 UTC.
CTBC FINANCIAL HOLDING CO., LTD. is a Taiwan-based financial holding company. The Company is principally engaged in investment banking business, bills finance business, credit card business, trust business, insurance business, securities business, futures business, venture capital business, securities investment trust business, foreign financial institution investment business and other financial related businesses. The Company operates its businesses in domestic market and overseas markets.
CTBC FINANCIAL HOLDING CO., LTD. 
