Wed, Mar 11, 2015 - Page 13 News List

Year starts strong for top financial holding groups

Staff writer, with CNA

Fubon Financial Holding Co (富邦金控) and Cathay Financial Holding Co (國泰金控) posted net profits of more than NT$10 billion (US$315.7 million) for the first two months of the year, likely confirming their status as the most profitable of the nation’s 15 listed financial holding firms.

A total of 13 listed financial holding companies have released their earnings for the two-month period, and First Financial Holding Co (第一金控) and China Development Financial Holding Co (中華開發金控) were set to announce their results later yesterday.

Mega Financial Holding Co (兆豐金控), which reported a net profit of NT$5.33 billion for the two-month period, ranked No. 3.

In the time period, Fubon Financial posted a net profit of NT$15.45 billion, up 48 percent from the prior year. Earnings per share were NT$1.51, compared with NT$1.02 during the same period last year.

Fubon Financial’s bottom line benefited from profit growth at flagship insurance arm, Fubon Life Insurance (富邦人壽), which saw its net profit for the two months rise 132 percent from a year earlier to NT$11.29 billion on solid returns from equity investments.

Cathay Financial’s net profit during the time period rose 43 percent year-on-year to NT$11.45 billion, reflecting the improved bottom line of flagship insurance unit Cathay Life Insurance (國泰人壽).

Cathay Life posted a net profit of NT$8.12 billion in the first two months, up 78 percent from a year earlier, because of higher investment returns, according to Cathay Financial.

Fubon Financial shares climbed 2.91 percent to NT$56.6 yesterday in Taipei trading, while Cathay Financial shares edged up 0.63 percent to NT$47.8.

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