Several financial conglomerates saw their consolidated earnings fall last month from a year earlier, as volatility in global stock markets dented profit momentum.
Fubon Financial Holding Co (富邦金控) reported NT$2.16 billion (US$70.1 million) in net profit last month, only 60.61 percent of the NT$3.56 billion it recorded in October last year, mainly due to losses of NT$138 million at Fubon Securities Co (富邦證券) due to the volatility in the financial market.
Fubon Life Insurance Co (富邦人壽) reported profit of NT$587 million, a decrease of 58 percent from the same period last year, Fubon Financial said.
Fubon Financial’s cumulative profit for the first 10 months of this year totaled NT$52.47 billion, or earnings per share (EPS) of NT$4.98, both the highest recorded since 2016, it said.
Cathay Financial Holding Co (國泰金控) reported NT$590 million in net profit last month, considerably less than the NT$3.38 billion recorded a year earlier, company data showed.
Global market volatility increased the firm’s hedge costs and decreased its profits, Cathay Financial said, adding that it has set aside an additional NT$1.6 billion as special reserves amid increasing foreign exchange risks.
Cathay Life Insurance Co (國泰人壽) reported NT$650 million in net losses last month, while Cathay United Bank (國泰世華銀) remained the firm’s most profitable subsidiary, with NT$1.08 billion in net income.
From January to last month, Cathay Financial accumulated NT$55.19 billion in net income, up 35.5 percent year-on-year, or EPS of NT$4.22.
China Development Financial Holding Corp (中華開發金控) reported NT$1.39 billion in net losses last month, with its KGI Bank (凱基銀行) moving into the red by NT$25 million, due to the volatility in Taiwan’s stock market, the company said.
E.Sun Financial Holding Co (玉山金控) was relatively resilient with net profit of NT$1.25 billion last month, a growth of 8 percent compared with a year earlier, it said.
The company’s cumulative income in the first 10 months rose 14.6 percent year-on-year to a record NT$14.6 billion, or EPS of NT$1.35.
E.Sun Financial said its profit expanded as a result of international payment fees and interest income.
Meanwhile, CTBC Financial Holding Co (中信金控) reported that it earned NT$2.29 billion last month, a year-on-year decrease of NT$595 million, with total net income of NT$33.54 billion in the first 10 months, or EPS of NT$1.72, the company said in a statement.
SEMICONDUCTORS: The German laser and plasma generator company will expand its local services as its specialized offerings support Taiwan’s semiconductor industries Trumpf SE + Co KG, a global leader in supplying laser technology and plasma generators used in chip production, is expanding its investments in Taiwan in an effort to deeply integrate into the global semiconductor supply chain in the pursuit of growth. The company, headquartered in Ditzingen, Germany, has invested significantly in a newly inaugurated regional technical center for plasma generators in Taoyuan, its latest expansion in Taiwan after being engaged in various industries for more than 25 years. The center, the first of its kind Trumpf built outside Germany, aims to serve customers from Taiwan, Japan, Southeast Asia and South Korea,
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