Q4 2024 CTBC Financial Holding Co Ltd Earnings Call Transcript
Key Points
- CTBC Financial Holding Co Ltd (TPE:2891) achieved a record high after-tax net profit of TWD72 billion in 2024, up nearly 30% YoY.
- CTBC Bank's net profit for 2024 was TWD49.4 billion, marking a 20% YoY increase and leading the industry.
- Taiwan Life's after-tax net profit soared by over 70% YoY to TWD21.5 billion, driven by strong investment gains.
- The company's overseas business achieved a historic high pre-tax profit of TWD20.5 billion, with North America and Japan showing double-digit growth.
- CTBC Financial Holding Co Ltd (TPE:2891) was selected as a constituent stock of the Dow Jones Sustainability Index and won eight awards at the Elite Awards for Taiwan Banking Excellence.
- Taiwan Life's net profit in Q4 2024 was down 95% QoQ due to lower cash dividends and capital gains.
- The overall holding's net profit in Q4 2024 decreased by 38% QoQ.
- The company's cost-income ratio was 52.1% in 2024, indicating room for operational efficiency improvements.
- Credit cost increased by 4 basis points YoY in 2024, primarily due to higher provisions for corporate loans and debt relief programs.
- The foreign currency loan growth was strong, but the overall loan-to-deposit ratio increased to 73%, indicating a potential liquidity management challenge.
Welcome to CTBC Holding 2024 Q4 earnings conference. Today's meeting will be chaired by Rachael Kao, President of CTBC Holding. Also present are Megan Hsu, CFO of CTBC Holding; Pai-Hung Yeh, CSO of Taiwan Life; and Justine Shen, Head of IR of CTBC Holding. (Operator Instructions)
First, I would like to invite President Kao to give her opening remarks.
(interpreted) Good afternoon, media friends, investors, and analysts. Thank you for attending CTBC Holding 2024 Q4 earnings call.
CTBC Holding's performance in 2024 was very impressive. Pre-tax net profit reached TWD88.1 billion, and after-tax net profit was TWD72 billion, a new record high and up by nearly 30% YoY or 28.4%. EPS also hit a record high of TWD3.64 billion. ROE was 16.4%, ranking the second among all the peers.
Our core subsidiary, CTBC Bank, achieved a net profit of TWD13.1 billion in Q4. The total net profit for 2024 was TWD49.4 billion, up by 20% YoY. This maintains double-digit growth, sets new records, and
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