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Fubon Financial Holdings' net profit in January up 36%

Fubon Financial Holdings' net profit in January up 36%

Taipei, Feb. 10 (CNA) Fubon Financial Holding Co. (???), one of the largest financial holding companies in Taiwan, posted a 36 percent year-on-year increase in net profit in January, largely because of the contribution of its flagship life insurance unit. In a statement released Monday, Fubon Financial Holdings reported NT$9.13 billion (US$289 million) in net profit for January, up from NT$6.70 billion recorded in the same month last year. It had earnings per share of NT$0.89, compared with NT$0.66 a year earlier. The results confirmed Fubon Financial Holding as the most profitable of Taiwan's 15-listed financial holding companies in January to date, with China Development Financial Holding Co. (???) and Shin Kong Financial Holding Co. (???) still to release their results for the month. Last month, Fubon Life Insurance (????) posted net profit of NT$6.48 billion, nearly double its net profit of NT$3.28 in the same period of 2014, after the life insurer raked in NT$13.9 billion in first-year premiums, up 26 percent from a year earlier. Cathay Financial Holding Co. (???) followed Fubon Financial Holdings with NT$6.53 billion in net profit in January, up 62.03 percent from a year earlier, with EPS at NT$0.51. Its year-on-year net profit growth was the highest in the local financial holding company sector so far. Cathay Financial said that the strong growth largely resulted from the successful investment strategies of its flagship insurance unit, Cathay Life Insurance (????). The life insurer also garnered NT$17.69 billion in first-year premiums during the month, the highest among life insurers of those that have reported their results for January. Following the big two was CTBC Financial Holding Co. (???) with NT$3.56 billion in net profit in January, up 23.81 percent from a year earlier, and Mega Financial Holding Co. (???), which reported a net profit of NT$2.78 billion, up 20.04 percent from a year earlier. CTBC Financial Holdings and Mega Financial Holdings had EPS of NT$0.23 and NT$0.22, respectively. Boosted by strong earnings of financial holding companies in January, the financial sub-index on Taiwan's stock exchange was up 0.89 percent at 1,095.49 as of 12:08 p.m. Tuesday, outperforming the broader market. The weighted index on the Taiwan Stock Exchange was down 0.26 percent at 9,393.39. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-22 21:40 GMT+08:00