The first report card of the merger of Yushan Gold and Sanshangshou is announced! Major domestic financial holdings have announced their latest self-financed profit performance. Among them, Yushan Financial Holdings announced today (15th) its self-financed profit for September 2026. The self-financed net profit after tax in September was NT$3.81 billion. The cumulative after-tax net profit was NT$31.85 billion, an increase of 21.54% over the same period last year. The net profit after tax per share (EPS) was NT$1.95, a record high. This is also the first time Yushan Gold has announced profits after merging with Sanshangshou.
The total assets of Yushan Financial Holdings are 6.65 trillion yuan, the total assets of Yushan Bank (consolidated) are 5.04 trillion yuan, and the total assets of Yushan Bank (individual) are: 4.91 trillion yuan. The consolidated deposit balance of Yushan Bank is 4.1718 billion yuan, and the total number of consolidated loans is 2.9822 billion yuan.
In this regard, Yushan Jin also explained that in accordance with the "Business Combination" provisions of International Financial Reporting Standard No. 3 (IFRS 3), the company must measure related assets and liabilities based on the fair value on the merger base date after merging Sanmers Life, which is different from the original measurement basis of Sanmers Life's individual financial statements. Therefore, the profit and loss of Sanmers Life recognized in the consolidated financial statements of Financial Holding is different from its individual financial statements, mainly due to the difference in the accounting measurement basis for business mergers.
Looking further at the profit performance of each subsidiary, first of all, the subsidiary "Yushan Bank" had a net profit after tax of 3.1 billion yuan in September. The cumulative net profit after tax for the first nine months was 27.95 billion yuan, an increase of 10.79% over the same period last year, continuing to hit a new high for the same period in the past. Benefiting from the strong momentum of the core business, net profit and net sales showed double-digit growth.
Secondly, the subsidiary "Sanshang Life" had a single-month after-tax net profit of 1.911 billion yuan in September, and the cumulative after-tax net profit for the first nine months was 6.023 billion. Benefiting from CSM's stable amortization and investment income injection, profits have grown. In the future, we will still aim to increase recurring income and respond to market fluctuations through asset allocation and fund management. The momentum of the insurance business remains strong, with FYP (first year premium) from January to September reaching 43.1 billion yuan, an annual growth of 66.23%. In the future, the company will continue to optimize the overall financial structure through accumulating CSM.
Subsidiary "Yushan Securities" reported a single-month after-tax net profit of 373 million yuan in September, and a cumulative after-tax net profit of 4.043 billion yuan, an increase of 128% from the same period last year, setting a new high for the same period last year. This was mainly due to the continued boom in capital market transactions, which drove the overall fee income growth.
In this regard, Yushan Gold explained that the earnings difference between the individual and consolidated financial statements this time was partly caused by remeasurement on the merger base date in accordance with IFRS 3. It is a one-time adjustment reflected in the current period of consolidation. Therefore, the difference in September is more significant; the related one-time impact in subsequent months will be significantly reduced, and the gap between individual and consolidated earnings is expected to narrow and stabilize.
