Fubon Financial Holding Co (富邦金控) yesterday reported net profit of NT$90.85 billion (US$3.19 billion) for last year, up 55 percent from 2019 and hitting a new high, on the back of rising contributions from its subsidiaries amid a bullish stock market.
The nation’s second-largest financial conglomerate by asset said that Fubon Life Insurance Co (富邦人壽), Fubon Insurance Co (富邦產險), Fubon Securities Co (富邦證券) and Fubon Bank (China) Co Ltd (富邦華一銀行) all reported record profits for last year.
Fubon Life reported a record profit of NT$8.22 billion for last month, which boosted its full-year profit to NT$61.04 billion, up 130 percent from a year earlier, Fubon Financial said in a statement.
Photo: Maurice Tsai, Bloomberg News
The high growth could be attributed to rising profits from the sale of high-margin insurance products and improving investment gains in the local stock market, it said.
Fubon Securities’ profit last month was NT$460 million, up 365 percent from a year earlier, due to growing fee incomes, while its full-year profit expanded 64 percent to NT$4.22 billion, Fubon Financial said.
Fubon Insurance posted an annual rise of 30 percent in profit to NT$5.7 billion for last year, due to its steadily growing insurance business and investment gains, while Fubon Bank (China) registered an annual gain of 32 percent in profit to NT$1.88 billion on the back of rising net interest income, it said.
However, Taipei Fubon Commercial Bank (台北富邦銀行) reported that profit last year dropped 6.6 percent annually to NT$18.78 billion, due to interest rate cuts and higher provisions for bad loans.
Overall, Fubon Financial reported earnings per share of NT$8.59 for the whole of last year, setting a record and topping its 14 local peers, company data showed.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, remained the second-most profitable financial conglomerate last year, with cumulative profit of NT$75.8 billion, up 19 percent from a year earlier, which translated into earnings per share of NT$5.39.
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