Fubon Financial Holding Co (富邦金控) yesterday said its net income last month soared more than twofold to NT$14.07 billion (US$448.69 million), as favorable operating conditions boosted business at major subsidiaries.
The results translated into earnings per share (EPS) of NT$1.08, making the Taipei-based conglomerate the most profitable among peers in Taiwan.
Its main subsidiary, Fubon Life Insurance Co (富邦人壽), booked NT$9.08 billion of net profit on the back of capital gains and interest income, it said.
Photo: CNA
The TAIEX rose above 18,000 points last month, prompting the insurer to realize some capital gains, it said, adding that US dollar-based assets received a boost in value due to the local currency’s 1.81 percent fall against the greenback.
The insurer indicated plans to raise US bond holdings to increase fixed income as high interest rates would likely continue for a while in light of healthy GDP showings in the US.
First-year premiums spiked 80.6 percent to NT$11.79 billion as protection insurance policies gained popularity, it said.
Gross insurance premiums amounted to NT$39.08 billion, beating domestic rivals in the local market, it said.
Taipei Fubon Commercial Bank (台北富邦銀行) generated a net profit of NT$3.49 billion, rising 6 percent from a year earlier to a record high, as interest income bounced 12 percent, while fee income surged 73 percent, it said.
In particular, wealth management income expanded 70 percent and credit card charges grew 76 percent on the back of market share gains, as an exclusive credit card partnership with Costco Taiwan has yielded positive results, it said.
Deposits picked up 7 percent and loans increased 11 percent, the group said.
Fubon Securities Co (富邦證券) reported a 27.9 percent increase in net income to NT$628 million, as the local stock exchange’s daily turnover expanded 57 percent year-on-year, benefiting brokerage fees and the wealth management business, it said.
Fubon Insurance Co (富邦產險), having contributed to profits greatly during the COVID-19 pandemic, reported NT$545 million in net income, as the subsidiary maintained its leadership position by growing its auto, fire and construction insurance businesses, it said.
Cathay Financial Holding Co (國泰金), Taiwan’s largest by measure of assets, last week reported net income of NT$9.4 billion, suggesting EPS of NT$0.65 after flagship unit Cathay Life Insurance Co (國泰人壽) emerged from foreign exchange losses.
Likewise, CTBC Financial Holding Co (中信金控) on Wednesday last week said that its net profit more than doubled last month to NT$88 billion, or an EPS of NT$0.45, thanks to realizations of capital gains from its stock and bond investments.
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