Financial titans’ profits near NT$70bn
BULL MARKETS: Cathay Financial Holding attributed its strong results to subsidiary Cathay Life Insurance Co, saying that the life insurer’s net income rose 181 percent
By Kao Shih-ching / Staff reporter
The nation’s 15 financial conglomerates last week reported a combined net profit of NT$69.54 billion (US$2.45 billion) for last month, up 73 percent year-on-year, as companies with life insurance arms benefited from bull stock markets, corporate data showed.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial holding firm by assets, posted a record net profit of NT$21.7 billion, beating Fubon Financial Holding Co (富邦金控) to become the most profitable financial holding company, the companies’ data showed.