Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, yesterday reported NT$1.38 billion (US$47.34 million) in net income for last month, down 18.34 percent from one month earlier. The downturn came as core businesses weakened amid market volatility, the company said in a statement.
Flagship subsidiary Cathay Life Insurance Co (國泰人壽) posted NT$120 million in net profits last month, down from NT$650 million in September, while profits at Cathay United Bank (國泰世華銀行) dropped to NT$870 million, from NT$1.16 billion, the statement said.
Lin Chao-ting (林昭廷), an executive vice president at Cathay Life, attributed the slowdown to a lack of tax and dividend benefits.
“The insurer recognized NT$500 million cash dividends and another NT$450 million in tax credits,” Lin said by telephone.
Cumulative profits were NT$14.19 billion for the first 10 months, or earnings per share (EPS) of NT$1.32, the statement said.
Fubon Financial Holding Co (富邦金控) also reported an earnings slowdown with net income of NT$1.92 billion last month, compared with NT$2.84 billion in September.
Fubon Life Insurance Co (富邦人壽) saw NT$780 million in net income last month, down from NT$2.27 billion in September, while profits at Taipei Fubon Commercial Bank (台北富邦銀行) rose from NT$790 million to NT$1 billion, the company said on Thursday.
Brokerage unit Fubon Securities Co (富邦證券) incurred NT$80 million in net losses, the filing said, after the TAIEX shed 500 points last month amid sluggish trading.
The unit had NT$24.7 billion in net income for the first 10 months with EPS of NT$2.6, making it the most profitable among its peers.
Chinatrust Financial Holding Co (中信金控), the nation’s third-largest holding company, bucked the trend, reporting NT$2.06 billion in net profits last month, a 50 percent increase from NT$1.37 billion in September, the company said in a statement on Thursday.
The group attributed the upturn to successful portfolio adjustments at its subsidiary, Chinatrust Life Insurance Co (中信人壽).
On Thursday the firm acquired a site on the intersection of Baoqing Road (寶慶路) and Zhonghua Road (中華路) in Taipei for NT$3.68 billion. The plot measures 344.55 ping (1,137m2) and will be used for its company headquarters to meet demand for office space as the insurer expands, Chinatrust Life spokesman Vanney Cho (卓長興) said.
Meanwhile, Taishin Financial Holding Co (台新金控) yesterday posted NT$850 million in net income for last month, down 7.6 percent from a month earlier as its securities arm lost NT$10 million.
The group’s cumulative profits were NT$9.51 billion as of late last month, or EPS of NT$1.21, the company said in a statement.
State-run Hua Nan Financial Holdings Co (華南金控) also saw its earnings fall by NT$11 million last month to NT$713 million after its securities brokerage unit lost NT$48 million, a company statement said.
First Financial Holdings Co (第一金控) reported a net income of NT$538.29 million last month, a fall of 15.22 percent, as its securities business slipped into the red, while insurance and venture capital also turned negative, the conglomerate said in a statement on Thursday.
According to the statement accumulated net income totaled NT$9.58 billion for the first 10 months, or EPS of NT$1.18.
State-run Mega Financial Holding Co (兆豐金控) posted net profits of NT$1.45 billion last month, down 8.81 percent from a month earlier.Profits were NT$19.22 billion for the first 10 months, or EPS of NT$1.68.
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