Thank you for standing by, and welcome to Fubon Financial's Q2 2024 Financial Results. At this time, all participants will be in a listen-only mode. Questions from the investors and analysts will be taken at the end of the presentation. This call is being recorded. If you have any objections, you may disconnect at this time. And now, I will hand the call over to your host, Ms. Amanda Wang, IR Officer of Fubon Financial Holdings. Ms. Wang, please begin.
Hi, welcome everyone. Thank you for joining Fubon's first half 2024 results call today. There will be two sessions, including Fubon's performance review, and followed by the Q&A, hosted by the President, Mr. Harn, and the senior management team. Please turn to page four of the presentation. The net profit for the holding in the first half a record, another record high. We can see the EPS and net profit both top among Taiwan's holding companies industry. While the scale both grow in terms of assets and book value, and the per share basis that reach over TWD 64. The earnings growth out of the subsidiaries, you can see that are all well-performed.
Firstly, in Fubon Life, the net profit, again, top among the peers in Taiwan, that's driven by the investment return at over 5%, and also the first-year premium ranked top one. In the meantime, the capital position remains strong, while the equity asset ratio at above 11%. In Fubon Bank, the profit also reached a record high. That mainly come from the core earnings, including net interest income and fees, which we'll go into more details later on, and the franchise, we also see the customer base expansion, specifically from the digital platform. In Fubon Insurance, the net profit resume its pattern and steadily grow on back of the underwriting results and also the investment performance.
Our securities benefited from the strong capital market. In the meantime, the business scale grow on back of the brokerage prop trading, and the wealth management business. On page five, the net profit grow, as we just share with you, that record strong level. Also we see the strength into July as well, which the net profit reach TWD 107 billion. That is higher than the full year in 2023, and EPS reach TWD 1 per share. On page six, we share with you the numbers across the subsidiaries, which, as we just highlight, the key strength this first half is the growth across all subsidiaries.
So other than the major four, we can also see Fubon Bank Hong Kong and Fubon Bank China also shows the earnings growth as well. In page seven, the assets and net worth of growth, which reach over eleven trillion in terms of assets and book value grow. Where we can see the book value per share reach over 64. That's a sequential growth from the point of year 2022, the level that we see a strong rebound. In page eight, the ROA and ROE both increase the result, and the number is on an annualized basis, that we can see pretty much close to the high level in year 2021.
In page nine, in terms of the ESG actions that we continue to develop the business along with a positive impact in ESG. In the meantime, the award across Taiwan international market give us the recognition that Fubon's progress on this regard. In page 11, let's move on to Fubon Life. Across first year premium, renewal premium, total premium all indicators shows that the result, the growth result is outperformed the market average, which we deliver the growth, the resumption after the decline over three years. We start to resume the growth and outperform peers. In page 12, the product mix which we focus on transforming toward a higher CSM product such as the regular pay and also protection.
The result we can see here, the regular pay, the result reach 61% in the bottom of this table. The foreign currency percentage also increased up to 41.5%. In page 13, the FYPE growth also is a strong one compared to the industry's result. We outperformed here. Again, the regular pace of traditional life contribute while the VNB growth of 7.9%, mainly on back of the product mix adjustment. The YOY 7.9%, which is not as high as FIPE, but if you compare with previous quarters YOY, we start to catch up the growth momentum.
On page 14, in channels across all channels, we take a balanced approach between bancassurance and tied agent, which both contribute over 40% of FIPE, while we take the top position in bancassurance. In FIPE across all channels, we can see the growth, while the bank and also the tied agent again deliver more of a higher growth ratio at over 30%. On page 15, in the investment side, we can see the portfolios change mainly in the foreign position. In the overseas allocation in the bottom of this table, they reach 66.9% of the total portfolio. That mainly reflect the valuation increase in equity position and also fixed income side.
We have the positive impact from the exchange rate. While the cash position at 4.3% of the allocation, that is relatively higher in our track record, which also leave us the room to further allocate to enhance overall returns. On page 16, overseas fixed income portfolio allocation pretty much stable, which we focus on investment grade in corporate and fixed income and fixed financial bonds. On page 17, the investment income result, if we see the bottom two of this table, the return on before hedge basis of 6.19%, and after hedge at 5.43%.
They're both higher than the same period last year and also higher than the full year in year 2022 and 2023. The stronger results mainly comes from the equity investments realized gains. The recurring investment income slightly decreased at 1.8% year-over-year in the first line of this table. That mainly reflect the decline in cash dividend from equities, as we have a slightly adjustment in our allocation approach strategy, and also the increase in interest income and mutual fund income that offset. In page 18, the hedge portfolio, we can see the recurring hedging cost in the upper left-hand side shows improvement in Q2 versus Q1. There was 167 basis point in Q2. That mainly reflect the potential Fed rate cut, and also the moderate interest rate environment in Taiwan.
While the recurring yield in first half before and after hedge basis both shows a decline, that mainly reflect, as we just mentioned, the cash dividend incomes decrease, and also the recurring hedge costs in first half are still higher than the same period last year. In page 19, the spread between cost of liability and the total investment return, that records another strong result in this first half. The spread is positive one, and further expand to 228 basis point from Q1 level as the investment return increase. While the break-even point versus the recurring return after hedge narrow and...
Sorry, it's a negative one, and that mainly due to the rise in hedging costs, recurring hedging costs, which hopefully we can see some improvement as the rate cut take place. And also, the cash dividend income is lower level, that is another reason. And hopefully, for the full year, when we book the full result, they will also mitigate this, lessen the negative levels. In Page 20, in the unrealized balance of the life investment portfolio, we can see a sequential improvement even on back of the strong equity gains realization. And the end balance as of June is over TWD 60 billion unrealized gains.
That also led to the equity to asset ratio up to 77%, and RBC reached 371%. And next, please move on to page 22. Taipei Fubon Bank's revenue record another strong result, up by 18.8%. Mainly driven by NII growth of 12%, and also fees growth at 43%. And in the meantime, the treasury-related income shows a slight decline, mainly due to the bond market volatility and also stock revenue slightly decreased. In page 23, the loan mix in Taipei Fubon Bank and also the growth, now we can see, the YOY remain a decent one. Both retail and corporate record over 10% growth.
While in page 24, if you move on to the currency breakdown, the foreign currencies growth carries a stronger momentum at 11% year to date versus 5% in NT dollars. While in NT's book, we can see the SME remain the key growth driver, where its year to date growth is 8.7%. In page 25, our mortgage grows steadily at 7% year to date, and personal unsecured loan that's the key growth area that record nearly 30% YOY or 13% year to date. In page 26, in the deposit side, we can see the NT dollars YTD growth faster than foreign currency.
That reflects our management on the funding cost side. While the foreign currencies utilization in the lower right-hand side, you can see, the deposits versus the loans and bond investment, the utilization rate improved up to 81% versus 75.9% by end of last year, and that also led to the NIM improvement in the following page, so here you can see the loan deposit ratio in the first half is a declined one, mainly because of the time deposit increase during the period, while the NIM was up three basis points in first half. That reflects the bond investment. While on the Q-on-Q basis in the right-hand side of this page, you can see the numbers here.
The loan deposit spread and also the NIM, both are expanding, and that mainly reflects the rise in the loan rate. In the following page, the asset quality remains stable, while the bank's NPL ratio, 0.11, continues to outperform the industry's average at 0.16. While the industry, overall speaking, still carries a very benign environment. If we see the breakdown detail, the consumer personal unsecured NPL shows a slight increase. It's mainly due to the expiration of government's more favorable measures, while Fubon's result, if we see here and also in credit cards result in the following page, that shows that the asset quality remains outperforming compared to peers.
On page 29, the cards outstanding and also card spending both record a very strong result, which we can see, 33% up in card and 44% up in card spending. That mainly on back of the Costco affinity cards contribution and also the consumption momentum. And the lower across the market. Left-hand side, the monthly per card spending are slightly down, but not much, which still remain at a stable level. That mainly reflect both the numerator and denominators change. The card number in spite of strong growth, but in the meantime, we also see the insurance transform toward regular pay, that both have an impact on this rate, this number. Yeah.
In page 30, the fee income was up by 46% for the whole bank, which we can see the wealth management grow at 40%, and also the credit card also has a very strong recovery. While the wealth management fee across all product lines, we can see a decent growth. In page 31, the overseas results of the bank, we can see both the top line and also the bottom line deliver in the range of about 17% the YOY growth. Mainly on back of the loan and also stable asset quality. Next, in page 33, in Fubon Insurance, the underwriting results remain strong.
We can see the written premium growth as over 11%, that we continue to gain market share with the top one market position, while the net combined ratio we further improve to 86.2%. That reflect the business structures improvement and also the risk management. And next, let's move on to page 35, Fubon Securities. The profit and revenue both record a very strong result on the back of the market's bullish environment, and also the securities house itself further expands its business franchise. And we also further add our focus in wealth management and aim to further deepen our customers' relationships.
On page 37, Fubon Bank Hong Kong, we see its NIM has a very strong result in this first half, up by 22 basis points and reach 1.79%. It's mainly from the asset yields enhancement as interest rate environment was higher than before. While its net profit actually fell by 1.4%, mainly due to the increase in the stage 3 impairment losses. That also is the situation that we can see the credit environment in Hong Kong's market. While its NPL and other asset quality indicators, you can see here, that remain as outperform compared to peers. And on page 38, in Fubon Bank China, its balance sheet, specifically from the deposits, up by.
It is primarily due to Taiwanese the cost 7.5% risk contribution, which we focus the customer segmentation. While the net interest margin kind of flats in first half, while adjusted basis will be increased by 29 basis points. While its net profit we can see a meaningful turnaround. The growth actually is across the net interest income swap and also capital gains from bonds. While in first half last year, we have the one-off impact that was behind us. While the asset quality is NPL ratio slightly above 1%, while if we compare to peers, again, it's continue to be better. And also we see a stable NPL as our management goal. Okay, so this is end of the briefing.
And next, we would like to open for Q&A and host by the President of Fubon Financial Holdings, Mr. Harn. And thank you for your attention.
Thank you, Ms. Wang. And ladies and gentlemen, we're now in question and answer session. If you would like to ask the question, please press star one on your telephone keypad, and you will enter the queue. After you are announced, please ask your question. If you find that your question has been answered before it is your turn to speak, please press star two to cancel the question. Now, please press star one on your keypad if you would like to ask the question. Thank you. Please press star one on your keypad if you would like to ask the question. Thank you.
Obviously, yes, please?
Sorry. Go ahead, please, President Han. Thank you.
I mean, I'm just about to say, since the attendees are pretty happy about the presentation made by Amanda, so.
Yes, of course.
Okay. If you are so kind enough not to have any question, then we'll close, call this meeting off after Amanda's presentation. But if you do indeed have any question in mind, you are most welcome to contact Amanda and her team after the conference call. I mean, last call, any question, please?
Yes, if you would like to ask a question, please press star one on your keypad. Thank you.
Okay, I think this is probably we can, you know, call this meeting off for the day, okay? Okay, thank you very much for your participations. Again, if you do have any question afterwards, you are most welcome to contact our team member. Thank you very much. Speak to you next time.