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Fubon Financial FY'17 net income rises 11.8% YOY

Taiwan's Fubon Financial Holding Co. Ltd. posted an 11.8% year-over-year increase in net income for full year 2017, buoyed by growth in its securities broking and banking business.

The island's second-largest financial conglomerate by assets said its net income attributable to the parent company rose to NT$54.12 billion from NT$48.42 billion in the prior-year period. Full-year EPS also went up to NT$5.19 from NT$4.73.

The S&P Capital IQ consensus mean estimate for 2017 normalized and GAAP EPS was at NT$5.18 and NT$5.25, respectively.

Net interest income rose 7% to NT$113.21 billion from NT$105.78 billion, while insurance income slipped 14.7% to NT$250.97 billion from NT$294.38 billion. Net revenue for the year fell to NT$406.15 billion from NT$438.92 billion in 2016.

The company said that fourth-quarter 2017 net income attributable to the parent company stood at NT$9.86 billion. The company did not provide a year-earlier figure for comparison.

As of end-2017, Fubon Financial's capital adequacy ratio stood at 129.50%, down from 133.00% at of end-2016.

In 2017, net profit at Fubon Securities jumped 87.3% to NT$2.82 billion from NT$1.50 billion. The securities broking unit was Fubon Financial's strongest-performing unit for the year, due to an expansion of market share as well as its assets under management.

Fubon Life Insurance Co. Ltd., the conglomerate's largest net profit contributor, said its net income attributable to the parent company for 2017 increased 13.2% year over year to NT$32.49 billion from NT$28.69 billion in the year-ago period.

The insurer's first-year premium dropped to NT$174.46 billion from NT$204.28 billion, while retained earned premiums inched up to NT$479.89 billion from NT$468.61 billion. Total investment income slightly rose to NT$125.58 from NT$124.33 in 2016.

For the fourth quarter, Fubon Life's net income attributable to the parent company amounted to NT$5.22 billion.

As of March 22, US$1 was equivalent to NT$29.19.