The 10月 self-reported consolidated earnings of the 4 state-owned financial holdings and 2 banks were fully released on 11月13日, with cumulative 前10月 after-tax net profit totaling 1,440.69億元, up 19.49% year-on-year, continuing to set a new high for the same period in history. Among them, Mega Financial posted 前10月 profit of 343.31億元, rewriting the record high for the same period, and retaining the double crown for 前10月 profit and EPS. In addition, 5 companies including Hua Nan Financial, First Financial, Taiwan Cooperative Financial, Taiwan Business Bank and Chang Hwa Bank have already exceeded last year's full-year level in cumulative 前10月 profit.
Core business and wealth management momentum drive Mega Financial profit
On the source of profit momentum, Mega Financial said its banking core business is the group's main profit source, with its deposit and loan business scale maintaining double-digit growth, while wealth management business pushed net fee income up 22%. Benefiting from active capital market trading, profit momentum at non-bank subsidiaries including securities and bills rose significantly, up 68.21% from 去年同期, driving overall group profit higher, with cumulative 前10月 after-tax net profit reaching 343.31億元, continuing to set a new high for the same period in history.
Single-month profit in 10月 falls 27.51% month-on-month, all weakening
However, looking at single-month performance in 10月 alone, the 4 financial holdings and 2 banks posted combined profit of 95.57億元, down 9.02% year-on-year and down 27.51% month-on-month, with all companies showing a month-on-month decline. Among them, Mega Financial posted 10月 profit of 14.83億元, down 59.13% month-on-month; Hua Nan Financial posted 10月 profit of 20.89億元, down 10.92% month-on-month; First Financial posted 10月 profit of 17.76億元, down 25.22% month-on-month; Taiwan Cooperative Financial posted 10月 profit of 16.8億元, down 12.68% month-on-month; Taiwan Business Bank posted 10月 profit of 9.01億元, down 18.68% month-on-month; Chang Hwa Bank posted 10月 profit of 9.71億元, down 9.71% month-on-month.
On single-month volatility, Mega Financial saw 10月 profit fall 59.13% month-on-month and 28.05% year-on-year, the largest decline among the 4 financial holdings and 2 banks, mainly because its subsidiary Mega Securities posted a single-month after-tax net loss of 6.66億元 in 10月 amid the Taiwan stock market pullback, dragging down group single-month profit. First Financial saw 10月 profit fall 25.2% month-on-month, the second-largest decline, mainly due to lower profit at non-bank subsidiaries amid capital market volatility. However, First Financial posted 10月 profit up 3.98% year-on-year versus 17.08億元 in 去年同期, the only company among the 4 financial holdings and 2 banks to post year-on-year growth in single-month profit.