Fubon Financial Holding Co (富邦金控) plans to raise NT$50 billion (US$1.79 billion) in fresh capital in August or September by issuing new common shares and preferred shares so it can buy the remaining 46.16 percent stake in Jih Sun Financial Holding Co (日盛金控), Fubon Financial president Jerry Harn (韓蔚廷) said.
According to Fubon Financial’s plan, it would raise NT$30 billion by issuing 500 million to 750 million new common shares and NT$20 billion by issuing 333 million preferred shares.
“The share issue would dilute Fubon Financial’s share value by about 5 percent, but that should not compromise our goal to rank first in terms of earnings per share among all local financial conglomerates,” Harn told an investors’ conference on Thursday.
Photo: Lin Cheng-kun, Taipei Times
Fubon Financial’s earnings per share were NT$6.25 for the first four months, up 127 percent year-on-year and the highest among its peers, followed by Cathay Financial Holding Co’s (國泰金控) earnings per share of NT$5.39.
After Fubon Financial acquired majority control of Jih Sun Financial on March 23, the firm recognized its assets of NT$365 billion, which increased Fubon Financial’s assets by 13 percent year-on-year to NT$969 billion.
Fubon Life Insurance Co (富邦人壽) in the first quarter reported a 5.2 percent year-on-year increase in first-year premiums to NT$39 billion, with the ratio of sales of investment-linked policies to total sales growing from 20 percent a year earlier to 48 percent, it told the investors’ conference.
Taipei Fubon Commercial Bank’s (台北富邦銀行) mortgage lending increased 9.3 percent year-on-year to NT$662 billion as of the end of March, it said.
The central bank’s tightened credit controls on mortgages have had a limited effect on the bank, as Taipei Fubon does not focus on luxury properties or those in business districts, Harn said.
Taipei Fubon’s net interest margin slid from 1.1 percent a year earlier to 1.06 percent last quarter, with the spread declining from 1.44 percent to 1.3 percent.
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