Taiwan Cooperative Financial Holding (5880) Q3 2024 earnings summary

Executive summary

• Consolidated net income for the nine months ended September 30, 2024 was NT$16.23 billion, up from NT$14.99 billion year-over-year, with basic EPS of NT$1.04 compared to NT$0.95.

• Total assets reached NT$5.05 trillion, a 9% increase from NT$4.65 trillion as of September 30, 2023.

• The group maintained strong profitability and capital adequacy, with a consolidated capital adequacy ratio above regulatory minimums.

Financial highlights

• Net interest income for the nine months was NT$21.96 billion, down from NT$24.38 billion year-over-year.

• Total net revenues and gains other than interest rose to NT$28.88 billion from NT$21.66 billion year-over-year.

• Operating expenses increased to NT$23.85 billion from NT$21.99 billion year-over-year.

• Net income attributable to owners for the nine months was NT$15.82 billion, up from NT$14.51 billion.

• Total comprehensive income for the period was NT$24.04 billion, up from NT$21.04 billion.

Outlook and guidance

• The group continues to focus on expanding core banking, insurance, and securities businesses, with ongoing investments in digital transformation and risk management.

• Management expects stable growth in lending and fee-based income, while monitoring market and regulatory developments.