Oct 11, 2019 General Comments Off on Fubon top earner among financial holding companies in Taiwan
Taipei, Fubon Financial Holding Co. ranked at the top of Taiwan's 15 listed financial holding companies in both net profit and earnings per share (EPS) in the first nine months of 2019, according to the companies' financial statements.
Fubon Financial posted a net profit of NT$53.59 billion (US$1.73 billion) during the January-September period, up 7 percent from a year earlier, and EPS was NT$4.98, making it the first financial holding company to post EPS above NT$4 so far this year.
Fubon Financial's earnings were given a boost in September when its net profit was up 43 percent year-on-year at NT$4.14 billion, the figures showed.
Fubon's two main profit engines, Fubon Life and Taipei Fubon Bank, generated NT$27.40 billion and NT$16.92 billion in net profit, respectively, during the nine-month period.
Fubon Life benefited from 21 percent rises in first-year and total premium, while Taipei Fubon Bank was helped by growing interest and fee income.
Cathay Financial Holding Co. came in second after posting a net profit of NT$52.13 billion during the nine-month period, topping its NT$51.47 billion recorded for all of 2018. It had EPS of NT$3.86.
Cathay Life Insurance Co., the flagship insurance entity of Cathay Financial, was the main profit engine of the group, posting a net profit of NT$30.56 billion during the first three quarters, while Cathay United Bank reported a profit of NT$19.12 billion.
CTBC Financial Holding Co. came in third after posting a net profit of NT$38.17 billion during the period, up 22.2 percent from a year earlier, with EPS at NT$1.92.
Key insurance subsidiary Taiwan Life Insurance Co. saw net profit rise 39 percent because of an improving product portfolio.
Mega Financial Holding Co. took the fourth spot after recording a net profit of NT$22.75 billion, down about 1 percent from a year earlier, with EPS at NT$1.67, followed by Shin Kong Financial Holding Co., which had a net profit of NT$18.998 billion and an EPS of NT$1.55 during the nine-month period.
The combined net profit of the 15 financial holding companies totaled NT$296.42 billion over the nine months, up 6.56 percent from a year earlier.
In terms of EPS, Yuanta Financial Holding Co. ranked No. 6 (NT$1.48), followed by E. Sun Financial Holding Co. (NT$1.36), First Financial Holding Co. (NT$1.23), Hua Nan Financial Holding Co. (NT$1.07), and Taiwan Cooperative Financial Holding Co. (NT$1.00).
The last five in order were Taishin Financial Holding Co. (NT$0.99), SinoPac Financial Holding Co. (NT$0.85), Waterland Financial Holding Co. (NT$0.75), China Development Financial Holding Co. (NT$0.73), and Jih Sun Financial Holding Co. (NT$0.53).
Source: Focus Taiwan News Channel
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