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Fubon Financial Reports Record High Profits in June, Surpassing Full-Year 2023 Earnings

Strong Performance Across Subsidiaries Drives Impressive Financial Results for First Half of 2024
Taiwan
f 2881.TW Blue Chip 150 OM 60
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Fubon Financial Holding announced today a record-breaking pre-tax profit of NT$20.2 billion and an after-tax net profit of NT$21.63 billion for June, marking the highest monthly profit for the same period in the company’s history. The cumulative consolidated pre-tax profit for the first six months of 2024 reached NT$89.19 billion, with an after-tax net profit of NT$81.06 billion, surpassing the full-year profit of 2023. The company reported after-tax earnings per share (EPS) of NT$5.95.

Fubon Life and Taipei Fubon Bank, key subsidiaries of Fubon Financial, also posted record high after-tax net profits for June. For the first half of 2024, Taipei Fubon Bank and Fubon Securities achieved their highest-ever cumulative after-tax net profits for the period. Fubon Life recorded an after-tax net profit of NT$13.71 billion in June and a cumulative net profit of NT$51.58 billion for the first six months, the third highest monthly record in June.

In the stock market, Taiwanese stocks remained strong in June, enabling Fubon Life to capitalize on gains and record part of its cash dividends as investment income. The bond market saw a decrease in government bond interest rates in June due to a slowdown in U.S. inflation and consumption momentum. Fubon Life has strategically increased its bond positions to enhance recurring returns.

The U.S. dollar appreciated slightly against the Taiwan dollar by about 0.09% in June, with minimal impact on profit and loss from exchange rate changes. Fubon Life’s cumulative total premium income for the first half of the year reached NT$55.6 billion, an annual increase of 16%, making it a leader in the industry. Total premium income was NT$174.9 billion, an 11% annual increase, ranking second in the industry.

Taipei Fubon Bank reported an after-tax net profit of NT$2.97 billion for June and a cumulative after-tax net profit of NT$16.22 billion for the first six months, a 24% annual increase. This growth was driven by a 12% increase in net interest income and a 46% rise in net fee income, resulting in a 19% revenue growth compared to the same period last year.

Fubon Property & Casualty Insurance saw an after-tax net profit of NT$300 million in June and a cumulative net profit of NT$2.44 billion for the first half of the year. This improvement, compared to last year’s losses due to epidemic prevention insurance, highlights the company’s strengthened risk management and business structure optimization. Overall written premiums in June were NT$5.97 billion, up 6% year-on-year, with engineering insurance showing a 110% growth.

Fubon Securities achieved an after-tax net profit of NT$1.11 billion in June, a 47% increase from the previous month, driven by the continuing rise of the Taiwan stock index. The cumulative after-tax net profit for the first half of the year was NT$4.97 billion, a 45% annual increase. Robust trading activities and new highs in the Taiwan stock index have significantly boosted profits from brokerage, financial management, and underwriting businesses, setting new records for the first six months of the year.

 

 

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