Q3 2025 Cathay Financial Holding Co Ltd Earnings Call Transcript
Key Points
- Cathay Financial Holding Co Ltd (TPE:2882) achieved its third highest net income on record with TWD75 billion and an ROE of 11%.
- Cathay United Bank reported an 11% year-on-year growth in net income, supported by double-digit growth in net interest income and a 25% increase in fee income.
- Cathay Century delivered strong underwriting profit with net income surpassing last year's level, up 28% year-on-year.
- Cathay SITE achieved record high earnings with assets under management reaching TWD2.3 trillion.
- Cathay Securities maintained its number one position in the sub-brokerage market and continued to gain market share in the domestic brokerage business.
- Cathay Life's earnings declined year-on-year due to volatile financial markets and a higher base of capital gain last year.
- The sharp appreciation of the Taiwan dollar in the second quarter negatively impacted net income.
- Investment yield after hedge was down year-on-year due to higher hedging costs and reduced capital gains.
- The transition to IFRS 17 is expected to have a negative impact on reported shareholders' equity at transition.
- The cost of liability remains flat quarter-on-quarter, indicating potential challenges in improving profitability.
Welcome, everyone, to Cathay Financial Holding Company's third-quarter 2025 conference call. (Operator Instructions)
And now, I would like to introduce Mr. C.K. Lee, CEO of Cathay Financial Company. Mr. Lee, please begin.
Okay. Thank you. Good afternoon and good morning to those in Europe. Welcome to Cathay Financial Holdings 2025 third quarter analyst meeting. I am C.K.
Lee, CEO of Cathay Financial Holdings. Today, I will host the meeting. Thank you for joining us. . In the beginning, I would like to introduce the senior managers who are with us today.
We have Grace Chen, CFO of Cathay Financial Holdings; Abel Lin, Managing, Senior EVP of Cathay Life; [Jack Chan], Executive VP of Cathay United Bank.
Before we begin the presentation, I would like to share some highlights. Consequential [holding] division strong performance in the first 9 months, achieving our third highest result on record with net income of TWD75 billion and ROE up
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