Taiwan’s major financial holding companies saw further improvement in net income last month, driven by net interest, fee and dividend incomes amid reviving business activity, according to company data.
Fubon Financial Holding Co (富邦金控) posted net profits of NT$3.2 billion (US$100.69 million) last month, with dividend income from subsidiaries playing the key swing factor, contributing a total of NT$2.4 billion, the company’s statistics showed.
Cumulative earnings for the first eight months reached NT$18.42 billion, or NT$2.16 earnings per share, making Fubon Financial the most profitable among 14 domestic financial service providers.
Cathay Financial Holding Co (國泰金控), the nation’s largest by assets, reported NT$1.79 billion in net income last month, with Cathay United Bank (國泰世華銀行) garnering NT$970 million, or 54.19 percent, the company said in a recent statement
The company attributed the increasing net income in its banking arm to low credit costs, loan growth and increasing fee incomes.
Cathay Life Insurance (國泰人壽) reported NT$760 million net profits last month, as first-year premiums contributed NT$36.4 billion, thanks to increasing sales of high return policies and the retirement of interest-sensitive annuity products.
Aggregate net income for Cathay Financial stood at NT$2.25 billion for the first eight months, translating into NT$0.22 earnings per share, the company said.
Chinatrust Financial Holding Co (中信金控), the largest credit card issuer, filed NT$1.42 billion in net profits last month on rising net interest margins and wealth management fee incomes, the company said in a statement.
Chinatrust Financial accumulated a net profit of 12.63 billion as of Aug. 31, or NT$1.03 earnings per share, according to its statement.
Shin Kong Financial Holding Co (新光金控), which remained in the red for the first seven months, posted NT$198 million in net income last month on lower operating costs and increasing revenue, company senior vice president Hsu Shun-yun (徐順鋆) said yesterday.
Shin Kong Life Insurance Co (新光人壽), the company’s primary source of income, reported a net profit of NT$1.69 billion on improving sales of traditional insurance products and dividends, Hsu said.
Cumulative earnings for the first eight months reached NT$699 million, or NT$0.09 earnings per share, Hsu added.
Bank-centric Taishin Financial Holding Co (台新金控) and SinoPac Financial Holding Co (永豐金控) reported net incomes of NT$830 million and NT$463 million respectively last month, the companies’ data showed.
As of Aug. 31, Taishin Financial and SinoPac Financial accumulated net profits of NT$5.45 billion and NT$3.06 billion, or NT$0.76 and NT$0.44 earnings per share respectively.