Ten of Taiwan’s 15 financial holding firms have released their net profits for the first 11 months, with Fubon Financial Holding Co (富邦金控) leading the group with a net income of NT$26.53 billion (US$910.9 million), or earnings per share (EPS) of NT$2.79.
However, on a monthly basis, Fubon Financial’s net income last month slowed to NT$1.8 billion from NT$1.92 billion a month earlier, mainly due to the lower profitability of its banking unit, Taipei Fubon Commercial Bank (台北富邦銀行).
“The year-end period is usually a weak season for the financial sector,” Fubon Financial, the nation’s second-largest financial services provider, said in a statement.
The company expects the industry’s profitability next year to grow from this year, with net fee income set to be a major driver.
Mega Financial Holding Co (兆豐金控) and E.Sun Financial Holding Co (玉山金控) saw their EPS in the first 11 months of the year mark the second-highest and third-highest level respectively among all listed financial holding firms that have released their results, both on the back of strong profitability of their respective banking arms.
Mega Financial’s net profit totaled NT$20.65 billion, or NT$1.8 per share, in the first 11 months, to lead state-owned financial holding firms in profitability, the company’s statistics showed.
During the same period, its banking unit, Mega International Commercial Bank (兆豐國際商銀), generated NT$18.56 billion net income, data showed.
E.Sun Financial posted a net profit of NT$6.75 billion, or NT$1.4 per share, in the first 11 months, with its banking arm, E.Sun Commercial Bank (玉山銀行), reporting NT$6.95 billion net income, the firm said in its stock exchange filing.
Other financial holding firms that reported their results for the first 11 months included: Taishin Financial Holding Co (台新金控), net income of NT$9.91 billion, or EPS of NT$1.26; First Financial Holdings Co (第一金控), with a net profit of NT$10.03 billion, or EPS of NT$1.23; SinoPac Financial Holdings Co (永豐金控), with a net income of NT$8.86 billion, or EPS of NT$1.17; Taiwan Cooperative Financial Holding Co (合庫金控), net profit of NT$7.45 billion, or EPS of NT$1.07; Jih Sun Financial Holding Co (日盛金控), with a net income of NT$1.91 billion, or EPS of NT$0.68; Yuanta Financial Holding Co (元大金控), with a net profit of NT$6.1 billion, or EPS of NT$0.61; and Waterland Financial Holdings Co (國票金控), with a net income of NT$1.47 billion, or EPS of NT$0.55.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, is expected to announce its results today, along with Chinatrust Financial Holding Co (中信金控), Shin Kong Financial Holding Co (新光金控), Hua Nan Financial Holdings Co (華南金控) and China Development Financial Holding Corp (中華開發金控).