The nation’s financial holding companies reported a pickup in earnings last month as a TAIEX rally and higher turnover boosted sales of wealth management products.
Fubon Financial Holding Co (富邦金控) yesterday posted NT$3.66 billion (US$121.76 million) in net income for last month, an increase of 61.23 percent from the previous month, the company said in a filing, as the main stock index advanced 2 percent and overall market value gained NT$461.2 billion.
The increase in market capitalization translated into an average gain of NT$50,000 for each of the nation’s 9.05 million investors, stock exchange data showed.
Taipei Fubon Commercial Bank (臺北富邦銀行) generated NT$2.35 billion in net profit, while Fubon Life Insurance Co (富邦人壽) contributed another NT$910 million, the filing indicated.
Cumulative earnings at Fubon Financial stood at NT$16.07 billion last month, equivalent to earnings per share (EPS) of NT$1.60 and the best among 15 listed peers, according to data from the companies.
Cathay Financial Holding Co (國泰金控), the largest financial services provider by assets, said in a statement yesterday it earned NT$2.74 billion in net income last month, up 9.6 percent from the previous month.
Flagship subsidiaries Cathay Life Insurance Co (國泰人壽) and Cathay United Bank (國泰世華銀行) recorded net profits of NT$1.46 billion and NT$1.38 billion respectively on stable growth in core businesses and investment gains, the statement said.
The conglomerate accumulated NT$12.31 billion in net income in the first five months, translating into EPS of NT$1.14, second only to Fubon Financial, the company’s figures showed.
Chinatrust Financial Holding Co (中信金控), which ranks third in terms of assets, reported NT$2.55 billion in net profit last month, up 35.46 percent from a month earlier.
The increase was attributed mainly to robust sales of wealth management products, the conglomerate said in a statement last week.
The recovery in capital markets helped boost confidence, the statement said, as foreign institutional investors increased their holdings of local shares during the 20 trading sessions last month.
As of last month, Chinatrust Financial had posted NT$10.87 billion in net profit this year, raising its EPS to NT$0.85, the statement said.
Shin Kong Financial Holding Co (新光金控) and Taishin Financial Holding Co (台新金控) also reported improvements in earnings last month at NT$1.03 billion and NT$1.65 billion respectively, the companies said in separate stock exchange filings last week.
The results represented an increase of 24.9 percent for Shin Kong Financial and 0.3 percent for Taishin Financial, according to the filings.
Cumulative earnings this year totaled NT$9.31 billion at Shin Kong Financial and NT$7.43 billion at Taishin Financial, with EPS of NT$1.06 and NT$1.02 respectively, the filings showed.