Net income of Taiwan's Cathay Financial reaches $57.48M

Cathay Financial reported NT$1.69 billion (US$57.48 million) in net income in September, up 24.26 percent from the previous month.

This was brought about by the recovery in value of its financial assets and easing of the costs of foreign currency hedging risk.

Flagship subsidiary Cathay Life Insurance Co posted NT$650 million in net profit from NT$280 million a month earlier.

Cathay United Bank made the greatest contribution with a net income of NT$1.16 billion, improving from NT$980 million in August, the statement said.

Cumulative profit amounted to NT$12.67 billion, translating into earnings per share of NT$1.17, company figures said.

Basedon the results, Cathay Financial is at fifth place in terms of profitability last month after Fubon Financial Holding Co with EPS of 2.43, Mega Financial Holding Co with EPS of NT$1.55, Chinatrust Financial Holding Co with EPS of NT$1.21 and Shin Kong Financial Holding Co also with EPS of NT$1.21.

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