Fubon Financial tops sector in EPS for year to date

06/11/2019 02:23 PM
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Taipei, June 11 (CNA) Fubon Financial Holding Co. ranked as the most profitable financial holding company in Taiwan based on earnings per share (EPS) in the first five months of the year, according to market statistics.

Fubon Financial, which has led the sector in EPS for the past 10 years, posted an EPS of NT$2.33 (US$0.07) for the January-May period, slightly higher than that of rival Cathay Financial Holding Co., which had EPS of NT$2.25, the data showed.

Those figures were both down from the same period a year ago, when Fubon Financial had EPS of NT$2.80 and Cathay Financial had EPS of NT$2.57, as the financial sector has been hurt this year by exchange rate losses from overseas investments.

Fubon Financial trailed Cathay Financial in total net income during the same period, posting a net profit of NT$23.85 billion compared with its rival's NT$29 billion, the data indicated.

In May alone, Fubon Financial said Fubon Life Insurance Co., its insurance flagship entity, posted a net profit of NT$4.33 billion, up 80 percent from a year earlier because of the subsidiary's overseas investments and its efforts in cutting foreign exchange hedging costs.

As for Cathay Financial, the company said its net profit for May hit NT$11.2 billion, the highest for May in the company's history, after Cathay Life Insurance Co., its insurance flagship subsidiary and Cathay United Bank, its major banking arm, recorded net profits of NT$8.61 billion and NT$2.32 billion, respectively.

Taiwan's 15 financial holding firms posted NT$37.36 billion in combined net profit in May, up 32 percent from a year earlier.

In the first five months of the year, however, the combined net income of the 15 companies totaled NT$152.4 billion, down about 8 percent from a year earlier, the data showed.

After Fubon Financial and Cathay Financial, Mega Financial Holding Co. came in third in EPS for the five-month period at NT$0.91, ahead of CTCB Financial Holding Co. at NT$0.88, Yuanta Financial Holding Co. at NT$0.80 and Shin Kong Financial Holding Co. at NT$0.78.

Following them were E. Sun Financial Holding Co. with EPS of NT$0.77, First Financial Holding Co. with EPS of NT$0.65, Hua Nan Financial Holding Co. with EPS of NT$0.60, and Taishin Financial Holding Co. with EPS of NT$0.59 for the January-May period.

Taiwan Cooperative Financial Holding Co. took the 11th position after posting NT$0.54 in EPS, followed by SinoPac Financial Holding Co. with EPS of NT$0.50, China Development Financial Holding Co. with EPS of NT$0.43, and Waterland Financial Holding Co. with EPS of NT$0.37, and Jih Sun Financial Holding Co. with EPS of NT$0.22.

(By Wu Chia-jung and Frances Huang)


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