Fubon Financial Holding Co (富邦金控) yesterday reported a net income of NT$30 billion (US$911.3 million) for the first two months, up 34 percent year-on-year, with earnings per share of NT$2.2.
The company attributed the performance to interest income, capital gains and dividends from its investment holdings, saying it would adopt a quick and dynamic hedging approach amid currency volatility.
It also realized capital gains from its share holdings at home and abroad last month, as the TAIEX experienced sharp fluctuations and US bond prices climbed and yields declined, it said.
Photo: An Rong Xu, Bloomberg
Fubon Life Insurance Co (富邦人壽), a company subsidiary, raised its position in US government bonds to enhance recurring income and mitigate market fluctuations, it added.
Fubon Life accumulated net income of NT$18.18 billion in the first two months, expanding 36 percent from a year earlier, after first-year premiums to NT$25.1 billion, Fubon Financial said, adding that total premiums rose 13 percent to NT$69.7 billion.
At the same time, Taipei Fubon Commercial Bank (台北富邦銀行) posted a new high for net profit at NT$7.05 billion, or a pickup of 22 percent year-on-year, driven by strong core business operations.
Its net interest income and fee income saw a growth of 10 percent and 20 percent respectively, Fubon Financial said.
The company added that it would adopt a quick and dynamic hedging approach amid currency volatility.
The New Taiwan dollar weakened against its US counterpart last month, but the trajectory has been different so far this month, it said.
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