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Fubon Taiwan's most profitable FHC in first 5 months.

Taipei, June 18, 2009 (CENS)--Thanks to performance of its two life insurers, Fubon Financial Holding enjoyed a sizable profit of NT$2.88 billion (US$87.27 million at US$1 = NT$33) in May, and as a result its after-tax profits grew to NT$6.77 billion (US$205.15 million) in the first five months with earnings per share (EPS) of NT$0.84 (US$0.025), the highest among financial holding companies (FHCs) here.

In the same period, Mega Financial Holding and Waterland Financial Holding together tied for the second place, each with EPS of NT$0.64 (US$0.019); while First Financial Holding, Hua Nan Financial Holding, Chinatrust Financial Holding and Yuta Financial Holding witnessed their EPS a range between NT$0.42-0.45 (US$0.013-0.014).

Cathay Financial Holding used to be Taiwan's most profitable FHC, but the company in May suffered a loss of NT$360 million (US$10.91 million) due mainly to the massive loss of NT$1.9 billion (US$57.58 million) recorded by its main affiliateuCathay Life Insurance Co. in the same month. Nevertheless, Cathay Financial still generated after-tax profits of NT$5.26 billion (US$159.39 million) in the first five months with EPS of NT$0.54 (US$0.016).

Shin Kong Financial Holding, also backed by strong insurers, experienced a deficit of NT$1.46 billion (US$44.24 million) in May. The deficit was mainly because of the sizable loss of NT$2 billion (US$60.6 million) in foreign exchange hedge operated in the same month by its affiliate--Shin Kong Life Insurance Co., despite the insurance firm gaining profits of NT$500-600 million (US$15.15-18.18 million) from investments in the stock market during the month. Accordingly, Shin Kong Financial saw its profits decline to NT$2.133 billion (US$64.64 million) in the first five months.
Profitability of Taiwan's FHC in Many and First 5 months
of 2009 Unit NT$M

FHC After-tax After-tax EPS
 profits profits in (NTS)
 in May first 5
 months

Fubon 2,880 6,770 0.84
Mega 1,851 7,107 0.64
Waterland 286 1,337 0.64
Cathay -360 5,260 0.54
First 577 2,864 0.46
Hua Nan 502 2,744 0.45
Chinatrust 20 4,261 0.43
Yuta 1,044 3,383 0.42
Shin Kong -1,460 2,133 0.34
E. Sun Financial Holding 44 802 0.23
China Development Financial Holding 482 1,487 0.14
SinaPac Financial Holding 105 795 0.11
Taishin Financial Holding 80 940 0.06

Source: the said FHCs


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Title Annotation:financial holding companies
Publication:The Taiwan Economic News
Date:Jun 18, 2009
Words:444
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