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Fubon Financial Q1 net profit surges YOY

Fubon Financial Holding Co. Ltd. posted a 66.5% year-over-year increase in net income for the three months ended March 31.

The company said net income attributable to its parent grew to NT$16.45 billion from NT$9.88 billion in the year-ago period. EPS climbed to NT$1.61 from 97 cents.

Net interest income increased to NT$30.18 billion from NT$27.09 billion, while insurance income dropped to NT$71.10 billion from NT$84.82 billion. Net revenue came in at NT$112.12 billion, down from NT$112.82 billion in the year-ago period.

Net gains on foreign exchange and financial assets surged to NT$10.67 billion from NT$2.19 billion.

The group's unit, Fubon Life Insurance Co. Ltd., said net profit attributable to its parent for the quarter more than doubled to NT$9.29 billion from NT$4.01 billion in the year-ago period.

The insurer's first-year premium fell to NT$48.05 billion from NT$48.37 billion, while retained earned premium rose to NT$130.14 billion from NT$125.88 billion. Total investment income came in at NT$31.92 billion, up from NT$26.25 billion.

As of May 11, US$1 was equivalent to NT$29.78.