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E.Sun Financial Holding Co., Ltd. Annual Report 2016

Feb 14, 2017

52215_rns_2017-02-14_51640ec7-d53e-4cc1-838e-f606d7c100f2.pdf

Annual Report

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E.SUN FHC Financial Review of 4Q 2016

Feb. 2017

Disclaimer

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This Presentation is provided by E.SUN Financial Holding Co., Ltd. (‘E.SUN FHC’). E.SUN makes no guarantee or warranties as to the accuracy or correctness of all the material contained. After this is released to the we presentation public, undertake no obligation to update any relevant data to reflect any change hereafter.

This contain statements. Statements that are presentation may forward-looking not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements. Those statements involve uncertainties, risks, assumptions and other factors that could cause actual developments and results to differ materially from our statement in this presentation.

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E.SUN FHC Summary

Unit : NT$ million

2016.12 2015.12
FHC 1,888,918 1,775,284
Bank 1,876,185 1,760,401
Total Assets Securities 11,513 11,254
Insurance Brokers - 2/ 1,281
Venture Capital 3,657 3,839
Book value per share (NT$) 14.67 15.21
Key Financials Double Leverage Ratio 104.79% 104.29%
FHC CAR 135.96% 141.73%
Shareholder Structure QFII 55.36% 59.75%
Bank – domestic 137 136
Branch: HK, LA, Singapore, Vietnam, Australia,
Distribution Channels Oversea channels Myanmar
Subsidiary: China and Cambodia (UCB)
Representative office in Hanoi
Totally 24 overseas operating sites
Securities - branches 20 21

Note: 1 Preliminary figures of Dec. 2016 2. Insurance Brokers was merged into Bank in March, 2016

2

2016 Business and Financial Review

Financial Performance

  • Net profit for 2016 reached NT$13.2billion, which was 3.0% higher than 2015.

  • EPS NT$1.51, ROE 10.41%, ROA 0.71%.

Business Operation

  • .

  • Net interest income and Net fee income increased by 5.4% and 12.0% respectively

  • Credit card and Wealth management remained growth momentum, achieved 20.8% and 12.4% growth rate separately.

  • Loan demand remained strong with total balance grew 9.2% in 2016, .

  • Asset quality maintain benign with NPL ratio at 0.19% and coverage ratio at 629.9%.

Milestones

  • Received Best Bank in Taiwan award by The Banker, Asiamoney and The Asset, recognizing E.SUN’s overall performance.

  • Provide customers with comprehensive cross border financial services through 24 operating sites across 8 countries/regions.

  • Keep leading position in financial innovation, and developing on payment and A.I. fields.

3

Financial Performance

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Net Profit
Unit: NT$ million
12,816 13,197
10,529
8,416
7,058
2012 2013 2014 2015 2016
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ROE

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11.11% 11.23%
10.65%
10.03% 10.41%
2012 2013 2014 2015 2016
Note: 1. Net Profit was deducted by non-controllable portion
2. Preliminary figures of Dec. 2016
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EPS
Unit: NT$ dollars
1.56 1.63
1.53 1.51
1.46
2012 2013 2014 2015 2016
ROA
0.77%
0.72% 0.71%
0.64%
0.59%
2012 2013 2014 2015 2016
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4

Net Income of FHC & its Subsidiaries

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Contribution by Subsidiaries Contribution by Subsidiaries Net Income of FHC and its Subsidiaries
Unit: NT$ million
Bank
99.54%
13,197.0
13,194.3
12,816.3
11,908.6
2015
2016
Securities
VC 0.42%
0.03% 55.8
153.0 168.0
4.6
Bank Securities VC FHC
Note. 1. Preliminary figures of Dec. 2016
2. Insurance Brokers has been merged to Bank in Mar. 2016
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5

Net Profit Breakdown

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2016 P&L
40,891 (22,218)
Unit: NT$ million
(3,406)
(2,203)
13,197 [1/]
Net Revenue Operating Net Provision Income Tax Net Profit
Expense
2015 P&L +6.2% +10.3% +3.0%
38,489 (20,138)
(3,566)
(1,906) 12,816 [1/]
Net Revenue Operating Net Provision Income Tax Net Profit
Expense
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Note: 1. Net Profit is deduct non-controllable portion 2. Preliminary figures of Dec. 2016

6

FHC Revenue Breakdown

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Contribution by Subsidiaries Total Net Revenue Net Income of FHC and its Subs
YoY Revenue Comparison
NT$ 40,891 million
Unit: NT$ million
+12.0% YoY
+5.4% YoY
2015
Net Fee Income
18,414 2016
38.0%
17,474
15,543
13,878
LT Investment 7,066
Net Interest 6,846
0.3%
Income
45.0% Fixed Income
Investment & Others
16.7%
71 88
Net Interest Net Fee Income LT Investment Fixed Income
Income Investment &
Others
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Note: Preliminary figures of Dec. 2016

7

Net Fee Income Breakdown

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Contribution by Subsidiaries Total Net Fee Income Net Income of FHC and its Subs
YoY Comparison
NT 15,543 million
Consumer Unit: NT$ million
Banking Corporate +20.8% YoY +12.4% YoY
Banking
6.8%
7.7%
2015
2016
Securities
Wealth 8,219
&Others
Management
5.3% 7,313
52.9%
4,244
3,514
Credit Card
27.3% 1,052 1,063 1,165 1,199 834 818
Credit Card Wealth Consumer Corporate Securitie&Others
Management Banking Banking
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Note: 1. Preliminary figures of Dec. 2016

2. WM Including Bancassurance fee from Insurance Brokers

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8
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Credit Card Business Breakdown

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Active Cards
Card Consumption
Unit: Thousand Cards ， % Unit: NT$ million
Active Cards Market Share
10.42% 10.43% 10.92% 11.07% Consumption Market Share 11.17% 12.26%
9.80% 10.08% 300,134
2,991 9.96%
9.51%
2,770 252,381
2,351 2,541
211,154
2,106 193,119
170,087
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
Per Card Spending (Monthly) Gross Fee Income
Unit: NT$ million
Unit: NT$ dollar 5,331
8,362 4,500
7,593
6,846 6,925 3,979
6,729 3,606
3,413
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
Note: Market share of Dec. 2016
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9

Deposit and Loan Structure

Unit: NT$ Bn

Category
2016.12
QoQ
Growth %
2016.9
YTD
Growth %
2015		 Category
2016.12
QoQ
Growth %
2016.9
YTD
Growth %
2015		 Category
2016.12
QoQ
Growth %
2016.9
YTD
Growth %
2015
Category
2016.12
QoQ
Growth %
2016.9
YTD
Growth %
2015
Total Deposits
1,542.6
4.3%
1479.7
6.6%
1,447.4
Demand Deposits
725.2
4.4%
694.8
7.8%
672.9
Time Deposits
423.3
3.2%
410.2
(2.0%)
431.8

FCY Deposits
394.0
5.2%
374.7
15.0%
342.6
Total Loans1/
1,107.7
3.4%
1,071.1
9.2%
1,014.8
Corporate Loans
552.3
3.4%
533.9
9.5%
504.4
SME Loans
294.0
4.9%
280.3
11.8%
263.0
Consumer Loans
555.5
3.4%
537.3
8.8%
510.4
Mortgage Loan
229.6
2.4%
224.3
2.8%
223.3
Unsecured Personal Loan
91.0
3.9%
87.6
14.2%
79.7
Credit Cards in force (‘000s)
2,991
1.8%
2,937
8.0%
2,770




Accumulated Credit Card Spending
300.1
1.1%
224.2
18.9%
252.4
Credit Card Revolving Balance
11.5
2.7%
11.2
10.6%
10.4


Accumulated Credit Card Spending
300.1
1.1%
224.2
18.9%
252.4
Credit Card Revolving Balance
11.5
2.7%
11.2
10.6%
10.4

Note: Excluded loan balance of subsidiaries NT $22.3 billion and credit card revolving balance

10

Deposit Structure

Loan to Deposit Ratio Contribution by Subsidiaries

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Unit: NT$ Bn
Total Deposits Total Loans LDR NTD LDR
1,387.5 1,447.4 1,488.7 1542.6
1,279.0
1,107.7
1,030.7
980.7 1019.5 83.7%
929.1
78.0%
77.5%
77.5%
77.0%
72.6%
71.8%
70.7% 70.4%
69.2%
2014 6M15 2015 6M16 2016
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Deposit Structure

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Unit: NT$ Bn
2015
725.2 2016
672.9
431.8 423.3
394.0
342.6
Demand Deposits Time Deposits FCY Deposits
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Note: 1. Excluded Credit card revolving balance 2. Financials of E.SUN Bank

3. Excluded deposit and loan of subsidiaries

11

Loan Portfolio Breakdown

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Contribution by Subsidiaries Total Loan
YoY Comparison
NT$ 1,119.2 billion
Unit: NT$ Bn
SME 26.3%
2015
Mortgage 2016
294.0
20.5%
Large
263.0
258.3
Corporate
241.5
23.1% 229.6 234.9
223.3
207.3
91.0
79.7
Secured
Credit Card Personal
11.5
Revolving Loan 10.4
1.0% 21.0%
Unsecured
Large SME Mortgage Credit Card Unsecured Secured
Personal
Loan Corporate Personal Personal
8.1% Loan Loan
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Note: 1. Secured Personal Loan is fully collateralized by fixed asset 2. Excluded loan of subsidiaries

12

NIM and Spread

Contribution by Subsidiaries Quarterly Net Interest Margin

Quarterly Interest Spread

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Overall Lending Rate Overall Deposit Rate
Interest Spread
1.73% 1.74% 1.71%
1.71% 1.71% 1.69%
NIM
2.50% 2.46% 2.42%
2.34% 2.28% 2.25%
1.35%
1.32% 1.32% 1.33%
1.31% 1.30%
0.77% 0.72% 0.71%
0.63% 0.57% 0.56%
3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16
3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16
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Note: 1. Financials of E.SUN Bank

2. The net interest income restore the accounting treatment impact

13

1/3 Superior Asset Quality

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Contribution by Subsidiaries NPL Ratio(%) Coverage Ratio(%)
Unit: NT$ million Unit: NT$ million
Loan Loss Reserve Coverage Ratio
12,563
13,305
12,526
NPL NPL Ratio 12,080
930.3% 676.3%
575.2%
629.9%
10,344
604.5%
0.19%
0.21%
0.18%
0.18%
0.13%
1,711 2,100 2,112
1,852
1,350
2014 6M 15 2015 6M 16 2016 2014 6M 15 2015 6M 16 2016
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Note: Financials of E.SUN Bank

14

2/3 Superior Asset Quality

NPL Ratio for Major Products Contribution by Subsidiaries NPL Ratio for Credit Card

Unit: NT$ million

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Corporate NPL Ratio
NPL NPL Ratio
Mortgage NPL Ratio
0.28%
0.24%
0.18%
0.14%
0.26%
0.08% 0.23% 0.23%
0.05% 0.07% 0.23% 0.19% 107 133 147
88 94
0.06% 0.08% 0.06%
2014 6M15 2015 6M16 2016
2014 6M 15 2015 6M 16 2016
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Note: Financials of E.SUN Bank

15

3/3 Superior Asset Quality

NPL Comparison with Market

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Market
0.38%
E.SUN 0.28% 0.25% 0.25% 0.24% 0.27% 0.27%
0.20% 0.15% 0.18% 0.21% 0.13% 0.18% 0.19%
2013 6M 14 2014 6M 15 2015 6M 16 2016
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Source : FSC

16

Cost-Income Ratio

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Unit: NT$ million
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Net Revenue Operating Expense(exclu. provision) Cost Income Ratio
37,285.9 39,825.0
30,688.5
25,959.5
53.1%
52.9%
54.0% 51.1% 21,127.0
19,042.8
16,560.0
13,725.3
2013 2014 2015 2016
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Note: 1. Preliminary figures of Dec. 2016 2. Financials of E.SUN Bank

17

Capital Adequacy Ratio

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FHC CAR Ratio Bank BIS Ratio
Tier 2 Ratio Tier 1 Ratio
140.76% 141.53% 141.73%
139.10% 12.75% 13.34% 13.33% 14.54% 14.10%
135.96%
4.35% 3.85%
3.90% 3.93%
3.48%
10.19% 10.25%
9.27% 9.44% 9.40%
2014 6M 15 2015 6M 16 2016 2014 6M 15 2015 6M 16 2016
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Note: 1. Preliminary figures of Dec. 2016 2. As consolidated basis

18

Thank You

  • If you wish to know more about

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  • E.SUN, please visit our website site (www.esunfhc.com.tw) for more information.

  • If you have further questions, please

  • feel free to contact us through email or conference call

  • For more information, please contact Investor Relations Department +8862 2175 1313 Ext 1346, 9347,9302 [email protected]

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1/6 Appendix

Balance Sheet of 4Q2016 for E.SUN FHC and its subsidiaries

NT$ million
E.SUN Bank
(consolidated)
E.SUN Sec.
(Consolidated)
E.SUN VC
E.SUN FHC
(Standalone)		 E.SUN FHC
(consolidated)
Assets：
Cash and due from banks
125,732
686
507
468
Securities, net
503,158
211
547
0		 124,949
512,126
Loans, net
1,117,960
0
0
0
A/R, net
80,778
7,944
0
81
LT investments, net
544
173
2,077
134,733
Land, premises and equipments, net
25,787
347
0
33
Others
22,226
2,152
526
2,214		 1,117,960
88,681
2,743
26,168
16,291
Total assets
1,876,185
11,513
3,657
137,529		 1,888,918
Liabilities:
Deposits
1,615,652
0
0
0
Other liabilities
133328
6803
67
8956		 1,554,965
204595

,
,

,		 ,
Total liabilities
1,748,980
6,803
67
8,956		 1,759,560
Total stockholders' equity
127,205
4,710
3,590
128,573		 129,358
Total equityattributable to owners of the company
126,416
4,710
3,590
128,573		 128,573
Non-Controllinginterests
789
0
0
0		 785
'
Total liabilities andstockholders equity
1,876,185
11,513
3,657
137,529		 1,888,918

Note: Preliminary figures of Dec. 2016

2/6 Appendix

P&L of E.SUN FHC and its subsidiaries for 4Q2016

E.SUN FHC
(consolidated)
18,414		 E.SUN FHC
(consolidated)
18,414
NT$ million
E.SUN Bank
(Consolidated)
E.SUN Sec.
(Consolidated)
E.SUN VC
E.SUN FHC
(Standalone)		 E.SUN FHC
(consolidated)
Operating income
Net interest income
18,247
286
1
(121)
 18,414
Net fee income
15,537
599
0
0
LT investment income
54
3
26
13,538
Net trading income/(loss) & Derivatives & FX
6,575
36
(2)
(37)
Others
293
96
1
71		 15,543
81
6,571
282
Total Net Revenues

40,706
1,020
26
13,451		 40,891
Allowance for bad-debt expenses
(3,406)
0
0
0
Operating expenses
(21,809)
(937)
(14)
(237)		 (3,406)
(22,218)
Income before income tax
15,491
83
12
13,214
Income tax expenses
(2,151)
(27)
(7)
(17)		 15,267
(2,203)
Net Income
13,340
56
5
13,197		 13,064
Attributable to owners of the company
13,327
56
5
13,197		 13,197
Attribute to former business under control
146
0
0
0		 0
Non-controlling interests
(133)
0
0
0		 (133)

Note: 1. Preliminary figures of Dec. 2016

2. Insurance Brokers was merged with Bank on March 25[th] , 2016

3/6 Appendix

E.SUN FHC’s Balance Sheet (Consolidated)

Dec 16
124,949
 Dec 16
124,949
NT$ million 2013
2014
2015
Yearly Results		 Quarterly Results
Dec 15
Mar 16
Jun 16
Sep 16		 Dec 16
Assets：
Cash and due from banks
 79,252
89,638
104,113


 104,113
96,705
88,346
86,116



 124,949
Securities, net
Loans, net
A/R, net
LT investments, net
Land, premises and equipments, net		 352,114
420,897
469,508
828,238
934,614
1,021,995
62,895
73,088
78,562
1,783
2,184
2,386
19,373
21,106
26,792		 469,508
517,090
548,099
515,775
1,021,995
1,017,679
1,038,719
1,080,228
78,562
76,731
84,218
79,367
2,386
2,700
2,706
2,736
26,792
26,856
27,390
27,451		 512,126
1,117,960
88,681
2,743
26,168
Others 37,382
24,893
71,928		 71,928
64,604
54,940
52,175		 16,291
Total assets 1,381,037
1,566,420
1,775,284
1,150,369
1,280,692
1,456,394		 1,775,284
1,802,365
1,844,418
1,843,848		 1,888,918
Liabilities:
Deposits		 1,456,394
1,476,395
1,497,509
1,493,485		 1,554,965
Other liabilities 147,313
178,067
197,229		 197,229
201,688
221,838
222,415		 204,595
Total liabilities 1,297,682
1,458,759
1,653,623
83,355
107,661
121,661

82,651
106,876
120,927
704
785
734		 1,653,623
1,678,083
1,719,347
1,715,900		 1,759,560
Total stockholders' equity 121,661
124,282
125,071
127,948		 129,358
Total equity attributable to owners of the company 120,927
123,480
124,272
127,162		 128,573
Non-Controlling interests 734
802
799
786		 785
Total liabilities and stockholders' equity 1,381,037
1,566,420
1,775,284		 1,775,284
1,802,365
1,844,418
1,843,848		 1,888,918

Note: Preliminary figures of Dec. 2016

4/6 Appendix

E.SUN FHC’s P&L account (Consolidated)

4Q15
1Q16
2Q16
3Q16
4Q16
Quarterly Results		 4Q15
1Q16
2Q16
3Q16
4Q16
Quarterly Results		 4Q15
1Q16
2Q16
3Q16
4Q16
Quarterly Results
NT$ million 2013
2014
2015
Yearly Results
4Q15
1Q16
2Q16
3Q16		 4Q16
Operating income
Net interest income
Net Fee income
LT investment income
Net trading income/(loss) & Derivatives & FX
Others		 13,035
15,485
17,474
9,124
11,470
13,878
308
121
71
4,359
5,602
7,378


 4,514
4,329
4,528
4,751
3,326
3,459
3,825
4,373
1
26
6
56
1,834
1,777
1,625
1,659



 4,806
3,886
(7)
1,510
(79)
77
(312)
26,747
32,755
38,489
(1,707)
(2,034)
(3,566)
(14,826)
(17,950)
(20,138)
10,214
12,771
14,785		 (513)
14
31
32		 205
Total Net Revenues 9,162
9,605
10,015
10,871		 10,400
Allowance for bad-debt expenses
Operating expenses		 (779)
(33)
(541)
(1,028)
(5,587)
(5,167)
(5,397)
(5,636)		 (1,804)
(6,018)
Income before income tax 2,796
4,405
4,077
4,207		 2,578
Income tax expenses (1,798)
(2,166)
(1,906)
8,416
10,605
12,879
8,416
10,529
12,816
-
-
-
76
63		 (361)
(689)
(560)
(726)		 (228)
Net Income 2,435
3,716
3,517
3,481		 2,350
Income Attributable to owners of the company 2,422
3,698
3,546
3,474		 2,479
Attribute to former business under control -
-
-
-		 -
Non-Controlling interests 13
18
29
7		 129
-

 ()
 ()

Note: Preliminary figures of Dec. 2016

5/6 Appendix

E.SUN Bank’s Balance Sheet

Dec 16
125,732		 Dec 16
125,732
NT$ million 2013
2014
2015
Yearly Results		 Quarterly Results
Dec 15
Mar 16
Jun 16
Sep 16		 Dec 16
Assets：
Cash and due from banks		 79,225
89,599
103,947		 103,947
96,603
88,342
86,046		 125,732
Securities, net
Loans, net
A/R, net
LT investments, net
Land premises and equipments net		 350,833
417,344
467,481
828,238
934,614
1,021,995
56,093
65,392
71,523
521
546
542
18,487
20,247
26,156		 467,481
516,351
546,517
513,982
1,021,995
1,017,679
1,038,719
1,080,228
71,523
68,859
76,924
71,682
542
541
538
538
26,156
26,935
26,719
26,819		 503,158
1,117,960
80,778
544
25,787
, ,
Others		 35,516
24,202
68,986
1,368,913
1,551,944
1,760,630
1157060
1284728
1457201		 68,986
60,295
52,156
49,880		 22,226
Total assets 1,760,630
1,787,263
1,829,915
1,829,175		 1,876,185
Liabilities:
 1457201
1478221
1502420
1495822		 1615652
Deposits
Other liabilities		 ,,
,,
,,
,,
185,171
187,812
205,416
207,925		 ,,
133,328
Total liabilities 1,642,372
1,666,033
1,707,836
1,703,747		 1,748,980
Total stockholders' equity 118,258
121,230
122,079
125,428		 127,205
116,391
120,423
121,274
124,635		 126,416
Non-Controllinginterests
704
785
1,133		 1,133
807
805
793		 789
Attribute to former business under control
-
-
734
Total liabilities and stockholders' equity
1,368,913
1,551,944
1,760,630		 734
1,760,630
1,787,263
1,829,915
1,829,175		 1,876,185

Note: 1. Preliminary figures of Dec. 2016

2. E.SUN IB merged into E.SUN Bank on Mar. 16 and therefore restate the financial statement of ‘15, in which Q1~Q3 were reviewed by CPA. .

6/6 Appendix

E.SUN Bank’s P&L account

4Q15
1Q16
2Q16
3Q16
4Q16
4,469
4,289
4,486
4,709
4,763
Quarterly Results		 4Q15
1Q16
2Q16
3Q16
4Q16
4,469
4,289
4,486
4,709
4,763
Quarterly Results		 4Q15
1Q16
2Q16
3Q16
4Q16
4,469
4,289
4,486
4,709
4,763
Quarterly Results
NT$ million 2013
2014
2015
Yearly Results		 Quarterly Results
4Q15
1Q16
2Q16
3Q16		 4Q16
Operating income
Net interest income		 12,887
15,286
17,253		 4,469
4,289
4,486
4,709		 4,763
Fee income
LT investment income
Net trading income/(loss) & Derivatives & FX
Others		 7,929
9,910
13,190
49
48
45
4,969
5,318
6,522
125
127
276
25,959
30,689
37,286		 3,147
3,294
3,680
4,220
0
5
6
43
1,236
1,904
1,540
1,756
11
23
39
37		 4,343
0
1,375
194
Total Net Revenues 8,863
9,515
9,751
10,765		 10,675
Allowance for bad-debt expenses
Operatingexpenses		 (1,707)
(2,034)
(3,566)
(13,725)
(16,560)
(19,043)
10,527
12,095
14,677
(1,680)
(1,814)
(1,947)
8,847
10,281
12,730		 (779)
(32)
(540)
(1,029)
(5,322)
(4,916)
(5,151)
(5,381)		 (1,805)
(6,361)
Income before income tax
Income tax expenses		 2,762
4,567
4,060
4,355
(382)
(667)
(557)
(729)		 2,509
(198)
Net Income 2,380
3,900
3,503
3,626		 2,311
Attributable to owners of the company 8,847
10,205
11,908
-
-
759
-
76
63		 2,204
3,736
3,532
3,618		 2,441
Attribute to former business under control 163
146
-
-		 -
Non-controllinginterests 13
18
(29)
8		 (130)

Note: 1. Preliminary figures of Dec. 2016

2. E.SUN IB merged into E.SUN Bank on Mar. 16 and therefore restate the financial statement of ‘15, in which Q1~Q3 were reviewed by CPA. .

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