Sat, Mar 10, 2012 - Page 11 News List

Fubon leads financial holding firms in profitability

By Crystal Hsu  /  Staff Reporter

Fubon Financial Holding Co (富邦金控) outperformed its peers in profitability last month, as its life-insurance subsidiary regained its earnings momentum, the group’s stock exchange filings showed.

Fubon Financial, the nation’s second-largest financial services provider by assets, posted NT$2.6 billion (US$91.17 million) in net income last month, up 22.27 percent from a month earlier, as all its subsidiaries, except for its banking arm, saw earnings accelerate, the parent’s filing showed.

Taipei Fubon Bank (台北富邦銀行) posted NT$1.07 billion in net profit last month, falling 27.7 percent from NT$1.48 billion in January, company data showed.

Fubon Life Insurance Co (富邦人壽) reported NT$860 million in net profit last month, nearly 3.5 times its earnings one month earlier, its filing showed.

For the first two months of the year, Fubon Financial accumulated NT$5.65 billion in net income, or earnings per share (EPS) of NT$0.54.

Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider, remained the worst performer among the financial holding companies, due to weak earnings at all its subsidiaries, except for its banking arm, according to its filing.

Cathay United Bank (國泰世華銀行) generated NT$960 million in net profit last month, while Cathay Life Insurance Co (國泰人壽) contributed NT$110 million in net income, the filing showed. Stripping out tax benefits, the life insurer incurred a pre-tax loss of NT$190 million, it said.

Cathay Financial spokesman Alan Lee (李偉正) said the losses stemmed from provision and commission expenses linked to sales of traditional life insurance products.

For the first two months of the year, Cathay Financial reported a net income of NT$140 million, or EPS of NT$0.01.

Shin Kong Financial Holding Co (新光金控) also received a boost from its banking arm, which generated NT$439 million in net income last month, while its life-insurance unit contributed NT$368 million, its filing showed.

Group profit reached NT$2.2 billion in the first two months of the year, or EPS of NT$0.26.

State-run Hua Nan Financial Holdings Co (華南金控) reported a net profit of NT$806 million last month, raising its cumulative net income to NT$1.61 billion in the first two months of the year, or EPS of NT$0.34, company data showed.

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