The nation’s 15 financial holdings companies saw their combined earnings last month tumble 40.41 percent year-on-year to NT$18.87 billion (US$564.1 million) amid global economic volatility.
Seven of the companies reported modest year-on-year gains in last month’s earnings.
The results were tallied after CTBC Financial Holding Co (中信金控) on Monday said that its net income dropped 36.6 percent annually to NT$2.26 billion or earnings per share (EPS) of NT$0.13, placing it eighth among its peers.
Cathay Financial Holding Co (國泰金控) had the best performance, reporting a net income of NT$4.09 billion, or EPS of NT$0.32, but the results were 37.36 percent lower than in January last year.
Fubon Financial Holding Co (富邦金控) came in second, with its net income dropping sharply to NT$3.29 billion, or EPS of NT$0.32, compared with NT$9.13 billion and EPS of NT$0.51 a year ago.
The immense positions held by life insurance-focused companies such as Cathay Financial and Fubon Financial were hard hit by the downturn in the Taiwan Stock Exchange throughout last year.
In contrast, top domestic insurers took advantage of the TAIEX’s rally in January last year to book realized equities investment gains.
Cathay Financial saw earnings by its life insurance arm plunge to NT$1.56 billion last month from NT$4.34 billion a year ago.
Earnings by Fubon Financial’s life insurance unit plummeted from NT$6.48 billion in January last year to NT$648 million last month.
Stock exchange data showed that the TAIEX last year fell by 1,466 points, down by 15 percent from its 2014 results.
Meanwhile, the financial sub-index yesterday rebounded 3.21 percent to 909.22, led by Fubon Financial’s 5.36 percent jump to NT$38.35. Taishin Financial Holding Co (台新金控) rose 4.81 percent to NT$10.9, while Cathay Financial shares soared 4.71 percent to NT$36.65.
The TAIEX yesterday closed 1.8 percent higher at 8,212.07 points.
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