Cathay Financial Holding Co (
Profit at the Taipei-based company, which owns Taiwan's largest life insurer, fell to NT$5.84 billion (US$182 million) from NT$5.93 billion a year ago. The figures were derived by subtracting first-quarter from first-half earnings provided.
For the first half, profit was NT$10.64 billion, based on unaudited figures. That compares with NT$18 billion posted in the same period a year earlier.
The result beat an average NT$5.25 billion forecast from five analysts, who said a weak stock market and low interest rates probably hurt Cathay Life Insurance Co (國泰人壽), though the group would likely remain the nation's most profitable financial firm this year. Earnings growth at Cathay Financial may slow this year as the pace of the nation's economic expansion eases. The government forecasts 2005 economic growth of 3.63 percent, compared with 5.71 percent last year. But profit for the second half of the year is expected to turn better due to new products and improving equity markets, analysts said.
Fubon Financial Holding Co (富邦金控), the second-largest financial services company by market value, yesterday also reported a 14.5 percent decline in second-quarter profit. Profit fell to NT$3.06 billion from NT$3.58 billion a year earlier. The figures were derived by subtracting first-quarter from first-half figures provided.
For the first half, Fubon Financial reported a profit of NT$7.32 billion, based on unaudited figures. That compares with NT$8.42 billion posted for the first half of 2004.
The fall in profits in the second quarter may also have been exacerbated by a Fubon trader who mistakenly bought NT$7.9 billion in stocks in June, resulting in a NT$400 million paper loss, but it was unclear when Fubon Financial would book those losses.
The company on Feb. 22 said it expects profit this year to rise 15 percent to 20 percent from 2004 due to lower expenses associated with the purchase of two lenders.
Mega Financial Holding Co (兆豐金控), the third-largest financial company by assets, meanwhile reported a 25 percent increase in second-quarter profit to NT$5.09 billion from NT$4.07 billion a year earlier.
For the first half, profit was NT$9.84 billion, based on unaudited figures. That compares with NT$9.48 billion posted in the same period a year earlier.
The China Development Financial Holding Corp (中華開發金控), Taiwan's fifth-biggest financial services company by market value, also turned to a profit of NT$2.89 billion in the second-quarter from a year-earlier loss of NT$10.4 billion.
For the first half, profit was NT$4.64 billion, based on unaudited figures, the company said in a statement today. That compares with a loss of NT$6.33 billion posted a year earlier when the company set aside NT$10.9 billion to cover possible losses on investments.
Two state-run financial service providers reported declines in first-half profit. First Financial Holding Co (第一金控), said its first-half profit dropped to NT$4.82 billion from NT$6.09 billion posted a year earlier, while Hua Nan Financial Holdings Co (華南金控) had its first half profit at NT$4.32 billion, compares with NT$5.31 billion posted in the same period a year earlier, according to statistics from the Taiwan Stock Exchange.
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