Taiwan financial firms report 40.54% surge in net income

Taiwan's 14 financial holding companies reported a significant 40.54% surge in net income to NTD66.5bn (USD2.09bn) last month, driven by strong performance from life insurance subsidiaries. These subsidiaries saw substantial cash dividends and asset valuation increases associated with a weakened local currency. Among these, Fubon Financial Holding Co led the pack with a net income of NTD12.53bn last month, with earnings boosted by cash dividends from Fubon Life Insurance Co and the appreciation of its US dollar-based assets. Cathay Financial Holding Co, Taiwan's largest financial holding company by assets, reported a record net income of NTD16.08bn last month. This growth was largely attributed to NTD4bn in cash dividends and foreign exchange gains resulting from a softer New Taiwan Dollar.