Fubon Financial profit soars 60% to NT$144.6 billion

99 Fubon bankFubon Financial Holding Co reported net profit of NT$144.6 billion (US$5.22 billion) for 2021, up 60 percent year-on-year and the highest among all financial conglomerates. Earnings per share were NT$12.49.

The results came as the company said net profit for December 2021 was NT$3.77 billion, down 64 percent from NT$10.48 billion a year earlier, mainly because of an annual decline of 85 percent in the earnings of Fubon Life Insurance Co to NT$1.2 billion, company data showed.

Despite a decline in net profit last month, which was partially due to its setting aside foreign exchange reserves of NT$3 billion for hedging costs, Fubon Life said its net profit surpassed NT$100 billion for the first time last year at NT$101.93 billion. First-year premiums totaled NT$165.6 billion, up 3.5 percent from a year earlier, it said.

Taipei Fubon Commercial Bank reported a net profit of NT$18.77 billion for last year, while its deposits, lending, credit card and wealth management businesses posted stable growth.

Separately, Cathay Financial Holding Co, the nation’s largest financial services provider by assets, ranked second with a net profit of NT$140.5 billion, or earning per share of NT$10.32, for last year, it said. Its main profit engine, Cathay Life Insurance Co, posted a net profit of NT$4.4 billion for December 2021, up 25 percent year-on-year, and a record high net profit of NT$112.8 billion for the whole of last year, up 114 percent, it said.

First-year premiums totaled NT$202.4 billion, up 26 percent year-on-year and the highest among all life insurers. Cathay United Bank reported a net profit of NT$23.81 billion for last year, up 7 percent from a year earlier thanks to 9 percent annual growth in net interest income, it said.

Taipei Times

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