Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider, yesterday reported NT$11.05 billion (US$346.6 million) in net income for last year, or NT$1.14 per share, a press statement said.
Its banking subsidiary, Cathay United Bank (國泰世華銀行), posted a five-year high of NT$11.12 billion in pre-tax profit for last year as a result of its rising absorption of deposits in current accounts, which curtailed capital cost for loans, the statement said.
Life insurance arm Cathay Life Insurance (國泰人壽), the nation’s largest, also registered a record NT$261.6 billion in first-year premium incomes for last year, the statement said.
As of the fourth quarter of last year, Cathay Life grabbed a 30 percent market share, it added.
The life insurer’s net worth rebounded to NT$112.9 billion last month, up 109 percent from NT$53.9 billion a year earlier.
The financial service provider’s non-life insurance arm also remained the nation’s second-largest, with a return on equity of 21 percent last year, the statement said.
The company’s securities brokerage arm, moreover, posted NT$250 million in before-tax earnings.
On Friday, Taishin Financial Holding Co (台新金控) reported NT$8.7 billion in net profit for last year, or NT$1.36 per share, a company statement said.
This, however, did not include the NT$310 million losses the company booked last year from its issuance of NT$7 billion in convertible bonds sold to the Newbridge Capital LLC fund in 2006. The loss can be recovered when the bonds mature next year, it said.
If the losses were included, the company would have posted NT$8.4 billion in net profit for last year, or NT$1.3 per share.
Its banking unit posted NT$800 million in net income last year after setting aside more bad-loan provision to herald a coverage ratio of 220 percent last month, it said in a statement.
Also on Friday, SinoPac Financial Holding Co (永豐金控) reported NT$911 million in net profit for last year, or NT$0.13 per share, compared with a net loss of NT$3.6 billion in 2008.
Its banking unit, Bank SinoPac (永豐銀行), posted NT$2.08 billion in after-tax profit, or NT$0.46 per share, the company said in a statement.
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