The nation’s 14 listed financial holding companies last month reported a collective profit of NT$57.78 billion (US$1.76 billion), up 7.2 percent from a year earlier, although the Lunar New Year holiday reduced the number of business days.
The improvement reflected stable profit growth on the part of local financial institutions and most of them are expected to fare well this year, despite trade tensions between the US and the rest of the world.
Fubon Financial Holding Co (富邦金控) retained its top position, with net income of NT$15.21 billion, or earnings per share of NT$1.11, followed by Cathay Financial Holding Co’s (國泰金控) NT$14.49 billion, or NT$0.99 per share.
Photo courtesy of Fubon Financial Holding Co
Fubon Financial’s profit expanded 8 percent year-on-year, bolstered by NT$3.89 billion in contributions from Taipei Fubon Bank (台北富邦銀行), the conglomerate said in a statement.
Loan and deposit growth remained strong at 9 percent and 11 percent respectively, driving an 11 percent gain in net interest income, it said, adding that wealth management gathered traction, boosting fee income by 14 percent.
Fubon Life Insurance Co (富邦人壽) generated NT$730 million in net income, soaring 33 percent from a year earlier, aided by stable and healthy insurance operation and investment gains, it said.
Cathay Financial’s profit last month showed the fastest uptick of 54 percent from a year earlier, as its flagship unit, Cathay Life Insurance (國泰人壽), posted a net profit of NT$9.43 billion, up more than twofold from a year earlier, the group said.
In addition, Cathay United Bank (國泰世華銀行) delivered strong earnings of NT$4.25 billion, up 7.1 percent year-on-year, on the back of strong loan demand and lower foreign-currency funding costs, as well as better interest income and robust wealth management business, including insurance policies and mutual funds, it said.
CTBC Financial Holding Co (中信金控) placed third, with net income of NT$6.83 billion, while KGI Financial Holding Co (凱基金控) overtook state-run Mega Financial Holding Co (兆豐金控) to rank fourth with NT$3.66 billion of net income versus Mega Financial’s NT$3.22 billion.
Five conglomerates — SinoPac Financial Holdings Co (永豐金控), KGI Financial, E.Sun Financial Holding Co (玉山金控), First Financial Holding Co (第一金控) and Hua Nan Financial Co (華南金控) delivered record results for last month, their data showed.
Shin Kong Financial Holding Co (新光金控) was the only one in the red, posting losses of NT$1.88 billion, dragged by its main subsidiary Shin Kong Life Insurance Co (新光人壽), the company said in a statement.
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