Cathay Financial Holding Co (國泰金控) yesterday said it booked net income of NT$7.88 billion (US$244.34 million) last month, or earnings per share of NT$4.07.
Its main subsidiary, Cathay Life Insurance Co (國泰人壽), accounted for 53 percent of the company’s total net income, or NT$4.18 billion, as it booked a profit after global financial markets responded favorably to the US Federal Reserve’s extended pause in interest rate adjustments.
Capital gains more than offset hedging losses induced by a softening US dollar, it added.
Photo courtesy of Cathay Financial Holding Co
Cathay United Bank (國泰世華銀行), the company’s banking unit, generated NT$3.3 billion in net income last month, aided by robust lending, wealth management and credit card businesses.
The central bank’s interest rate hike in March also boosted interest income, the conglomerate said.
Cathay Securities Investment Trust Co (國泰投信) posted a net income of NT$190 million last month, or a 43 percent pickup from a year earlier, with its assets under management rising to NT$1.85 trillion thanks to its exchange-traded funds (ETFs) on the local bourse.
The three funds’ quarterly distribution of cash dividends grew to NT$284.4 billion, NT$150 billion and NT$100 billion last month, as Taiwanese investors displayed keen interest in ETFs targeting local shares and US bonds.
Fubon Financial Holding Co (富邦金控) meanwhile yesterday reported a record net income of NT$16.02 billion for last month.
The company attributed the results to soaring net income in its life insurance, banking and securities arms from a year earlier.
The figures translated into earnings per share of NT$4.57, enabling Fubon Financial to retain the title of “the most profitable conglomerate” among its peers in Taiwan last month.
Profit at Fubon Life Insurance Co (富邦人壽) spiked 726 percent year-on-year to a new high of NT$11.35 billion last month, primarily on the back of capital gains and interest income, the conglomerate said.
Fubon Life raked in hefty profits from its fund and stock investments and realized partial gains, it said, adding that its portfolio still maintained large unrealized gains as a result of global financial market rallies.
At the same time, Fubon Life increased its holdings of US bonds and incurred some foreign exchange losses due to the greenback’s 0.37 percent depreciation, it said.
Taipei Fubon Commercial Bank (台北富邦銀行) generated NT$2.53 billion of net income in the month, indicating 30 percent growth from a year earlier, helped by double-digit percentage advances in lending, and credit card and wealth management operations.
Fubon Securities Co (富邦證券) contributed NT$750 million of profit, a 60 percent rise from a year earlier, the conglomerate said.
The impressive showings came as little surprise given the TAIEX repeatedly hit record highs last month and received sizeable support from global fund inflows, the conglomerate added.
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