Cathay most profitable of financial firms; Fubon reports highest EPS
Taipei, May 11 (CNA) Cathay Financial Holding Co. retained the title as the most profitable stock market-listed financial firm in Taiwan in the first four months of this year, while Fubon Financial Holding Co. reported the highest earnings per share (EPS) for the four-month period, according to industrial statistics.
Boosted by the growth enjoyed by Cathay Financial and Fubon Financial, the combined net profit of the 15 financial holdings listed on the local main board and the over-the-counter market hit a new high of NT$247.54 billion (US$8.88 billion) for the four-month period, up 112 percent from a year earlier.
Cathay Financial said it posted NT$71.28 billion in net profit for the four months, up 158 percent from a year earlier, on the back of improving profitability among its subsidiaries.
In particular, Cathay Life Insurance Co., its flagship entity, raked in NT$61.04 billion in net income for the four months, topping NT$52.54 billion posted for the whole of 2020, while its non-life insurance, securities and investment trust operations also saw their net profits hitting new highs, Cathay Financial said.
In April alone, Cathay Financial's net profit totaled NT$14.3 billion, a new monthly high, sharply up from NT$4.1 billion over the same period of last year, the company said.
For its part, Fubon Financial posted NT$63.93 billion in net profit in the same period, up from NT$28.16 billion a year earlier, with EPS at NT$6.25, beating Cathay Financial's NT$5.39 to become the top earner in terms of EPS.
Fubon Financial said the higher net income came after Fubon Life Insurance Co., its flagship subsidiary, posted NT$48.59 billion in net profit in the four months, up from NT$17.66 billion a year earlier.
Fubon Financial added that its net profit for April stood at NT$13.38 billion, also significantly higher than the NT$5.20 billion recorded a year earlier after it booked NT$222 million in net profit from a 53.84 percent stake in Jih Sun Financial Holding Co. that it acquired in late March.
In terms of EPS, CTBC Financial Holding Co. came in third, posting NT$1.25 as its net profit totaled NT$24.35 billion, up 58.71 percent from a year earlier, after a net profit of NT$4.64 billion in April on the back of strong banking and insurance operations, the statistics showed.
Mega Financial Holding Co. ranked as the most profitable government-invested financial firm for the four months, recording NT$9.33 billion in net profit, up 73 percent from a year earlier, with EPS at NT$0.69.
It was followed by First Financial Holding Co., which posted NT$7.08 billion in net profit, or NT$0.55, and Taiwan Cooperative Financial Holding Co., which registered NT$6.53 billion in net profit, or NT$0.47 in EPS, the data indicated.
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