Fubon Financial Holding Co (富邦金控) yesterday posted record-high net income of NT$18.59 billion (US$667.96 million) for last month, thanks to investment gains and dividend income that allowed it to remain the most profitable among its domestic peers.
Cumulative profit more than doubled to NT$106.19 billion in the first seven months, surpassing the sum for the whole of last year, or earnings per share of NT$10.1, the company said in a statement.
The strong showing came after subsidiaries Fubon Life Insurance Co (富邦人壽), Fubon Insurance Co (富邦產險) and Fubon Securities Co (富邦證券) all posted unprecedented earnings in the first seven months of the year, it said, adding that total assets now exceed NT$10 trillion.
Photo: CNA
Fubon Life posted net income of NT$78.2 billion, up 136 percent from a year earlier, aided by successful capital market operations, it said.
The insurer realized investment gains on the local bourse and collected dividend income distributed by local firms, it said, adding that excessive liquidity boosted global share prices, benefiting its holdings in foreign securities.
Taipei Fubon Commercial Bank (台北富邦銀行) posted net income of NT$2.02 billion for last month.
Cumulative profit was NT$11.41 billion in the first seven months of the year, the company said.
The bad loan ratio remained low at 0.19 percent, while the debt coverage ratio rose to 651 percent, it said.
Cumulative earnings at Fubon Securities were NT$4.64 billion in the first seven months of the year, up more than twofold from the same period last year, company data showed.
Fubon Financial last month recognized NT$420 million in net profit generated by Jih Sun Financial Holding Co (日盛金控), in which it has a 55.97 percent stake.
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