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Financial firms' September results mixed, mostly on rise of the TWD

Taiwan's financial firms gave mixed performances in September, data released by the companies showed.

Shin Kong Life, a subsidiary of Shin Kong Financial Holding, reported a loss of NT$419 million for September, due to a rise of the New Taiwan dollar, which rose over 2 percent last month. This appreciation forced Shin Kong Life to increase its hedging cost.

As for Fubon Life, it booked an exchange rate loss of NT$400 million, which eroded the firm's earnings.

Yet for the parent corporation Fubon Financial, its September net profit was NT$2.84 billion, which contributed to a net profit of NT$23 billion for the third quarter. The figure translated into earnings per share of NT$2.43.

According to analysts, if nothing major happens, Fubon Financial is likely to post total earnings of NT$30 billion for 2012.

Cathay Financial also performed well, while SinoPac Financial saw its earnings for the first three quarters exceed its 2011 total by 180 percent.

In terms of earnings per share from January to September, the top-ranked financial firms and their EPS were: Fubon Financial, NT$2.43; Mega, NT$1.55; Chinatrust, NT$1.21; Shin Kong Financial, NT$1.21; Cathay Financial, NT$1.19; E.Sun, NT$1.18; First Financial, NT$1.11; Taishin, NT$1.1; and SinoPac, NT$0.99.

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