Q3 2024 Fubon Financial Holding Co Ltd Earnings Call Transcript
Key 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.
- 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.
Thank you for standing by, and welcome to Fubon Financial's third-quarter 2024 financial results. (Operator Instructions) And this call is being recorded. (Operator Instructions) And now I will hand the call over to your host, Mr. Amanda Wang, IR Officer of Fubon Financial Holdings. Ms. Wang, please begin.
Thank you, and welcome, everyone, to join Fubon's third-quarter briefing. Firstly, please turn to page 4. The overview that you can see the first nine months, we recorded a strong result. The net profit reached over TWD120 billion with nearly 79% year-over-year growth. And the total assets and net worth also grew along with the result.
All the key driver comes from all across the major subsidiaries, including live banks, insurance and securities. In Fubon Life, the net profit of TWD77.9 billion, that's top among the local life peers in Taiwan while the driver behind is the strong investment results and also the underwriting premium outcome. In the meantime, the capital position remains
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