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Fubon reports NT$14 billion annual profits

Fubon Financial Holding Co (富邦金控), the nation's second-largest financial services company by market value, reported on Saturday NT$14 billion (US$436 million) in net profits last year, compared with NT$8.4 billion the previous year, with the group chairman vowing to become the largest financial service provider in the country.

"After securing NT$14 billion in profits last year, Fubon will also see a boost from sales of sports lotteries, which will be launched in May," Fubon Group chairman Tsai Wan-tsai (蔡萬才) told a year-end party on Saturday.

He said he hoped to see Fubon Financial grow to become the nation's biggest financial service provider.

Fubon Financial is also expected to become the first domestic bank to be allowed to buy shares of a Chinese bank after the Democratic Progressive Party administration relaxes restrictions on domestic banks' China investments after the Lunar Chinese New Year holiday.

But Fubon Financial chairman Daniel Tsai (蔡明忠) remained silent on the matter, only saying that his company would abide by whatever decisions are made by the financial regulator.

Instead, he lauded the bank's success in weathering the unsecured loans to credit and cash card crises and announced that more than 100 outperforming salespersons could be rewarded with a year-end bonus equivalent to 20 months' salary.

Some high-performing employees would receive bonuses equivalent to eight months' salary while most of the remainder would receive minimum bonuses equivalent to two to three months' salary, he said.

Some 13,000 employees attended the year-end party on Saturday, where NT$7 million in prizes was given.

Fubon Financial president Victor Kung (龔天行), however, said that the US subprime mortgage crisis had had a negative impact on company earnings last month. But he said the damage to Asian markets would be limited.
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