Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial service provider by assets, yesterday reported NT$2.2 billion (US$74.19 million) in net income for last month, down 29.66 percent month-on-month, as earning abilities slowed across all subsidiaries.
Taipei Fubon Commercial Bank (台北富邦銀行) generated NT$949 million in net profit last month, while Fubon Life Insurance Co (富邦人壽) contributed another NT$842 million, according to a statement.
The figures lagged significantly behind the NT$1.09 billion and NT$1.57 billion posted by the two subsidiaries in October amid volatile market conditions, the statement said.
The impact was more evident at the securities arm, Fubon Securities Co (富邦證券), which posted a modest NT$67 million in net income, shrinking 58.38 percent from NT$161 million recorded one month earlier, company data showed.
On an annual basis, Fubon Financial’s net profit rose 22.27 percent, helping the company to accumulate a record NT$32.21 billion in net profit in the first 11 months, or NT$3.27 in earnings per share, topping all other listed peers.
Cathay Financial Holding Co (國泰金控), the largest financial firm in terms of assets, reported a steeper monthly decline in earnings with net income dropping 54.12 percent to NT$780 million from NT$1.7 billion in October, the company said in a statement.
Cathay United Bank (國泰世華銀行), the main source of income, generated NT$940 million in net profit, but the life insurance arm, Cathay Life Insurance Co (國泰人壽), earned just NT$16 million, the statement said without elaboration.
Cathay Century Insurance Co (國泰產險) incurred a net loss of NT$4 million, while securities and fund houses earned thin profits of NT$2 million and NT$1 million respectively, the statement said.
In the first 11 months of the year, Cathay Financial earned NT$29.25 billion in net income, with earnings per share standing at NT$2.52, the statement said.
State-run Mega Financial Holding Co (兆豐金控) posted NT$1.45 billion in profit, falling 11.82 percent from NT$1.64 billion in October due to softening banking and securities businesses, a stock exchange filing showed.
The bank-oriented conglomerate is to draw up a report by the end of this month detailing how it may quickly expand its economies of scale and develop into a regional financial service provider like Singaporean DBS Bank.
The Ministry of Finance and Financial Supervisory Commission have both said that Mega Financial stands a better chance of success than other state-run peers, given its deeper presence abroad.
During the first 11 months, Mega Financial gained NT$21.28 billion in net profit, or earnings of NT$1.86 per share, a filing showed.
Meanwhile, CTBC Financial Holding Co (中信金控), the nation’s third-largest financial firm by assets, also reported an earning slowdown, with net income falling to NT$1.87 billion from NT$1.9 billion in October, the company said in a statement.
The bank-focused group attributed the mild retreat to a shorter month that dented overall interest income a bit.
CTBC Financial recorded NT$22.05 billion in net profit between January and last month with an earning of NT$1.54 per share, the statement said.