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Fubon Bank reports 35.5% rise in 2006 profits
click rate:2656 issue time:2007-03-10 08:12

Mar. 8, 2007 (China Knowledge) - Fubon Bank (Hong Kong), yesterday reported a 35.51% growth in earnings to to HK$327.1 million for last year despite an increase in bad loan provision.

The bank’s earnings were pulled up by higher demand for loans, stock dealing and wealth management products amid buoyant economic growth in Hong Kong.

Charges from bad loans were HK$65.5 million, compared with a write-back of HK$20.2 million a year ago, although its operating profit before impairment losses jumped 80.27%to HK$410.6 million.

Fubon Bank said it will pay a final dividend of 12 HK cents.

Credit Suisse had in a report last week upgraded Fubon Bank’s parent, Fubon Financial Holding Co., to "outperform" from "Neutral" with a target price raised to NT$35 from NT$29.