Fubon Bank's 2007 net profit up 40.9%

Fubon Bank (Hong Kong) Ltd<636>, a subsidiary of Taiwan-based Fubon Financial Holding Co, booked a net profit of HK$460.9 million in 2007, representing a growth of 40.9% from the previous year, announced the lender in its 2007 yearly report.

The earnings per share amounted to HK$0.39 in 2007, compared with HK$0.28 per share. The company has generated record net interest income of HK$854 million, mainly contributed by the 22% loan growth and enlarged net interest margin, which rose from 1.44% to 1.65% in 2007.

By the end of 2007, the bank has HK$45.2 billion customer deposits and medium term funding. Its total assets have soared 13.6% year-on-year to HK$60.6 billion. However, the capital adequacy ratio was down from 16.60% to 14.42% in 2007.

The lender's strong financial performance is attributable to the enhancement of wealth management as well as the growing Taiwan-related business, which made up 34% of the bank's pre-provision profits.

Fubon Bank, a Hong Kong-listed unit under Financial Holding Co. Ltd, currently opened 25 retail outlets in Hong Kong, including 22 branches and three securities brokerage centers.