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Fubon Financial net profit hits record high

Fubon Financial net profit hits record high

Taipei, Oct. 9 (CNA) Fubon Financial Holding Co., one of Taiwan's leading financial holding companies, posted a record high net profit for the first nine months of this year in reflection of higher insurance premium income as well as cash dividend gains resulting from its equity investments. In addition, Fubon Financial benefited from a gain in its property asset value after the current accounting rules allowed it to book property asset value based on market value instead of buying costs. In the nine-month period, Fubon Financial posted NT$53.51 billion (US$1.76 billion) in net profit, sharply up from NT$26.88 billion in net profit recorded over the same period of last year. Its nine-month earnings per share (EPS) stood at NT$5.23, also a record high, compared with NT$2.76 in EPS registered during the same period of last year. Fubon Financial is expected to retain the title as the top earner among the 15 listed financial holding companies on the main board and on the over-the-counter market. Due to its strong bottom line, shares of Fubon Financial closed up 2.81 percent at NT$49.35, with 25.43 million shares changing hands. The weighted index on the Taiwan Stock Exchange ended up 0.12 percent at 8,966.44 points. During the nine-month period, Fubon Financial registered NT$327.3 billion in total insurance premiums, up 9 percent from a year earlier, while the market estimated that the company has pocketed more than NT$10 billion in cash dividends so far this year. In September, Fubon Financial booked a gain of NT$1.6 billion in reassessment of its property asset value as part of a driver to its bottom line in the nine-month period. Right after Fubon Financial, Cathay Financial Holding Co. posted NT$44.84 billion in net profit for the nine-month period, up from NT$26.55 billion in net profit recorded over the same period of last year. Cathay Financial's EPS for the period stood at 3.72, up from NT$2.32 in EPS recorded over the same period of last year. Meanwhile, CTBC Financial Holding Co. posted NT$37.29 billion in net profit, up from NT$18.27 billion in net profit recorded a year earlier, with EPS at NT$2.44, up NT$1.29 in EPS registered a year ago. (By Tien Yu-pin and Frances Huang)


Updated : 2021-05-08 05:26 GMT+08:00