Fubon posts 21.8 % growth

99 Fubon bankFubon Financial Holding Co, the nation’s second-largest financial conglomerate by assets, on September 10 reported annual growth of 21.8% for last month with a net profit of NT$16.16 billion (US$583.6 million).

The company posted NT$122.3 billion in net profit for the first eight months, the highest among all local financial service providers, company data showed.

Earnings per share were NT$11.69 for the first eight months of the year, making Fubon the most profitable financial holding company in Taiwan.

It attributed the growth to contributions from Fubon Life Insurance Co, the profit of which expanded 18% year-on-year to NT$11.72 billion. Taipei Fubon Commercial Bank and Fubon Securities Co also reported an improvement in net profit, it said.

Taipei Fubon Bank’s net profit rose 16 percent to NT$2.07 billion due to investment gains, while Fubon Securities registered annual growth of 35 percent with net earnings of NT$741 million despite lower turnover in the local stock market, it said.

Fubon Financial recognized a gain of NT$260 million from newly acquired Jih Sun Financial Co, which made a net profit of NT$458 million last month, company data showed. Fubon Financial completed the acquisition of Jih Sun at the end of last month, giving it a 56.92% share of the company.

Taipei Times

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