Shin Kong Financial earnings increase 78.7 percent in 2012

The figure translated into earnings per share of NT$1.16.

The firm gave the figures during its quarterly investors' conference yesterday.

The net profit was contributed in part by subsidiary Shin Kong Life, which had net profit of NT$5.53 billion last year, a rise of 124 percent compared to 2011.

Most of the profit came from real estate investments by the life insurer, which reported investment yield of 4.56 percent.

Another subsidiary, Shin Kong Bank, had net profit of NT$4.26 billion, rising 35.9 percent year-on-year.

By the end of last year, Shin Kong Financial had capital adequacy ratio of 107.8 percent. Shin Kong Life had risk-based capital ratio of 200 to 300 percent.

For Shin Kong Bank, it had capital adequacy ratio of 11.1 percent and coverage ratio of 232.65 percent. Non-performing loan ratio dropped 0.46 percent, thanks largely to Auto 21, which had paid back most of its loans.

Net interest income and net processing fee income rose by 6.7 percent and 31 percent, respectively.

Also during the event, Shin Kong Financial said gains from the sale of its property on Dunhua South Road was already accounted for during the first quarter.

Separately, the firm had re-appraised 15 of its properties, which had total worth of NT$28.245 billion. The company plans to put this money under a special reserves fund to boost risk-based capital, it said.

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