Cathay Financial Holding Co (國泰金控), the nation’s largest listed financial group by assets, yesterday posted NT$620 million (US$21.5 million) in net income for last month, declining 42.06 percent from one month earlier as the life insurance arm continued to weigh down profits, the company said in a statement.
Flagship unit Cathay Life Insurance Co (國泰人壽), the largest financial service provider by market share, remained in the red, reporting a net loss of NT$410 million, attributable to weakening first year premiums, the group said.
Cumulative net profits reached NT$3.59 billion as of last month, translating into earnings of NT$0.35 per share, Cathay Financial said.
The banking subsidiary, Cathay United Bank (國泰世華銀行), made the biggest contribution, supplying NT$1.01 billion in net profit last month on growing fee and interest incomes, the parent company said.
Fubon Financial Holding Co (富邦金控), the second-largest financial service provider by market share, fared better, posting NT$1.91 billion in net income last month, accelerating nearly 30 percent from April, the group said in statement on Thursday.
Cumulative earnings for the first five months equaled NT$13.62 billion, or earnings of NT$1.59 per share, the group said.
Taipei Fubon Commercial Bank Co (台北富邦銀行) posted NT$935 million in net profit last month on the back of continued improvement in net interest and fee incomes, the parent said.
Fubon Life Insurance Co (富邦人壽) reported NT$454 million in net income driven chiefly by sales of traditional life insurance policies, Fubon Financial said.
The improving macroeconomic environment also bode well for bank-centric Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial group.
Chinatrust Financial posted NT$1.82 billion net profits last month, rising 8.8 percent from April, the company said in a statement on Wednesday.
The group, which owns the nation’s largest credit card issuer, Chinatrust Commercial Bank (中國信託商銀), accumulated a net profit of NT$8.37 billion as of May, translating into earnings of NT$0.8 per share, the parent said.
The improvement in net interest and fee incomes as well as recoveries of bad loans last month more than offset the group’s losses in the capital market, Chinatrust Financial said.
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