Sat, Dec 11, 2010 - Page 11 News List

Taiwan’s top financial holding firms post net profits

By Crystal Hsu  /  Staff Reporter

Taiwan’s three largest financial holding firms all posted net profits last month on improving business, although two reported slower earning ability from a month earlier, company data showed yesterday.

Cathay Financial Holding Co (國泰金控), the nation’s largest by assets, reported NT$1.41 billion (US$46.1 million) in net income last month, lifting accumulated net profits to NT$6.94 billion for the first 11 months, or NT$0.68 in earnings per share, the company said in a statement.

The figures marked 7.63 percent growth from a month earlier, because the banking arm, Cathay United Bank (國泰世華銀行), generated NT$800 million in net profit amid improving fee income and passbook deposits, the company said.

The insurance subsidiary Cathay Life Insurance Co (國泰人壽) contributed a net profit of NT$620 million after the firm focused more on traditional products, the company said.

Fubon Financial Holding Co (富邦金控), the nation’s second--largest and most profitable financial holding firm, reported NT$1.35 billion in net income last month, slowing from NT$1.83 billion a month earlier, because of higher reserve charges for its life insurance unit Fubon Life Insurance Co (富邦人壽), the company said on its Web site.

Cumulative net profits reached NT$23.28 billion as of last month, translating into 24.08 percent growth from a year earlier and NT$2.73 earnings per share, the company said.

The banking subsidiary Taipei Fubon Bank (台北富邦銀行) posted NT$610 million in net income last month and booked a NT$54 million provision cost, indicating sound asset quality, the company said.

Chinatrust Financial Holding Co (中信金控), the third-largest financial holding form, saw NT$1.28 billion in net income last month, down 23.37 percent from October, because of bad loan write-offs worth NT$285 million by its US banking subsidiary, the company said in a statement.

For the first 11 months, net profits totaled NT$13.49 billion, or NT$1.27 earnings per share, the company said.

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