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.
Tesla Inc temporarily halted some production at its auto assembly plant in California because of problems with its supply chain, but work has begun to resume, CEO Elon Musk told employees in an e-mail on Thursday. “We are experiencing some parts supply issues, so took the opportunity to bring Fremont production down for a few days to do equipment upgrades and maintenance,” Musk said in an all-staff message seen by Bloomberg. The factory was “back up and running as of yesterday,” and would rapidly ramp up to full production of Model 3 and Model Y cars “over the next several days,”
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to post a 25 percent year-on-year increase in sales in the first quarter of this year to US$12.91 billion, up from US$10.31 billion a year earlier, as its production is at full capacity, market advisory firm TrendForce Corp said in a note last week. The increase would help TSMC cement its leadership in the industry by taking a 56 percent market share in the global pure wafer foundry business, TrendForce said. Its forecast was in line with TSMC’s estimate in January, which pointed to a range of US$12.7 billion to US$13 billion for the
MULTI-USE: The arrangement of seats in future vehicles would be different, allowing passengers to do everything they do at home, the CEO of the firm’s EV platform said Electric vehicles (EVs) developed on a Hon Hai Precision Industry Co (鴻海精密) platform would be built like “a smartphone on a different platform,” Jack Cheng (鄭顯聰), chief executive officer of the Hon Hai-initiated MIH Open Platform Alliance, said on Saturday. It would be the ultimate goal to make vehicles built on the platform an extension of the driver’s home, he said during an online presentation. The alliance aims to provide resources to automakers and boost Taiwan’s EV development, with a vision to make an EV its owner’s “second home,” Cheng said. “Whatever they can do in their home, they will be able
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was on Thursday set to sell local currency bonds, as it prepared for a spending blitz amid a global chip shortage. The world’s largest contract chipmaker planned to price about NT$16 billion (US$565.25 million) of notes in three parts in an auction, though the actual issuance size might change. The manufacturer would have to contend with a recent rise in rates globally that has sent many corporate bond yields up from record lows in the past few weeks. The debt offering comes at a promising time for the semiconductor industry as the world scrambles its way