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E.Sun Financial Holding Co., Ltd. Interim / Quarterly Report 2014

May 13, 2014

52215_rns_2014-05-13_4b864504-b7f4-4788-b263-2e1a7c8c2584.pdf

Interim / Quarterly Report

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玉山金控2014年第1季法人說明會

May 2014

免責聲明

本份簡報由玉山金控提供，使用者在閱讀簡報資訊同時，應參考玉山金控向主管 機關所申報公開且完整的各項財務業務訊息，我們會盡力確保簡報內容的正確性、 完整性與精確度，但玉山金控並不保證所有資料皆準確無誤，簡報公開後，我們 亦不負有因情事變更而即時修正相關內容義務。

使用者亦應注意，本份簡報可能包含前瞻性陳述。任何非歷史性資料，包括公司 、 ， 經營策略 營運計劃與未來展望等皆屬前瞻性陳述範疇 而前瞻性陳述本身的不 確定性、風險、假設或其他因素如：法規變化、競爭環境、科技發展、經濟情勢 與經營上的改變等，皆有可能導致公司實際營運結果與簡報陳述有重大差異。 簡報的內容、陳述或主張非為買賣或提供買賣任何有價證券或金融商品的邀約、 邀約之引誘或建議。玉山金控及其他關係企業代表人無論過失或其他原因，均不 對使用或因他人引用本份簡報資料、亦或其他因簡報資料導致的任何損害負擔任 何責任。

大綱

  • 2014 1 年第 季財務績效表現

  • 2014 1 年第 季業務發展概況

  • 附件 金控及子公司損益表及資產負債表

全球總體經濟概況

  • 全球經濟復甦力道漸穩

  • 已開發國家經濟展望持續改善，帶動全球經濟穩步復甦，Global Insight預估’14全球 經濟成長率3.1%，較’13年2.5%好轉

  • 美國財政及舉債上限等不確定性消除，經濟展望較樂觀。近期製造業表現穩定，零 售銷售轉佳，失業問題緩步改善，扮演全球經濟成長領頭羊，惟需留意QE退場影響

  • 歐元區擺脫衰退但仍處谷底，且區域發展差異大，存在通縮風險；日本在安倍經濟 學帶動下，漸走出通縮困境，惟刺激經濟效果減弱，需持續觀察成效

  • 中國調結構、穩增長。因出口、投資及消費均疲弱，Q1經濟成長率降至7.4%，近期 已陸續推出選擇性調降存準率及引道民間資金投資等政策刺激經濟，並積極深化改 革，降低房市、地方債、影子銀行等潛在風險

  • 全球央行貨幣政策不同調，美國QE漸次退場，並傳出升息可能性，日、歐仍偏寬鬆 貨幣政策，新興市場國家(如巴西、土耳其、印度、俄等)陸續加入升息行列

  • 台灣緩步復甦，尚缺穩定的成長動能

  • 審慎觀察出口表現。隨已開發國家經濟好轉及新科技產品推出，Q1外銷訂單及出口小 幅成長，惟需留意兩岸產業供應鏈由互補走向競爭之影響

  • 失業率雖下滑，然實質薪資未明顯成長，加上物價(尤以食物類)上漲、政治紛擾，不 利民間消費回溫

1

E.SUN FHC Summary

Unit : NT$ million
Mar 2014 2013
玉山金控 1,459,074 1,381,016
玉山銀行 1,446,229 1,368,892
總資產 玉山證券 10,593 9,423
玉山保經 740 677
玉山創投 2,440 2,445
金控每股淨值(新台幣元) 15.45 14.96
主要財務比率 雙重槓桿比率 106.68% 108.24%
金控資本適足率 136.60% 132.43%
外資持股比重 QFII 53.17% 53.27%
國內銀行通路 136 136
實體通路 海外據點 Branch in HK, LA, Singapore, Donguan (China)
Subsidiary UCB, Cambodia
Representation office in Vietnam, Myanmar
證券分公司 21 21

Note: as of Mar. 2014

2

玉山金 2014年第1季業務發展及財務績效

• 獲利動能依舊強勁

  • 玉山金控2014年第1季依舊保持強勁的成長動能，稅後獲利為新台幣28.6億元， 。

  • 較去年同期成長26%。每股稅後盈餘0.50元、ROE 及ROA分別為13.28% 及0.81%

  • 手續費收入是整體營收的主要成長動能，2014年第一季較去年同期成長14.8%， 。

  • 其中財富管理及信用卡手續費分別成長24.3%及14.1%

  • 穩健的資產品質

  • 保持穩定的資產品質，到 2014 年 3 月底時，整體逾放比率為 0.18% ，低於 。

  • 市場平均的 0.33%

  • 7億股現金增資計畫已於今年5月9日正式募集完成，預計將新增加的資本 注資至子公司玉山金行及玉山證券，作為未來業務發展的動能。

3

玉山金控獲利表現

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稅後獲利 EPS
8,416 Unit: NT$ million 1.53Unit: NT$ dollars
1.46
7,058
1.04
0.82
3,923
3,484
2,858 0.50
2010 2011 2012 2013 3M14 2010 2011 2012 2013 3M14
ROE ROA
0.81%
13.28%
10.65% 0.64%
10.03% 0.59%
7.32%
0.39%
5.77%
0.31%
2010 2011 2012 2013 3M14 2010 2011 2012 2013 3M14
Note: 1. ROE and ROA are annualized.
2. Audit figures of Mar. 2014
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4

玉山金控及子公司獲利結構

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Contribution by Subsidiaries 各子公司獲利貢獻 金控及子公司稅後淨利比較
Unit: NT$ million
Bank
2,858.5
2,790.7
93.0%
2,315.0
2,268.2
3M13
3M14
Insurance
Brokers
2.0%
Securities
178.8
2.0% 34.0 59.9 71.3 60.3 90.1
VC
3.0%
Bank Securities Insurance VC FHC
Broker
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Note: Audit figures of Mar. 2014

5

與去年同期獲利比較

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3M 14 P&L
Unit: NT$ million
7,965
(4,005)
(374)
(712)
2,858
Net Revenue Operating Net Provision Income Tax Net Profit
Expense
3M 13 P&L
19.6% +13.2%+95.4%
+26.0%
6,658 (3,539)
(351)
(500)
2,268
Net Revenue Operating Net Provision Income Tax Net Profit
Expense
Note: 1. 1Q14 Net Profit is deduct non-controllable portion
2. Audit figures of Mar. 2014
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6

玉山金控淨收益結構

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Contribution by Subsidiaries 淨收益 Net Income of FHC and its Subs
與去年同期比較
新台幣 $ 7,965 百萬元
Unit: NT$ million
3,498
Net Fee Income 3,078
31.3% +14.8% YoY 3M13
2,493
2,171
3M14
LT Investment 1,969
0.1%
Net Interest
Income 1,173
43.9%
Trading Gains
&Others
24.7%
236
5
Note: Audit figures of Mar 2014
Net Interest Income Net Fee Income LT Investment Trading Gains &Others
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7

玉山金控淨手續費結構

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Contribution by Subsidiaries 淨手續費收入 Net Income of FHC and its Subs
與去年同期比較
新台幣 $ 2,493 百萬元
Unit: NT$ million
+14.1% YoY +24.3% YoY
Consumer Corporate 1,140 3M13
Banking Banking
9.2% 8.2% Securities
&Others 917
6.0% 3M14
769
674
Credit Card
2/ Wealth 30.9%
Management 291
45.7% 229
205
150 150
124
Note: 1. Audit Figures of Mar. 2014 Credit Card Wealth 2/ Consumer Banking Corporate Banking Securitie&Others
2. Including Bancassurance fee from E.SUN Insurance Broker Management
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Note: 1. Audit Figures of Mar. 2014
2. Including Bancassurance fee from E.SUN Insurance Broker
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8

快速成長的信用卡業務

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Active Cards Card Consumption
Unit: Thousand Cards，%
10.58% Unit: NT$ million
Active Cards Market Share 10.42% 2,440 Consumption Market Share 193,119 9.96% 10.30%
9.80% 2351 9.51%
170,087
8.39% 8.54% 2,106
8.12%
1,772 7.35% 138,020
1,638
115,568
33 , 310
2010 2011 2012 2013 Feb-14 2010 2011 2012 2013 Feb-14
Per Card Spending (Monthly) Gross Fee Income
3,606 Unit: NT$ million
Unit: NT$ dollar 3,413
6,490 6,729 6,846 6,826 2,624
5,879
2,129
952
2010 2011 2012 2013 Feb-14 2010 2011 2012 2013 1Q 2014
9
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主要存放款業務比較

Unit: NT$ Bn
產品別 2014.3 QoQ
Growth %		 2013 2013
Growth %		 2012
總存款 1,186.7 2.9% 1,152.7 11.3% 1,035.5
活期存款 549.7 0.7% 545.7 18.1% 461.9
總放款1/ 844.8 2.3% 825.8 11.5% 740.3
企業放款 430.6 4.2% 413.3 13.1% 365.4
中小企業放款 216.0 (0.7%) 217.6 15.9% 187.8
消金放款 414.3 0.4% 412.5 10.0% 374.9
房屋貸款 208.7 (1.5%) 211.8 0.5% 210.8
小額信貸 49.9 3.1% 48.4 30.1% 37.2
信用卡有效卡數(‘000s) 2,452 4.3% 2,351 11.2% 2,106
累積總簽帳金額 48.8 0.22/ 193.1 13.5%3/ 170.2
信用卡循環額 10.8 (3.6%) 11.2 (8.1%) 12.4

Note: 1.Exclude credit card revolving balance 4. Exclude deposit(US$ 276 million) and loan(US$ 238 million) from UBC, Cambodia

  1. QoQ growth is 1Q14 vs 4Q13

  2. YoY growth is 2013 vs 2012

10

存款結構分析

1/ Contribution by Subsidiaries 存放比

存款結構比較

Unit: NT$ Bn

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Total Deposits Total Loans LDR NTD LDR 1186.7
1152.7
549.7
1,074.0
1,035.5
979.0 475.1
422.8 426.5
844.8
825.8
76.1% 794.3 3M 13
74 . 7% 740.3 74 . 9%
73.2% 704.0
71.3%
74.0%
71.9% 3M 14
71.5% 71.6% 71.2%
210.4
163.1
6M12 2012 6M13 2013 3M 14
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NTD Demand NTD Time Deposits FCY Deposits Deposits

Note: 1.Excluding Credit card revolving balance 3. Exclude deposit(US$ 276 million) and loan(US$ 238 million) from UCB, Cambodia 2. Financials of E.SUN Bank

11

放款結構分析

Contribution by Subsidiaries 總放款 1/ 新台幣 $ 8,557 億元

與去年同期比較

Unit: NT$ Bn

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SME, 25.2%
216.0
214.6
210.5 208.7
3M 2013
195.7
190.0
Mortgage
24.4% 155.6
130.9
Large 3M 2014
Corporate
25.1%
2/
Secured2/ 49.9
Personal 38.5
Credit Card
Loan
Revolving 12.0
1.3% UPL 18.2% 10.8
5.8%
Note: 1.Include Credit Card Revolving balance
2. Secured Personal Loan, which is fully collateralized. Large Corporate SME Mortgage Credit Card UPL Secured
3. As of Mar. 2014
Personal Loan
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  1. Exclude loan(US$ 238 million) from UCB, Cambodia

12

NIM and Spread

Contribution by Subsidiaries Quarterly Net Interest Margin

Quarterly Interest Spread

Overall Lending Rate Overall Deposit Rate Interest Spread 1.73% 1.72% 1.72% 1.73% 1.74% 1.74%

NIM

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2.50% 2.49% 2.49% 2.49% 2.50% 2.52%
1.29%
1.27%
1.27% 1.27% 1.28% 1.28%
0.77% 0.77% 0.77% 0.76% 0.76% 0.78%
4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14
4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14
Note: 1. Financials of E.SUN Bank
2. The 2013 net interest income restore the accounting treatment impact
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13

1/3 優異的資產品質

Contribution by Subsidiaries NPL Ratio(%)

Coverage Ratio(%)

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NPL NPL Ratio
Loan Loss Reserve Coverage Ratio
9,331
9,018
8,327 8,450
7,800
658 . 1%
628.5%
618.2%
532.8%
519.8%
0.20%
0.18% 0.17% 0.20%
0.18%
1,626 1,693
1,509
1,241 1,265
6M 12 2012 6M 13 2013 3M 14 6M 12 2012 6M 13 2013 3M 14
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Note: .1. Financials of E.SUN Bank
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14

2/3 優異的資產品質

Contribution by Subsidiaries NPL Ratio for Major Products

NPL Ratio for Credit Card

Corporate NPL Ratio Mortgage NPL Ratio

NPL NPL Ratio

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0.15% 0.26% 0.26%
0.11% 0.11% 0.06% 0.08% 0.21% 0.23% 0.20% 0.22% 0.22% 0.23% 0.24%
89 86
77 74 80 85
0.09% 0.07%
0.08% 0.04%
2011 6M 12 2012 6M 13 2013 3M 14
2011 6M 12 2012 6M 13 2013 3M 14
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Note: .1. Financials of E.SUN Bank

15

3/3 優異的資產品質

NPL Comparison with Tier 1 players and the Market

Market

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Tier 1
0.91%
0.61%
0.56%
E.SUN 0.75% 0.43% 0.40%
0.44%
0.38%
0.51% 0.33%
0.42%
0.45% 0.39% 0.34% 0.30% 0.34% 0.3 0% 0.24%
0.20%
0.18%
0.20% 0.18% 0.17% 0.20%
6M 10 2010 2011 6M 12 2012 6M 13 2013 3M 14
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Note: 1. Source : FSC

  1. Tier 1 group include Taishin, Chinatrust, Cathay, Fubon, Shanghai, First, Hua-nan, CHB, Mega and Sinopac

16

成本效率比

Unit: NT$ million

Pre-Provision Operating Revenue Operating Expense(exclu. provision) Cost Income Ratio

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25,959.5
23,208.9
56.5%
56.8%
18,854.2
54.7%
52 . 9%
16,806.8 49.6%
13,725.3
12,689.5
10,711.4
9,489.7
7,476.2
3,709.2
2010 2011 2012 2013 3M14
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Note: 1. Audited figures of Mar 2014
2. Financials of E.SUN Bank
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17

資本適足率

FHC CAR Ratio

Bank BIS Ratio

Tier 1 Ratio Tier 2 Ratio 11.40% 12.29% 12.37% 13.21% 12.21% 12.27%

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144.50%
4.16%
3.27% 3.57%
133.49% 136.04% 132.43% 2.97% 3.71% 3.79%
130.88%
119.52%
8.43% 9.02% 8.80% 9.05% 8.50% 8.48%
6M 11 2011 6M 12 2012 6M 13 2013
6M 11 2011 6M 12 2012 6M 13 2013
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18

Q & A

  • If you wish to know more about

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

  • If you have further questions, please

  • feel free to contact us through email or conference call

Mr. Anthony Cheng +8862 2175-1346 - Tonycheng [email protected]

大綱

• 2014 1 年第 季財務績效表現

  • 2014 1 年第 季業務發展概況

  • 附錄

1/6 Appendix

Balance Sheet of 1Q14 for E.SUN FHC and its subsidiaries

NT$ million
E.SUN Bank
(consolidated)
E.SUN Sec.
(Consolidated)
E.SUN IB
E.SUN VC
E.SUN FHC
(Standalone)		 E.SUN FHC
(consolidated)
Assets：
Cash and due from banks
79,894
356
190
384
1,083
Securities, net
422,193
573
95
708
-
Loans, net
849,111
-
-
-
-
A/R, net
54,271
7,258
160
-
96
LT investments, net
521
54
-
1,141
94,983
Land, premises andequipments, net
18,841
330
1
-
25
Others
21,398
1,963
294
207
3,912		 79,923
424,451
849,111
61,687
1,859
19,717
22,326
Total assets
1,446,229
10,534
740
2,440
100,099		 1,459,074
Liabilities:
Deposits
1,192,012
-
-
-
-
Other liabilities
165,336
6,809
58
41
11,065		 1,187,068
182,257
Total liabilities
1,357,348
6,809
58
41
11,065		 1,369,325
Total stockholders' equity
88,881
3,725
682
2,399
89,034		 89,749
Total equity attributable to owners of the co
88,166
3,725
682
2,399
89,034		 89,034
Non-Controlling interests
715
-
-
-		 715
Total liabilities andstockholders' equity
1,446,229
10,534
740
2,440
100,099		 1,459,074

Note: Audit figures of Mar. 2014

2/6 Appendix

P&L of E.SUN FHC and its subsidiaries for 1Q14

NT$ million
E.SUN Bank
E.SUN Sec.
(Consolidated)
E.SUN IB
E.SUN VC
E.SUN FHC
(Standalone)		 E.SUN FHC
(consolidated)
Operating income
Net interest income
3,457
69
-
-
(28)
Fee income
2,175
162
470
-
-
LT investment income
-
-
-
-
3,001
Net trading income/(loss) & Derivatives & FX
1,826
32
-
100
(4)
Others
18
26
2
5
24		 3,498
2,493
5
1,964
5
Total Net Revenues
7,476
289
472
105
2,993		 7,965
Allowance for bad-debt expenses
(374)
-
-
-
-
Operating expenses
(3,709)
(214)
(399)
(4)
(48)		 (374)
(4,005)
Income before income tax
3,393
75
73
101
2,945
Income tax expenses
(587)
(15)
(13)
(11)
(87)		 3,586
(712)
Net Income
2,806
60
60
90
2,858		 2,874
Attributable to owners of the company
2,790
60
60
90
2,858		 2,858
Non-controlling interests
16
-
-
-
-		 16

Note: Audit figures of Mar. 2014

3/6 Appendix

E.SUN FHC’s Balance Sheet (Consolidated)

Yearly Results Quarterly Results
NT$ million 2011
2012
2013		 Mar 13
Jun 13
Sep 13
Dec 13		 Mar 14
Assets：
Cash and due from banks
Securities, net
Loans, net
A/R, net
LT investments, net
Land premises andequipments net
,
,
Others		 65,132
79,269
79,252
358,321
348,564
373,749
656,009
735,407
828,238
46,576
48,564
62,895
1,509
1,539
1,783
15 892
16 670
19 373
,
,
,
12,052
14,084
15,726		 82,282
84,581
74,671
79,252
361,416
357,362
352,458
373,749
760,652
790,002
812,343
828,238
47,874
58,694
54,965
62,895
1,464
1,426
1,772
1,783
17 309
18 649
19 112
19 373
,
,
,
,
16,508
18,710
18,661
15,726		 79,923
424,451
849,111
61,687
1,859
19 717
,
22,326
Total assets 1,155,491
1,244,097
1,381,016
954,994
1,023,820
1,150,791
134,913
145,103
146,890		 1,287,505
1,329,424
1,333,982
1,381,016		 1,459,074
Liabilities:
Deposits
Other liabilities		 1,049,793
1,064,048
1,091,479
1,150,791
159,875
187,074
161,417
146,890		 1,187,068
182,257
Total liabilities 1,209,668
1,251,122
1,252,896
1,297,681		 1,369,325
Total stockholders' equity 77,837
78,302
81,086
83,335		 89,749
77,837
78,302
80,366
82,651		 89,034
-
-
720
684		 715
1,287,505
1,329,424
1,333,982
1,381,016		 1,459,074

Note: Audit figures of Mar. 2014

4/6 Appendix

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

NT$ million 2011
2012
2013		 1Q13
2Q13
3Q13
4Q13		 1Q14
Operating income
Net interest income
Fee income
LT investment income
Net trading income/(loss) & Derivatives & FX
Others		 12,688
12,259
13035
6,273
7,472
9,124
385
130
308
764
4,212
4,359
95
19
(79)
20 205
24 092
26 747
,
,
,
(4,540)
(2,020)
(1,707)
(11,623)
(13,718)
(14,826)
4,042
8,354
10,214
(558)
(1,296)
(1,798)
3,484
7,058
8,416
3,484
7,058
8,416
-
-
-		 3,077
3,172
3,438
3,348
2,171
2,126
2,330
2,497
236
13
57
2
1,214
1,254
1,019
872
(40)
(53)
12
2		 3,498
2,493
5
1,964
5
Total Net Revenues 6 658
6 512
6 856
6 721
,
,
,
,		 7 965
,
Allowance for bad-debt expenses
Operating expenses		 (351)
(512)
(425)
(419)
(3,539)
(3,454)
(3,766)
(4,067)		 (374)
(4,005)
Income before income tax
Income tax expenses		 2,768
2,546
2,665
2,235
(500)
(451)
(458)
(389)		 3,586
(712)
Net Income 2,268
2,095
2,207
1,846		 2,874
Income Attributable to owners of the company 2,268
2,095
2,203
1,850		 2,858
Non-Controlling interests -
-
4
-4		 16

Note: 1. Audit figures of Mar 2014

  1. 2013 onwards are under IFRS, others are under TW GAAP

5/6 Appendix

E.SUN Bank’s Balance Sheet

NT$million 2011
2012
2013
YearlyResults		 QuarterlyResults
Mar 13
Jun 13
Sep 13
Dec 13		 Mar 14
Assets：
Cash and due from banks
Securities, net
Loans, net
A/R, net
LT investments, net
Land, premises andequipments, net
Others		 65,948
78,924
79,225
353,340
347,381
371,650
656,009
735,407
828,238
42,260
44,305
56,093
328
329
521
15,600
16,373
18,487
13,860
13,170
14,678
1,147,345
1,235,889
1,368,892
962,842
1,029,975
1,157,482
119,593
130,635
127,976
1,082,435
1,160,610
1,285,458
64,910
75,279
83,434

64,910
75,279
82,750
-
-
684
1,147,345
1,235,889
1,368,892		 82,152
84,425
74,484
79,225
359,547
355,609
350,740
371,650
760,652
790,002
812,343
828,238
42,180
52,909
49,048
56,093
323
343
521
521
16,438
17,769
18,230
18,487
15,499
17,638
16,897
14,678		 79,894
422,193
849,111
54,271
521
18,841
21,398
Total assets 1,276,791
1,318,695
1,322,263
1,368,892		 1,446,229
Liabilities:
Deposits
Other liabilities		 1,056,600
1,070,841
1,097,832
1,157,482
142,743
169,660
143,298
127,976		 1,192,012
165,336
Total liabilities 1,199,343
1,240,501
1,241,130
1,285,458		 1,357,348
Total stockholders' equity 77,448
78,194
81,133
83,434		 88,881
Total equity attributable to owners of the company 77,448
78,194
80,413
82,750		 88,166
Non-Controllinginterests -
-
720
684		 715
Total liabilities andstockholders' equity 1,276,791
1,318,695
1,322,263
1,368,892		 1,446,229

Note: Audit figures of Mar. 2014

6/6 Appendix

E.SUN Bank’s P&L account

NT$million 2011
2012
2013
YearlyResults		 QuarterlyResults QuarterlyResults
1Q13
2Q13
3Q13
4Q13		 1Q14
Operating income
Net interest income
Fee income
LT investment income
Net trading income/(loss) & Derivatives & FX
Others		 12,600
12,265
12,887
5,000
6,158
7,929
323
42
49
745
4,618
4,969
186
126
125
18,854
23,209
25,959
(4,540)
(2,020)
(1,707)
(10,711)
(12,690)
(13,725)
3,603
8,499
10,527
(445)
(1,320)
(1,680)
3,158
7,179
8,847
3,158
7,179
8,847
-
-
-		 3,045
3,137
3,401
3,304
1,907
1,883
2,014
2,125
3
11
35
0
1,461
1,339
1,146
1,023
19
37
29
40		 3,457
2,175
-
1,826
18
Total Net Revenues 6,435
6,407
6,625
6,492		 7,476
Allowance for bad-debt expenses
Operatingexpenses		 (351)
(513)
(425)
(418)
(3,292)
(3,221)
(3,468)
(3,744)		 (374)
(3,709)
Income before income tax
Income tax expenses		 2,792
2,673
2,732
2,330
(477)
(418)
(437)
(348)		 3,393
(587)
Net Income 2,315
2,255
2,295
1,982		 2,806
Attributable to owners of the company 2,315
2,255
2,291
1,986		 2,790
Non-controllinginterests -
-
4
(4)		 16

Note: 1. Audit figures of Mar 2014

  1. 2013 onwards are under IFRS, others are under TW GAAP

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