Fubon Financial Holding Co (富邦金控) this week led its domestic peers in reporting record-high net income of NT$51.5 billion (US$1.6 billion), or NT$5.04 per share in the first seven months, after reporting a rise in earnings of 32.3 percent year-on-year to NT$9.5 billion last month.
The company attributed the strong results to contribution from Fubon Life Insurance Co (富邦人壽), which saw its net income during the first seven months surge 66.9 percent year-on-year to NT$35.8 billion, primarily driven by net interest income and cash dividends.
However, net income for its securities brokerage in the first seven months fell sharply by 40 percent to NT$776 million, due to a persisting slump in the local bourse’s trading volume and lagging trading performance by its dealers, Fubon said in a statement.
Cathay Financial Holding Co (國泰金控), the nation’s leading financial services provider by assets, reported net income of NT$50.42 billion, or NT$3.98 per share during the January-to-July period, gaining 32 percent year-on-year, although net income last month declined to NT$7.5 billion from NT$10.4 billion in June.
The company also attributed its gains in the January-to-July period to contribution from Cathay Life Insurance Co (國泰人壽), which saw profit of NT$36.2 billion in the period, up 41 percent from a year earlier.
However, like other securities brokerages, Cathay Securities Co (國泰綜合證券) incurred losses of NT$12.3 million last month amid heightened market volatility, but it still made a profit of NT$350 million during the first seven months.
Morgan Stanley said dividend income helped both Fubon Financial and Cathay Financial deliver strong profits last month.
“After recording strong dividend income in July, we expect good recurring profit from dividends in August too,” Morgan Stanley analyst Silvia Fun (范思為) said in a note.
CTBC Financial Holding Co (中信金控), the nation’s third-largest financial services company by market capitalization, reported net income of NT$19.9 billion, or NT$1.3 per share in the first seven months, the company said in a statement.
CTBC said that excluding last year’s NT$14.8 billion one-time booking from its acquisition of Tokyo Star Bank, it still produced a 26 percent year-on-year gain in recurring earnings during the first seven months, which it attributed to strong performance in fee and interest incomes by its banking arm, CTBC Bank Co (中國信託銀行).
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion