Yahoo Finance

• Net Profit: TWD120 billion for the first nine months, 79% year-over-year growth.

• Fubon Life Net Profit: TWD77.9 billion, leading among local life peers in Taiwan.

• Taipei Fubon Bank Net Profit: Over TWD20 billion, record high, driven by 9.6% growth in net interest income and nearly 40% growth in net fees.

• Fubon Insurance Profit: Over TWD3.4 billion for the first nine months.

• Fubon Securities Net Profit: Over TWD8 billion, strong growth from market strength and franchise expansion.

• EPS: TWD9.27 for the first 10 months.

• ROA and ROE: Annualized basis at 1.4% and 18%, respectively.

• Book Value Per Share: Over TWD61.

• Fubon Life Premium Growth: FYP growth over 15%, renewal premium over 7%, total premium over 9%.

• Investment Return: Annualized return over 20% from domestic and overseas equities.

• Taipei Fubon Bank Revenue Growth: 17.6%, driven by NII and fees.

• Loan Growth: 10% YTD, 11% YoY, outperforming industry average.

• NPL Ratio: 0.1%, coverage over 1,000%.

• Fubon Insurance Direct Written Premium: Up over 13%, net combined ratio at 85%.

• Fubon Securities Net Profit Growth: 48% increase.

• Warning! GuruFocus has detected 5 Warning Signs with TPE:2881.

Release Date: November 26, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Fubon Financial Holdings Co Ltd (TPE:2881) reported a strong net profit of over TWD120 billion for the first nine months, marking a 79% year-over-year growth.

• Fubon Life achieved a net profit of TWD77.9 billion, leading among local life insurance peers in Taiwan, driven by strong investment results and underwriting premium outcomes.

• Taipei Fubon Bank's net profit exceeded TWD20 billion, setting a new record high, with net interest income growing by 9.6% and net fees increasing by nearly 40%.

• Fubon Insurance reported a profit of over TWD3.4 billion, supported by both underwriting and investment activities.

• Fubon Securities achieved a net profit of over TWD8 billion, benefiting from market strength and franchise expansion.

Negative Points

• Recurring investment income declined year-over-year, primarily due to lower cash dividends, reflecting a shift towards a growth-oriented allocation strategy.

• The recurring hedge cost increased in Q3, attributed to a higher percentage allocated in NDF and currency movements, leading to a slightly higher trend compared to Q2.

• The spread between cost of liability and total investment return remains negative, mainly due to the rise in recurring hedge costs.

• The NPL ratio for personal unsecured loans edged up to 27 bps, influenced by the expiration of government measures related to COVID.

• Credit card NPL ratios slightly increased, reflecting the expansion of the business and the scale of active cards.