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WHOLESALE BANKING | Cesar Tordesillas, Taiwan

Taiwan's Fubon earns $96M in August

Fubon Financial earned NT$2.84 billion or US$96.59 million in net income last month, significanlty increasing the NT$2.25 billion it earned in August.

The improvement came even though the conglomerate had to set aside NT$650 million in provision to compensate for a possible earnings shortfall at affiliated Taiwan Sports Lottery Corp.

Fubon Life Insurance Co generated the bulk of earnings, NT$2.27 billion, last month, compared with a meagerNT$700 million in August, as foreign currency exchange losses eased.

Taipei Fubon Commercial Bank Co reported NT$790 million in net income last month, weakening from NT$1.07 billion one month earlier, the filing said.

Net profits at Fubon Financial totaled NT$12.12 billion in the third quarter, almost tripling earnings in the second quarter, thanks to cash dividends sized at NT$8.46 billion this year, company data showed.

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