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Cathay Securities pretax profit doubles in first 6 months of the year

TAIPEI--Cathay Securities Corp. (國泰證券), a securities trading arm of Cathay Financial Holding Co., said Thursday that its pretax profit for the first half of this year doubled from a year earlier, with analysts attributing the growth to a strong rebound in the local bourse.

In the past six months, Cathay Securities posted NT$250 million (US$8.33 million) in pretax profit, up 128 percent from a year earlier, to surpass NT$230 million recorded for the whole of 2013, the company said.

In the same period, earnings per share (EPS) before tax of the brokerage stood at NT$0.53, up 104 percent from a year earlier, the highest level in the company's history, it added.

The weighted index on the Taiwan Stock Exchange rose 9.08 percent during the six-month period, while the index on the over-the-counter market was even higher, up 18.51 percent in the same period.

While enjoying a booming bourse in Taiwan, Cathay Securities said the brokerage is gearing up to grasp a higher share in the co-consigned trading business, in which local securities companies take orders from their clients to trade securities listed overseas.

In June alone, Cathay Securities secured US$200 million in co-consigned trading orders, a new monthly high.

In 2013, orders received by Cathay Securities for co-consigned trading totaled US$784 million, making the brokerage one of the top 10 in the business in Taiwan. Cathay Securities said it aims to enter the top five this year.

After serving as an underwriter in 14 initial public offering (IPO) and second public offering cases last year, Cathay Securities said it participated in two prominent (IPO) cases this year to get online trading platform ADDCN Technology Co. and MedFirst Healthcare Service Inc. listed in the local bourse, which has further polished its reputation in the local IPO business.

Meanwhile, Cathay Securities said its market share in the local securities margin trading business has risen to 0.98 percent so far this year, up from 0.77 percent over the same period of last year.

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