Thirteen of Taiwan’s 14 listed financial holding firms posted declining profits from a month earlier last month as the recent falls in the stock market dragged down the performance of their securities units, according to separate stock exchange filings.
However, profitability at Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial service provider, remained the highest in the industry last month and for the first eight months of the year.
Fubon’s net income stood at NT$1.82 billion (US$62.28 million) last month, down 85.85 percent from a month ago, while its securities unit — Fubon Securities Co (富邦證券) — reported a loss of NT$10 million last month, the company’s data showed.
In the first eight months, its net profit totaled NT$29.83 billion, or earnings per share (EPS) of NT$3.32, the company said in its filing on Friday.
Yuanta Financial Holding Co (元大金控) was the second most profitable. The company posted NT$12.64 billion in net profit in the first eight months, translating into earnings of NT$1.43 per share, although the company’s net income declined 37.34 percent last month from the previous month to NT$443 million as profits at its brokerage unit Yuanta Securities Co (元大證券) fell to NT$174 million from NT$528 million a month earlier, company financial data showed.
The recent market tumble hit profitability at Jih Sun Financial Holding Co (日盛金控) and China Development Financial Holding Corp (中華開發金控) the hardest, with both companies sliding from profit to loss.
Net loss of China Development totaled NT$950 million last month, the worst in the industry, with its securities unit — Grand Cathay Securities (大華證券) — losing NT$938 million, company data showed.
Cumulative net income totaled NT$2.6 billion in the first eight months, or NT$0.24 EPS, the lowest among all the financial holding firms, China Development’s data showed.
Jih Sun posted NT$112 million in net loss last month as its banking unit earned NT$104 million, while the securities unit lost NT$194 million. In the first eight months, cumulative net income totaled NT$953 million, or NT$0.38 EPS, the second-lowest figure ever, Jih Sun’s data showed.
Compared with other financial holding companies, Waterland -Financial Holdings Co (國票金控), the smallest financial holding firm in the nation, was the only one to report growing profit from a month ago last month amid strong bad debt recovery.
Net profit amounted to NT$268.64 million last month, up 118.89 percent from a month ago, driving up earnings in the first eight months to NT$2.13 billion, or NT$0.92 EPS, according to company financial data.
Other financial holding firms’ results in the first eight months were: Chinatrust Financial Holding Co (中信金控), which posted a net income of NT$13.94 billion, or NT$1.33 EPS; Mega Financial Holding Co (兆豐金控), with net profit of NT$12.92 billion, or NT$1.15 EPS; Cathay Financial Holding Co (國泰金控), with net income of NT$11.4 billion, or NT$1.1 EPS; E. Sun Financial Holding Co (玉山金控), with net profit of NT$3.92 billion, or NT$1.03 EPS; Taishin Financial Holding Co (台新金控), with net profit of NT$7.06 billion, or NT$0.96 EPS; Financial Holding Co (第一金控), with net profit of NT$6.16 billion, or NT$0.9 EPS; Hua Nan Financial Holdings Co (華南金控), with net profit of NT$5.73 billion, or NT$0.82 EPS; Shin Kong Financial Holding Co (新光金控), with net profit of NT$5.5 billion, or NT$0.65 EPS; and SinoPac Financial Holdings Co (永豐金控), with net profit of NT$4.08 billion, or NT$0.56 EPS.
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