Tue, Jul 10, 2012 - Page 14 News List

Fubon Financial remains No. 1 earner in first half

TOP MONEYMAKER:The company had the highest earnings per share of its peers, although Mega Financial, in the No. 2 spot, outperformed it in cumulative earnings

By Crystal Hsu  /  Staff reporter

Fubon Financial Holding Co (富邦金控) yesterday retained top position among its domestic peers in terms of earnings ability in the first half of this year, according to company statements.

The nation’s second-largest financial services provider by assets posted NT$660 million (US$22 million) in net profit last month, as earnings from its banking arm, Taipei Fubon Bank (台北富邦銀行), more than covered losses from foreign currency exchange and securities transactions, the group’s stock filing showed.

Fubon Securities Co (富邦證券) incurred a net loss of NT$10 million last month while Fubon Life Insurance Co (富邦人壽) reported a modest net income of NT$250 million, the filing said.

The insurer’s profit would weaken in the absence of a special reserve to buffer hedging costs, the group said.

For the first six months, cumulative earnings at Fubon Financial totaled NT$10.7 billion, or NT$1.19 earnings per share (EPS), the group said, adding the figure would drop to NT$1.13 without the special reserve.

State-run Mega Financial Holdings Co (兆豐金控) ranked second with EPS of NT$1.13 in the first half with cumulative earnings totaling NT$12.73 billion, the company said.

Mega Financial reported NT$1.63 billion in net income last month, the company’s statement said.

Chinatrust Financial Holding Co (中信金控), Taiwan’s largest credit card issuer, ranked third with EPS of NT$0.93 as of last month, or cumulative net income of NT$10.84 billion, the group said in a statement.

The bank-centric conglomerate posted NT$2.11 billion in revenue last month on the back of dividends income, the statement said.

Cathay Financial Holdings Co (國泰金控), the nation’s largest financial holding firm by assets, reported NT$1.08 billion in net profits last month, thanks to its banking unit Cathay United Bank (國泰世華銀行), the parent firm said in a statement.

For the first six months, net income amounted to NT$5.17 billion at Cathay Financial, translating into earnings of NT$0.53 per share, the statement said.

Taishin Financial Holding Co (台新金控) earned NT$1.05 billion in net income last month, lifting accumulated earnings to NT$5.62 billion in the first half, or EPS of NT$0.78.

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