Q2 2024 Chailease Holding Company Ltd Earnings Call Transcript
Key Points
- Chailease Holding Co Ltd (TPE:5871) achieved a 7% year-over-year credit portfolio increase on a consolidated level.
- Taiwan's delinquency ratio decreased from 2.8% to 2.7%, indicating improved asset quality.
- Consolidated revenue for the first six months of 2024 reached TWD50.7 billion, representing a 7% growth compared to the same period last year.
- Second quarter consolidated profit was up 10% quarter-over-quarter, driven by more tax rebates recognized in China.
- The cost-to-income ratio improved slightly to 27% for the first six months of 2024 compared to 28% last year.
- Delinquency ratios for China and ASEAN increased in the second quarter, reflecting weak macroeconomic conditions.
- Net profit for the first six months of 2024 decreased due to less tax rebates in China and more impairment losses.
- ASEAN's delinquency ratio increased to 4.9%, with Thailand's macroeconomic situation causing continued asset quality issues.
- The average loan yield in Taiwan decreased due to a change in product mix, particularly slower growth in the higher-yield secondhand car financing business.
- Impairment losses for the first half of 2024 totaled TWD9 billion, reflecting increased delinquency ratios and the need for higher provisions.
Welcome to the Chailease second quarter 2024 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded. For your information, a webcast replay will be available within an hour after the conference is finished.
And now I would like to turn the call over to Kimberly Lian, Project Manager of the Chailease Holdings. Ms. Lian, please go ahead.
Thank you. Hi, everyone. Thank you for joining us today for our second quarter 2024 results conference call. With me this afternoon is Mrs. Sharon Fan, Head of IR, and she will open to your questions in Q&A section.
The presentation I'm giving today will be available for download on our official website at www.chaileaseholding.com.tw. And as a reminder, please refer to the disclaimer in slide 2 regarding forward-looking statements. Our actual result may differ from such statements.
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