Several financial conglomerates saw their consolidated earnings fall last month from a year earlier, as volatility in global stock markets dented profit momentum.
Fubon Financial Holding Co (富邦金控) reported NT$2.16 billion (US$70.1 million) in net profit last month, only 60.61 percent of the NT$3.56 billion it recorded in October last year, mainly due to losses of NT$138 million at Fubon Securities Co (富邦證券) due to the volatility in the financial market.
Fubon Life Insurance Co (富邦人壽) reported profit of NT$587 million, a decrease of 58 percent from the same period last year, Fubon Financial said.
Fubon Financial’s cumulative profit for the first 10 months of this year totaled NT$52.47 billion, or earnings per share (EPS) of NT$4.98, both the highest recorded since 2016, it said.
Cathay Financial Holding Co (國泰金控) reported NT$590 million in net profit last month, considerably less than the NT$3.38 billion recorded a year earlier, company data showed.
Global market volatility increased the firm’s hedge costs and decreased its profits, Cathay Financial said, adding that it has set aside an additional NT$1.6 billion as special reserves amid increasing foreign exchange risks.
Cathay Life Insurance Co (國泰人壽) reported NT$650 million in net losses last month, while Cathay United Bank (國泰世華銀) remained the firm’s most profitable subsidiary, with NT$1.08 billion in net income.
From January to last month, Cathay Financial accumulated NT$55.19 billion in net income, up 35.5 percent year-on-year, or EPS of NT$4.22.
China Development Financial Holding Corp (中華開發金控) reported NT$1.39 billion in net losses last month, with its KGI Bank (凱基銀行) moving into the red by NT$25 million, due to the volatility in Taiwan’s stock market, the company said.
E.Sun Financial Holding Co (玉山金控) was relatively resilient with net profit of NT$1.25 billion last month, a growth of 8 percent compared with a year earlier, it said.
The company’s cumulative income in the first 10 months rose 14.6 percent year-on-year to a record NT$14.6 billion, or EPS of NT$1.35.
E.Sun Financial said its profit expanded as a result of international payment fees and interest income.
Meanwhile, CTBC Financial Holding Co (中信金控) reported that it earned NT$2.29 billion last month, a year-on-year decrease of NT$595 million, with total net income of NT$33.54 billion in the first 10 months, or EPS of NT$1.72, the company said in a statement.
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