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RETAIL BANKING | Cesar Tordesillas, Taiwan

Cathay Financial's income down 18%

Down 18.34 percent from previous month.

This is Cathay Financial's net income of NT$1.38 billion (US$47.34 million) last month.

It's total was pulled down by subsidiary Cathay Life Insurance, which posted NT$120 million in net profits last month, down from NT$650 million in September; and Cathay United Bank, whose profit dropped to NT$870 million, from NT$1.16 billion.

Lin Chao-ting, an executive vice president at Cathay Life, attributed the slowdown to a lack of tax and dividend benefits.

“The insurer recognized NT$500 million cash dividends and another NT$450 million in tax credits,” said Lin.

Cumulative profits were NT$14.19 billion for the first 10 months, or earnings per share of NT$1.32.

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