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Fubon Financial's 2004 profit rises 8 percent

Fubon Financial Holding Co (富邦金控), Taiwan's second-largest financial services provider by market value, said its profit last year rose 8 percent from a year earlier, citing unaudited figures.

Net income rose to NT$15.1 billion (US$475 million) or NT$2.04 a share, from NT$14 billion or NT$1.91 a share in 2003, it said in a statement to the Taiwan Stock Exchange. The unaudited profit fell short of the company's forecast of NT$16 billion profit for the year.

Taiwan's financial institutions have benefited from last year's expected 5.93 percent expansion for the economy, which grew 3.3 percent in 2003. Total lending by the nation's financial institutions gained 10.7 percent to NT$15.9 trillion in December from a year earlier, the central bank said.

Also yesterday, Hua Nan Financial Co (華南金控), Taiwan's fourth-biggest financial services group, forecast profit of NT$10.7 billion (US$336.8 million) for this year, unchanged from its unaudited profit last year.

Hua Nan expects earnings per share of NT$1.93 this year, with unaudited profit of NT$10.7 billion, or NT$1.92 a share last year.

Chinatrust Financial Holding Co (中信金控), the nation's sixth-biggest financial services company posted profit of NT$15.4 billion (US$484 million) for last year, citing unaudited figures.

Net income fell short of the company's forecast of NT$17.2 billion, Chinatrust said in a statement to the stock exchange, without giving any reasons. Chinatrust posted earnings per share of NT$2.60 for last year, it said.
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