Fubon’s profits down in H1 of 2022

Fubon Financial Holding Co has reported a net profit of TWD4.15bn (USD139.18m) for last month and a cumulative profit of TWD69.37bn for the first half of the year, down 67% and 20%, respectively, from a year earlier. The company attributed the decline to Fubon Insurance Co’s net losses of TWD3.36bn from compensation for COVID-19 insurance policyholders, compared with a net income of TWD4.29bn a year earlier. Its subsidiaries Fubon Life Insurance Co and Fubon Securities Co registered annual declines of 3.6% and 64%, respectively, in net income in the first half due to a global equity decline. In contrast, Taipei Fubon Commercial Bank reported that net profit expanded 25% during the same period to TWD11bn, thanks to interest rate hikes.