Fubon Financial Holding Co (富邦金控), the nation’s second-largest listed financial group by assets, posted record net profits for the first quarter, with roughly equal contributions from its life-insurance and banking units.
Net income totaled NT$10.23 billion (US$353.54 million) during the January-to-March period, jumping 71 percent from the same period last year as Fubon Life Insurance Co (富邦人壽) and Taipei Fubon Commercial Bank Co (台北富邦銀行) both saw sharp improvements in their core business, the group said in a statement yesterday.
The quarterly results translated into earnings of NT$1.20 per share, making Fubon Financial the most profitable among all 14 listed peers.
Fubon Life posted net profits of NT$5.41 billion in the first quarter, accounting for 54 percent of the group’s earnings, because of a pickup in sales of protective policies and successful foreign exchange hedging.
Citigroup Taiwan yesterday raised its 12-month target price for Fubon Financial to NT$36 from NT$34, with analyst Bradford Ti (鄭溫煌) forecasting better net interest income and credit costs.