Mon, Oct 14, 2019 - Page 16 News List

Fubon ranks No. 1 so far this year

Staff writer, with CNA

Fubon Financial Holding Co (富邦金控) ranked first among Taiwan’s 15 listed financial holding companies for net profit and earnings per share (EPS) in the first nine months of this year, the companies’ financial statements showed.

Fubon Financial posted net profit of NT$53.59 billion (US$1.74 billion) for the period, up 7 percent from a year earlier, with EPS of NT$4.98, making it the first financial holding company to post EPS above NT$4 so far this year.

Fubon Financial’s earnings were given a boost last month when it reported net profit of NT$4.14 billion, an increase of 43 percent year-on-year, the figures showed.

The company’s two main profit engines, Fubon Life Insurance Co (富邦人壽) and Taipei Fubon Commercial Bank (台北富邦銀行), generated NT$27.40 billion and NT$16.92 billion in net profit respectively during the nine-month period.

Fubon Life benefited from a 21 percent increase in first-year and total premiums, while Taipei Fubon Bank was helped by growing interest and fee incomes.

Cathay Financial Holding Co (國泰金控) was second with a net profit of NT$52.13 billion, or EPS of NT$3.86, in the nine-month period, topping the NT$51.47 billion it recorded for the whole of last year.

Cathay Life Insurance Co (國泰人壽), the flagship insurance entity of Cathay Financial, was the main profit driver for the group, posting a net profit of NT$30.56 billion in the first three quarters, while Cathay United Bank (國泰世華銀行) reported a profit of NT$19.12 billion.

CTBC Financial Holding Co (中信金控) ranked third after posting a net profit of NT$38.17 billion for the period, up 22.2 percent from a year earlier, with EPS of NT$1.92.

CTBC’s insurance subsidiary, Taiwan Life Insurance Co (台灣人壽), saw net profit rise 39 percent due to an improved product portfolio.

Mega Financial Holding Co (兆豐金控) was fourth with a net profit of NT$22.75 billion, down about 1 percent from a year earlier, with EPS of NT$1.67, followed by Shin Kong Financial Holding Co (新光金控) with a net profit of NT$18.998 billion and EPS of NT$1.55.

The 15 financial holding companies reported a combined net profit of NT$296.42 billion in the first nine months of the year, up 6.56 percent from a year earlier.

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