Taipei, Aug. 13 (CNA) Fubon Financial Holding Co. has been the most profitable financial holding company, both in terms of total net income and earnings per share (EPS), of the 15 listed on the main board and the over-the-counter market in Taiwan over the past seven months, according to statistics compiled by the firms.
Data showed Fubon Financial posted NT$42.23 billion (US$1.38 billion) in net profit and NT$4.13 in EPS in the seven month period, ahead of Cathay Financial Holding Co., which came in second with NT$41.59 billion in net profit and an EPS of NT$3.04.
Fubon Financial benefited from life insurance flagship Fubon Life Insurance Co., which recorded NT$10.45 billion in net profit in July after the life insurer received major cash dividends from its investments in the local equity market, pushing its aggregate net income over the seven months to NT$21.34 billion.
In addition to cash dividend income, Fubon Life saw first year premiums rise 26 percent from a year earlier to NT$137.9 billion and total premiums increase 15 percent, which further improved its bottom line, Fubon Financial said.
Taipei Fubon Commercial Bank, the banking flagship of Fubon Financial, enjoyed a year-on-year increase of 21 percent in net profit on the back of strong interest income and fee income growth.
Cathay Financial, the second most profitable among the 15 financial holding firms over the seven months, said Cathay Life Insurance Co., its insurance flagship, made large cash dividends from investments, to post NT$44.59 billion in net profit in July, while Cathay United Bank, its banking entity registered NT$2.47 billion in net profit in July.
Fubon Financial and Cathay Financial are the first financial holding firms to post more than NT$40 billion in net profit so far this year.
CTBC Financial Holding Co. was in third place, posting NT$29.10 billion in net profit and NT$1.45 in EPS, with CTBC Bank, its flagship banking entity enjoying growth in Taiwan dollar and foreign currency denominated lending and a growing interest spread. Its fee income also rose through asset management, credit cards, syndicated loans and lottery business.
Mega Financial Holding Co. took the fourth spot over the seven month period after posting NT$18.05 billion and NT$1.33 in EPS ahead of Shin Kong Financial Holding Co., which recorded NT$15.96 billion in net profit and NT$1.3 in EPS as Shin Kong Life Insurance Co pocketed large cash dividends from the local equity market.
In terms of EPS, Yuanta Financial Holding Co. ranked No. 6 (NT$1.16) over the seven months, followed by E. Sun Financial Holding Co. (NT$1.11), First Financial Holding Co. (NT$0.98), Hua Nan Financial Holding Co. (NT$0.91), Taishin Financial Holding Co. (NT$0.84), Taiwan Cooperative Financial Holding Co. (NT$0.79), SinoPac Financial Holding Co. (NT$0.71), China Development Financial Holding Co. (NT$0.65), Waterland Financial Holding Co. (NT$0.60) and Jih Sun Financial Holding Co. (NT$0.43).