Fubon Financial results elevate it to best performer

By Crystal Hsu  /  Staff reporter

Wed, Apr 10, 2013 - Page 14

Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial services provider by assets, posted NT$2.84 billion (US$94.48 million) in net income for last month, down 9.93 percent from the previous month, but up 74.13 percent from a year earlier, as the global slowdown faded away, the company said in a stock exchange filing yesterday.

Fubon Life Insurance Co (富邦人壽) generated a NT$2.15 billion profit last month, accounting for 75.7 percent of the total, while Taipei Fubon Commercial Bank Co (台北富邦銀行) contributed NT$860 million, the filing showed.

Cumulative earnings totaled NT$10.03 billion in the first three months of the year, translating into earnings per share (EPS) of NT$1.05, the filing said, making Fubon Financial the best performer among its 15 listed peers.

Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial services provider by assets, posted NT$1.78 billion in net profit for last month, up 10.37 percent from the previous month, thanks to better interest and fee income with holiday disruptions out of way, the company said in a statement yesterday.

The bank-focused group also attributed improved earnings last month to a stronger corporate banking business, which in turn boosted fee income, the statement said. For the first quarter, cumulative profits totaled NT$6.44 billion, or EPS of NT$0.52, the statement said.

Chinatrust Commercial Bank (中國信託商業銀行), the main source of the holding company’s income, had a bad loan ratio of 0.43 as of the end of last month and a coverage ratio of 235.74 percent, the statement said.

Shin Kong Financial Holding Co (新光金控) posted NT$6.02 billion in net income last month, with its life insurance arm, Shin Kong Life Insurance Co (新光人壽), contributing NT$5.59 billion, or 92.87 percent, the group said in a stock exchange filing yesterday.

For the first three months, Shin Kong Financial posted NT$7.65 billion in net income, equivalent to EPS of NT$0.88, the filing said.