PRIVATE BANKING | Cesar Tordesillas, Taiwan

Fubon Financial suffers drop in net income

Fubon Financial Holding's net income in August went down 67.99 percent from July at NT$2.25 billion or US$75.4 million.

Taipei Fubon Commercial Bank Co, the group’s banking unit and main source of income, underpinned 47.56 percent of the profit with NT$1.07 billion on the back of a stable core businesses, the filing said.

Fubon Life Insurance Co generated NT$700 million, compared with NT$4.65 billion in net income in July at which time the insurer booked the bulk of its dividend income, the filing indicated.

As of June 30, domestic equities totaled NT$170.1 billion, or 9.7 percent of the insurer’s investment funds, while foreign stocks made up 1.5 percent at NT$26.8 billion, the conglomerate told a news conference last month. Most Taiwanese companies distribute cash dividends in the third quarter for the previous year’s earnings.

Fubon Financial accumulated NT$20.24 billion in net profits in the first eight months, or earnings per share of NT$2.13, making the conglomerate the best performer in terms of earnings ability.

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