Fubon Financial Holding Co (富邦金控), Taiwan’s second-largest financial service provider by assets, earned NT$2.84 billion (US$96.59 million) in net income last month, a significant rise from the NT$2.25 billion it earned in August, as financial markets stabilized somewhat, the company said in a stock filing yesterday.
The improvement came even though the conglomerate had to set aside NT$650 million in provision to compensate for a possible earnings shortfall at affiliated Taiwan Sports Lottery Corp (運彩科技), the filing said.
Fubon Life Insurance Co (富邦人壽) generated the bulk of earnings, NT$2.27 billion, last month, compared with a meager NT$700 million in August, as foreign currency exchange losses eased, company data showed.
Taipei Fubon Commercial Bank Co (台北富邦銀行) reported NT$790 million in net income last month, weakening from NT$1.07 billion one month earlier, the filing said.
Net profits at Fubon Financial totaled NT$12.12 billion in the third quarter, almost tripling earnings in the second quarter, thanks to cash dividends sized at NT$8.46 billion this year, company data showed.
Cumulative net income amounted to NT$23.08 billion for the first nine months, or NT$2.43 earnings per share (EPS), according to the filing.
Fubon Financial has been mum on reported plans to acquire a majority share in First Sino Bank (華一銀行) to accelerate its expansion in China after its chairman Daniel Tsai (蔡明忠) was seen paying a visit to the Financial Supervisory Commission last week.
Local media said Tsai sought to clarify whether the company’s share acquisition bid falls in line with cross-strait investment rules since China caps foreign stakes in Chinese lenders at 20 percent.
Many suspect that the lender is not subject to the restriction because foreign investors own a majority stake in First Sino. Fubon Financial reportedly plans to make the acquisition via its Hong Kong subsidiary
Separately, state-run Mega Financial Holding Co (兆豐金控) posted NT$1.59 billion in net income last month, raising cumulative profits to NT$17.78 billion, or EPS of NT$1.55, the company said in a stock filing.
Chinatrust Financial Holding Co (中信金控), owner of the nation’s largest credit card issuer — Chinatrust Commercial Bank (中信銀行) — reported NT$1.37 billion in net income last month.
Total earnings equaled NT$15.52 billion as of last month, translating into EPS of NT$1.22, the company said in a statement last week.
Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Monday introduced the company’s latest supercomputer platform, featuring six new chips made by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), saying that it is now “in full production.” “If Vera Rubin is going to be in time for this year, it must be in production by now, and so, today I can tell you that Vera Rubin is in full production,” Huang said during his keynote speech at CES in Las Vegas. The rollout of six concurrent chips for Vera Rubin — the company’s next-generation artificial intelligence (AI) computing platform — marks a strategic
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Garment maker Makalot Industrial Co (聚陽) yesterday reported lower-than-expected fourth-quarter revenue of NT$7.93 billion (US$251.44 million), down 9.48 percent from NT$8.76 billion a year earlier. On a quarterly basis, revenue fell 10.83 percent from NT$8.89 billion, company data showed. The figure was also lower than market expectations of NT$8.05 billion, according to data compiled by Yuanta Securities Investment and Consulting Co (元大投顧), which had projected NT$8.22 billion. Makalot’s revenue this quarter would likely increase by a mid-teens percentage as the industry is entering its high season, Yuanta said. Overall, Makalot’s revenue last year totaled NT$34.43 billion, down 3.08 percent from its record NT$35.52
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