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China Development Financial's asset value to exceed NT$800 bil.

TAIPEI, Taiwan -- China Development Financial (CDF, 開發金控) announced yesterday that after its acquisition of Cosmos Bank (萬泰銀行) in July, the company's net asset value will exceed NT$800 billion.

CDF is the largest financial holding company in Taiwan. After the acquisition, CDF expects Cosmos Bank to be its largest profit contributor, making over 40 percent of the company's profit.

CDF had a net profit of NT$2.66 billion in the first quarter, up 82.3 percent year-on-year. The EPS was registered at NT$0.18. The financial holding company's direct investment business group profited NT$1.572 billion, which was a staggering 548-percent increase, the highest among all its business groups. The company's business finance and financial market business groups grew 78 percent and 64 percent, respectively.

CDF estimates it will maintain a double leverage ratio between 114 percent and 116 percent after the acquisition of Cosmos Bank. The bank of international settlement ratio for Cosmos Bank is between 12 percent and 14 percent.

CDF said all its four business groups will continue the strategic path laid out in 2012: to expand business operation in mainland China, increase recurrent income, risk management and asset revitalization, expand business and introduce new products and services.

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