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First Financial Holding Co. Ltd. Annual Report 2013

May 29, 2014

52222_rns_2014-05-29_cca004d8-05a8-4332-bce8-32b92e4f83c7.pdf

Annual Report

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5th Annual dbAccess Asia Conference 2014 FFHC 2013 Earnings Result

May 19-20, 2014 Singapore

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Disclaimer

This presentation is provided by First Financial Holding Co., Ltd. (“FFHC”). The information contained within is not reviewed or reviewed by any accountant or any independent third party. Users should read this material in conjunction with all other public financial and operational information filed to the competent authorities by FFHC. While we endeavor to provide accurate, complete and consistent information herein, FFHC makes no guarantee or warranties as to the accuracy or correctness of all the material contained. After this presentation is released to the public, we undertake no obligation to update any relevant data to reflect any change hereafter.

Users should also notice that this presentation may contain forward-looking statements. Statements that are not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements. By their nature, forward-looking statements involve uncertainties, risks, assumptions and other factors that could cause actual developments and results to differ materially from our statement in this presentation. These factors include, but not limited to, regulatory developments, competitive conditions, technological developments, general economic conditions and management changes.

The information, statements or opinions in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation respect to such securities or other financial instruments. First Group and all its affiliates representatives, no matter for their negligence or any other reasons, should not be liable for any loss or damages arising from the use of or interpretation by others of information contained within this presentation or any matter related to this document.

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Contents

- Overview

  • At a Glance

  • Financial Highlight

  • Operating Results

  • Overseas Theme

  • Appendix

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Overview

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Overview of First Financial Holding

  • Founded in 1899, First Commercial Bank ( “ FCB ” ) stands for well-recognized franchise name, one of the “ Big Three ” commercial banks, supported by extensive branch network both domestic and overseas.

  • First Financial, formed in 2003, with First Bank as its flagship entity .

    • With Security, Asset management and Life Insurance subsidiary business, First Financial Holding remain keen for expansion & acquisition for non-banking sectors.

  • Deposit mkt share 5.7% 2013/12/31

  • Loan mkt share 6.1%

  • FFHC asset size Top 9

  • SME Top 1

  • Mortgage Top 6

  • Trade Finance Top 3

  • Mutual fund sales Top 4

  • Custodian mkt shares Top 2

  • Bank branches 190 domestic /25 overseas

Financial Summary

$mn, except per
share amounts		 2010 2011 2012 2013
Total Revenues 32,956 32,559 36,659 36,314
Net Income 6,962 7,471 10,118 10,866
EPS 0.96 1.01 1.25 1.26
ROAE 6.67% 6.38% 7.73% 7.94%

2013 Financial Summary

in NT$ mn
First Commercial Bank Net Income 10,650
First Securities Net Income 126
First Sec. Investment Trust Net Income 102
First-Aviva Life Insurance Net Income (24)

FFHC Ownership Profile

Government (Direct 21.07%; Indirect: 7.45%) 28.52% Other Investors: 51.60% Foreign Institution: 19.88% Data as of 2013/8/6 5

FFHC Customer Reach – Overseas

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Vancouver
Henan Tokyo Toronto
Suzhou
Chengdu
Shanghai
Hong Kong FCB(USA)
New York
Hanoi Taiwan
Los Angeles
Macau
Yangon
Bangkok Ho Chi Guam
Minh City
Phnom Penh
Singapore
London Brisbane
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This wide distribution network has allowed First Commercial to capture significant market share in lending, deposit and other banking services.

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Competitive Strength Highlights

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Leading in
SME 1. Corporate Focus
2. SME Market Niche
Business
Leading
Well -
Distribution Streamlined
Contained
1. Diversified Portfolios Platform, Overseas
in Asset
2. Horizontal & Vertical Strong Platform 1. Banks, Leasing & Rural
Quality
Sector-Wise Risk Customer Base System Penetration in
control China
2. Asia-Pacific Value
Chain
Lower
Funding
Cost
1. Extensive Deposit Franchise Network
2. Cross Sales Platform
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Peers Comparison

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In NT billion/ market share

Deposit- Rank Taiwan #6

Loan- Rank Taiwan # 5

Source: Financial Supervision Commission, Banking Bureau

Data as of 2013/12/31

SME Loan – Rank Taiwan # 1

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Mutual Fund Sales – Rank Taiwan # 4
206
126 124
101
Chinatrust Fubon Hua Nan First Bank
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At a Glance

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2013 Delivery

  • Subsidiary First Bank Honored as “2013 Bank of the Year in

  • Taiwan” by “The Banker” journal.

  • Domestic Market Regained Steam : Robust core earnings from banking unit along with improving nonbank results continued underpin group’s 2013 toplines.

  • Resumed Overseas Momentum Optimized Profit-driven

  • model.

Recovered USA & European markets helped to drive F/X loan demand. South-east Asia & Greater China became fast-growing areas.

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FB Core Earnings & F/X Loan Contribution

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Net Interest Income, Fee Income (NT$ mn )
Net Interest Income Fee Income Total Core Earnings
7,867
7,688
7,387 7,264 7,444
6,039 6,065 6,132 6,267 6,401
1,348 1,199 1,312 1,421 1,466
4Q12 1Q13 2Q13 3Q13 4Q13
F/X & Overseas Branches Loan book (NT$ mn o)
F/X Loan Balance Overseas Branches Loan Bal.
46.8%
Overseas Portfolio (% of F/X loan)
44.1%
43.1%
42.5% 43.4%
273.2 293.0
264.6 260.2 267.3
110.7 115.9 117.7 124.9 137.2
4Q12 1Q13 2Q13 3Q13 4Q13
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2013 Financial Highlight

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2013 Key Figures


2013
10,8661
2,267,853
1.26
16.26
86,535
7.94%
0.49%
122.72%
103.37%
YoY %
7.4%
7.0%
0.8%
-1.3%
6.5%
2.7%
2.1%
-2.3%
-0.7%
Consolidated Net Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
2
ROAA
2
Group CAR3
Double Leverage4
Key Figures ( in NT$ dollar, NT$ mn, mn shares or %)
2012
10,1181
2,118,538
1.25
16.48
81,254
7.73%
0.48%
125.55%
104.11%
2013 Net Income Breakdown1 ( inNT$ mn)
2013
10,8661
2,267,853
1.26
16.26
86,535
7.94%
0.49%
122.72%
103.37%
YoY %
7.4%
7.0%
0.8%
-1.3%
6.5%
2.7%
2.1%
-2.3%
-0.7%
Consolidated Net Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
2
ROAA
2
Group CAR3
Double Leverage4
Key Figures ( in NT$ dollar, NT$ mn, mn shares or %)
2012
10,1181
2,118,538
1.25
16.48
81,254
7.73%
0.48%
125.55%
104.11%
Banking
NT$10,650; 98.0%
Securities
NT$126; 1.2%
Investment Trust
NT$102; 0.9%
Others
NT$(139);-1.3%
Insurance
NT$(24); -0.2%
AMC
NT$151;1.4%

  1. Based on the classification of specific company’s business units, financial information by business segments should be listed individually.

  2. Annualized figures. 3. Preliminary data for CAR.

  3. Double Leverage = Equity Investment / Shareholder Equity

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Group Consolidated Net Income

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2013 Consolidated Net Income (in NT$ mn)
Credit (4,047)
Insurance ( 397)
36,314 (4,444)
(18,829)
7.4%
↑
(2,175)
10,866
Net Revenue Provision Operating Expense Income Tax Net Income
2012 Consolidated Net Income (in NT$ mn)
Credit (5,890)
Insurance (656)
36,659 (6,546)
(18,084)
(1,911) 10,118
Net Revenue Provision Operating Expense Income Tax Net Income
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Net Income Breakdown by Subsidiaries*

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2013 FFHC Net Income Breakdown (in NT$ mn)
↑ 7.4%
10,650 ↑2.7%
10,866
↑232.5% ↑19.8%
FFHC (12)
Aviva (12)
126 102 151
(24)
First Bank First Securities FSITC First-Aviva First AMC FFHC
2012 FFHC Net Income Breakdown (in NT$ mn)
10,375 10,118
FFHC (58)
Aviva (56)
(167) 109 (114) 126
First Bank First Securities FSITC First-Aviva First AMC FFHC
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  • Major 5 subsidiaries were listed.

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2013 Operating Results

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FFHC & First Bank Profitability -After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
10.46%
9.80% 9.20% 8.80% 9.48% 9.13%
8.26% 7.73% 7.73% 7.94%
6.38%
9,016 10,118 9,293 10,866
6,810 7,471 6,680 6,361
4,428
3,131 2,970
6M 11 9M 11 2011 3M 12 6M 12 9M 12 2012 3M 13 6M 13 9M 13 2013
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
11.14%
9.52% 9.53% 8.12% 10.16% 9.73% 8.58% 9.44% 9.84% 9.49% 8.36%
10,375 10,650
8,625 8,880 8,977
7,609
6,551 6,144
4,609
2,972 2,962
6M 11 9M 11 2011 3M 12 6M 12 9M 12 2012 3M 13 6M13 9M 13 2013
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1.Minority interests included

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FB 2013 Pre-tax Profit
2013 Cumulative Net Revenue (in NT$ mn or %) % of FB Income before Tax(in %)
Item 2012 2013 Change
NII 74.9% 75.9% +1.0%
32,757 Net Fee 15.4% 16.5% +1.1%
Gain on ST Invest. 0.5% 0.2% -0.3%
Gain on LT invest. 2.0% 2.2% +0.2%
32,065 +2.2% Gain on fin. Products
Others		 5.7%
1.5%		 5.8%
-0.6%		 +0.1%
-2.1%
**Total Revenue1 ** 100.0% 100.0%
z
Provision Expense2		 -18.1% -21.6% -3.5%
2012 2013 Adjustment :Recovery +7.5% +9.7% +2.2%
Cumulative Net Revenue* Operating Expense -51.4% -49.6% +1.8%
FB Revenue/Expense Comparison( NT$mn ) Income Before Tax 38.0% 38.5% +0.5%
24,025 24,865 ↑3.5%
↓32.8%
4,931
5,397
↑9.5%		 2,638
5,809
2,674
7,090
↑22.1%
↑ 1.4%		 2,415
3,168
↑31.2%		 16,479 16,245
20122013
Net Interest Income		 20122013
Net Fee Income		 20122013 20122013
Gains on
investment
**Provision Exp.2 **		 20122013
Recovery		 20122013
Operating Exp.

  1. 2012 & 2013 were re-stated in accordance with IFRS.

  2. Gross Provision Expense.

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FB 2013 Loan Book Mix

**% of Loan Book1 **
Item
2012
2013
Change
Consumer
27.2%
28.6%
+1.4%
Mortgage
26.3%
27.4%
+1.1%
Other Consumer Loan
0.9%
1.2%
+0.3%
Corporate Banking
72.8%
71.4%
-1.4%
Commercial Loan
48.3%
48.1%
-0.2%
--- SME
36.4%
38.1%
+1.7%
F/X/ Loan
18.1%
20.4%
+2.3%
--- Overseas
7.7%
9.6%
+1.9%
Gov./SOE Loan
6.4%
2. 8%
-3.5%
Loan Book1
100.0%
100.0%
20122013 20122013 20122013 20122013 2012 2013
↑4.1%
↑ 12.6%
↓56.1%
2013 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other
Consumer Loan
Gov./SOE Loan
Commercial
Loan
F/X Loan
Overseas
126.9
377.9
13.9
92.0
393.3
17.1
40.4
293.0
694.5
260.2
689.2
↓0.7%
SME2
523.5
SME2
545.9
Overseas
110.7
SME↑4.3%
Overseas
137.2

  1. Loan Book does not include NALs

  2. SME as defined by the “Act for Development of Small & Medium Enterprises; both NTD & Foreign currency loan included

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FB Loan Breakdown

-QoQ Comparison

FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) QoQ% YoY% QoQ% YoY% QoQ% YoY% QoQ% YoY%
676.3
690.3
694.5
676.2
682.4
685.3
689.2
358.6
367.3
377.9
385.3
387.9
95.2
68.3
88.5
85.1
66.5
40.4
259.1
264.6
260.2
267.3
273.2
283.2
293.0
388.0
393.3
92.0
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
Gov/SOE
SME
Mortgage
Commercial
Loan2
1401.5
1403.3
1438.4
1430.6
1442.9
1438.2
1433.0
F/X loan
Total loan
510.6
523.5
520.6
524.6
536.4
545.9
500.2		 QoQ% YoY%
+1.8% +4.3%
+3.5% +12.6%
-39% -56%
+1.4% +4.1%
+0.6% -0.7%
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13

1.Other consumer loan not included

2.Commercial loan includes SME.

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FB 2013 Total Loan & NIM

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Total Loan & LDR (in NT$ bn or % )
89.49%
88.28% 88.71% 88.51% 88.29%
Total Loan [1 ] LDR [2 ] 86.36% 86.05% 86.54%
84.21% 84.72%
83.47% 83.50%
78.14%
1,439.9
1,260.1 1,320.8 1,322.0 1,370.6 1,360.7 1,386.3 1,408.0 1,410.3 1,445.2 1,437.3 1,449.2 1,447.7
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
△
Loan-Deposit Spread / NIM ( in % )
Spread [3 ] NIM [3 ]
1.52% 1.53% 1.54% 1.55%
1.47% 1.48% 1.49%
1.45%
1.41% 1.40% 1.40% 1.41%
1.36%
1.26% 1.26% 1.26% 1.26%
1.18% 1.20% 1.20% 1.21%
1.10% 1.10% 1.10%
1.07%
1.02%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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  1. Total Loan = loan + import/export negotiation + NALs

  2. LDR = Total loan / Total deposit, starting from 2012, total deposit does not include structured deposit.

  3. Annual cumulative Average Spread and NIM

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FB 2013 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Loan Rate (NTD) Deposit Rate (NTD)
Spread (NTD)
2.06% 2.06% 2.09% 2.10% 2.10% 2.09% 2.10% 2.11% 2.15%
2.01% 2.06%
1.89%
1.30% 1.36% 1.38% 1.38% 1.37% 1.40% 1.41% 1.42% 1.47% 1.48% 1.50% 1.53%
0.64% 0.68% 0.68% 0.69% 0.69% 0.69% 0.68%
0.59% 0.62% 0.62% 0.61% 0.61%
1Q 11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
FB FX Yields & Costs Overview ( in % )
Loan Rate (FX) Deposit Rate (FX)
Spread (FX)
2.49%
2.33% 2.38% 2.31% 2.43% 2.25% 2.29% 2.42% 2.38%
2.10% 2.14% 2.16%
1.97%
1.69% 1.73% 1.70% 1.74% 1.84% 1.82% 1.90% 1.74% 1.76% 1.83% 1.75%
0.64%
0.59% 0.59%
0.46% 0.54% 0.49% 0.53% 0.52% 0.51% 0.53%
0.41% 0.41%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
All rates are QUARTERLY average rates.
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FB 2013 Mortgage Book

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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2013 Mortgage by Location|(in %)|Mortgage Yield & LTV Ratio|(in %)|
|Location|2013|Loan-to-value ratio of new mortgage|Avg. loan-to-value ratio|
|North|70%|
|Mortgage Yield|
|TPE Metro|54%|
|Taoyuan/Hsinchu/|16%|2.22%|2.20%|2.18%|2.16%|2.15%|2.15%|2.15%|2.15%|
|Mioli|
|Central|10%|
|Taichung|
|70.97%|
|South|16%|67.01%|66.67%|66.68%|67.14%|66.82%|66.23%|65.99%|
|51.66%|
|Tainan/Kaohsiung|48.89%|48.74%|48.87%|49.09%|48.77%|48.14%|48.00%|
|East|4%|
|Total|100.0%|
|3M12|6M12|9M12|2012|3M13|6M13|9M13|2013|
|Mortgage NPL|(in % )|
|Mortgage Book NPL|(in % )|↑4.3%|
|Mortgage NPL|
|0.41%|0.38%|0.30%|SME|[2 ]|SME|[2 ]|
|0.27%|↑17.2%|
|0.23%|0.23%|0.21%|317.0|305.0|0.17%|0.16%|
|0.17%|0.16%|
|2Q11|3Q11|4Q11|1Q12|2Q12|3Q12|4Q12|1Q13|2Q13|3Q13|4Q13|

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FB Mortgage Book LTV Ratio
Mortgage LTV Ratios Analysis (in %) Mortgage LTV Analysis:
3Q13 4Q13 - Improving trend of LTV ratios
LTV Ratio # of Percentage # of Percentage - Calculated by mortgage
(by cases) (by cases) collaterals
<50% 51.56% 51.96% - Unadjusted LTV ratio, based
50%~60% 14.37% 14.62%
on initial appraisal value.
60%~70% 16.27% 15.96%
70%~80% 15.97% 15.75%
80%~90% 1.83% 1.71%
Total 100.00% 100.00%
Mortgage Balance (in NT$ bn ) ■ Mortgage Balance
350.0 351.5 358.6
367.3		 377.9 385.3 387.9 388.0 393.3
2011 3M12 6M12
9M12		 2012 3M13 6M13 9M13 2013

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Major Exposures to Specific Industries

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End of 2013 - % of Loan to Industries
Total Loan Bal. [1] : NT$1,439.9 bn
Manufacturing (28.38%) Non-Manufacturing (71.62%)
5.89% Petro. Hotel&
1.27%
Restaurant
5.28% Metal
Wholesale/Retail
7.58% Tech. 10.98%
1.08% Solar Real Estate 6.79%
1.46% TFT-LCD
Transportation
6.27%
& Warehousing
0.24% LED
Shipping 2.22%
0.43% DRAM
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  1. Total loan does not includes NALs.

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FB 2013 Fee Income Breakdown

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2013 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee
Item 2012 2013 Change
5,397
WM [1 ] 45.2% 46.3% +1.1%
F/X 17.7% 17.2% -0.5%
+9.5%
4,931
Other [2 ] 13.3% 13.5% +0.2%
Loan-related 16.8% 16.5% -0.3%
Credit Card 7.0% 6.5% -0.5%
2012 2013
Cumulative Net Fee 100.0% 100.0%
Net Fee Income
2013 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 12.2%
2,499 ↑7.9% ↑6.1%
2,228
↑10.5%
↑2.3%
893
↓ 23.7% 828 873 926 726
353 657
345
↑3.0%
2012 2013 2012 2013 2012 2013 2012 2013 2012 2013
WM Fee [1 ] Loan-related F/X Credit Card Other [2 ]
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  1. WM Fee = Custodian Fee + Trust-related Fee + Bancassurance Fee

  2. Other represents network service fee, including overseas branches

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FB Fee Income Breakdown

-QoQ Comparison

Fee Income(in NT$mn) Fee Income(in NT$mn) Fee Income(in NT$mn) Fee Income(in NT$mn) Fee Income(in NT$mn) Fee Income(in NT$mn)
Fee
Income		 1,116 1,349 1,199 1,312 1,421 1,466 QoQ% +3.2%
145 194 203
Others* 92 164 85
165		 87 95
Credit Card
F/X		 86
183
 217 86 227 228 251
Loan
Related
Related
218 259 208
220		 222 226 237
182
Wealth
MGT.		 447
 636 521 613 686 680
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
  1. Other represents network service fee, including overseas branches

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FB 2013 Cost-to-Income Ratio

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2013 Cumulative Operating Expense (in NT$ mn ) Cost-to-Income Ratio Analysis( in NT$ mn)
Item Restate figures for 2012 2013
YoY comparison
16,245 Net Revenue 32,065 32,757
Operating Expense (16,479) (16,245)
16,479
-1.4%
Provision(Net) (3,394) (3,922)
Income Tax (1,817) (1,940)
2012 2013
Net Income 10,375 10,650
Operating Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cost-to-Income Ratio
51.39% 51.53% 51.30%
50.06% 50.18% 49.49% 49.50% 49.38% 49.59%
7,271 7,921 8,314 8,180 7,650 7,672 8,101 8,715 8,269
3,817 3,975 4,061 4,050 4,393 3,953 4,138 4,002 4,152
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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  • 2012 and 2013 data are stated in accordance with T-IFRS.

28

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FB 2013 Asset Quality

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----- Start of picture text -----

NPL Amount, Reserve, Coverage (in NT$ mn or % ) Gross Provision Ratio
(loss reserve against performing loan)
Coverage Ratio LLR ratio (loan loss reserve/total loan, excluding gov.loan)
261.73%
238.38% 248.97%
233.17%
211.76% 228.97%
207.78%
191.46%
1.17% 1.25% 1.22% 1.29% 1.26%
1.09%
1.01% 1.01% 1.04%
NPL Ratio NPL NPL Reserve
0.64%
0.47%
0.50% 0.50% 0.50%
0.47%
0.44% 0.44%
14,443
14,077 15,992 16,889 16,604 17,778 17,730
14,782
9,286
6,059 6,648 7,114 6,423 7,243 7,252 6,774
3M12 6M12 9M12 2012 3M13 6M13 9M13 2013
----- End of picture text -----

29

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FB NPL Migration by Sectors

Individual & Mortgage NPL ratios
0.25%
0.20%
0.18%
0.18%
0.17%
Individual
Large Corp. & SME NPL ratios
0.70%
0.70%
0.64%
0.64%
0.49%
0.55%
0.58%
0.55%
0.30%
0.52%
4Q12
1Q13
2Q13
3Q13
4Q13
Large Corp.
SME
0.21%
0.17%
0.16%
0.17%
0.16%
4Q12
1Q13
2Q13
3Q13
4Q13
Mortagage		 Individual & Mortgage NPL ratios
0.25%
0.20%
0.18%
0.18%
0.17%
Individual
Large Corp. & SME NPL ratios
0.70%
0.70%
0.64%
0.64%
0.49%
0.55%
0.58%
0.55%
0.30%
0.52%
4Q12
1Q13
2Q13
3Q13
4Q13
Large Corp.
SME
0.21%
0.17%
0.16%
0.17%
0.16%
4Q12
1Q13
2Q13
3Q13
4Q13
Mortagage		 Individual & Mortgage NPL ratios
0.25%
0.20%
0.18%
0.18%
0.17%
Individual
Large Corp. & SME NPL ratios
0.70%
0.70%
0.64%
0.64%
0.49%
0.55%
0.58%
0.55%
0.30%
0.52%
4Q12
1Q13
2Q13
3Q13
4Q13
Large Corp.
SME
0.21%
0.17%
0.16%
0.17%
0.16%
4Q12
1Q13
2Q13
3Q13
4Q13
Mortagage
Individual & Mortgage NPL ratios
0.25%
0.20%
0.18%
0.18%
0.17%
Individual
0.21%
0.17%
0.16%
0.17%
0.16%
4Q12
1Q13
2Q13
3Q13
4Q13
Mortagage
0.70%
1.09%
1.12%
0.32%
0.39%
0.40%
0.41%
0.40%
1.26%
2.03%
4Q12
1Q13
2Q13
3Q13
4Q13
Domestic
Overseas
Domestic & Overseas NPL ratios		 0.44%
0.50%
0.50%
0.64%
0.47%
Total NPL ratio
Total NPL
4Q12
1Q13
2Q13
3Q13
4Q13

  1. Individual: mortgage and non-mortgage loan included

  2. bad-debt recovery not included.

30

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TMT NTD 3.3 bn

FB 2013 Asset Quality

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----- Start of picture text -----

Breakdown of New NPL Influx (in NT$ mn ） Quarterly Recovery Mix (in NT$ mn)
Quarterly
1Q13 2Q13 3Q13 4Q13 Quarterly
NPL Influx 1Q13 2Q13 3Q13 4Q13
Recovery
--- Domestic (49) 343 448 196
--- Domestic 784 381 500 368
--- Overseas 1,100 1,054 2,262 (13)
--- Overseas 83 687 148 148
--- Credit Card 20 14 17 18
Total NPL Influx 1,051 1,397 2,710 183
Total Recovery 887 1,083 665 534
Quarterly New NPL Influx & Write-offs ( in NT$ mn)
Write-off New NPL Influx
0.15%
0.09%
0.07%
0.00% 0.00% 0.00% 2,710 2,695
2,137
1,548 1,337 1,3881,397
1,051
871
682 676
342 231 183
28 (9)
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
----- End of picture text -----

31

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CAR & Core Capital

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----- Start of picture text -----

FFHC Group CAR
CAR
125.55%
120.19% [123.71%] 119.69% 117.99% 123.00% 117.05% 119.40% [122.72%]
115.14%
111.50%
statutory CAR 100%
FB CAR & Core Capital
CAR
11.51%
10.88% 10.91% 11.01% 10.94% 11.03% 10.87%
10.01% 10.36% 10.14% 10.44%
Tier 1
8.28% 8.23% 8.41% 8.34% 8.29%
7.10% 7.08% 7.45% 7.13% 7.00% 6.82%
2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13
2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13
----- End of picture text -----

  • •Leverage ceiling for holding companies in Taiwan: Double Leverage < 125% ; Debt Ratio < 30% *The calculation is under BASEL III since 2013. Preliminary data for 2H13.

32

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Shareholder Return

2013
2
0.50
0.70
1.20
39.7%
1.20
1.261
2013
0.75
1.10
0.9
1.00
0.75
1.18
1.02
0.44
1.08
1.20
2008
2009
2010
2011
2012
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend		 1.20
1.261
2013
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012		 2013
2
Cash dividend
0.50
0.50
0.30
0.40
0.45		 0.50
Stock dividend
0.25
0.25
0.60
0.60
0.65		 0.70
Total dividend
0.75
0.75
0.90
1.00
1.10		 1.20
CASH Payout
ratio
41.7%
113.6%
29.4%
37.0%
38.1%		 39.7%

  1. EPS is adjusted retroactively for stock dividends.

  2. 2013’s dividend proposal is subject to final approval at 2014 AGM meeting on June 20,

33

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Overseas Theme

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2014 Overseas Blueprint

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----- Start of picture text -----

Vancouver
Henan Tokyo Toronto
Suzhou
Chengdu
Shanghai
Hong Kong FCB(USA
New York
Hanoi Taiwan )
Los Angeles
Macau
Yangon
Bangkok Ho Chi Guam
Minh City
Phnom Penh
China: Chengdu Branch, Shanghai Chengdu Branch, Shanghai
Singapore
----- End of picture text -----

China: Chengdu Branch, Shanghai Chengdu Branch, Shanghai Free-trade Zone sub-branch, Xiamen Leasing, 5 Rural Banks at Henan Province, Xiamen Branch.

Asean:2 sub-branches at Cambodia, Myanmar Branch.

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----- Start of picture text -----

London
----- End of picture text -----

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----- Start of picture text -----

Brisbane
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35

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FB 2013 Overseas Profits

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----- Start of picture text -----

2013 FB Overseas Pre-Tax Profit Mix ( in % ) 2013 FB Total Pre-Tax Profit Chart ( in NT mn & %)
17.5%; OBU
Domestic Branches;
71.2%
Others;
2013 Overseas 16.9%
Total Pre-Tax
Pre-Tax 14.1%; HK
Profit
58.6%;
Others $3,622 mn
$12,590 mn
Greater China;
8.5%; Shanghai 11.9%
1.4%; Macau
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
37.6% 34.6% 36.9%
30.6% 27.3% 30.6% 27.3% 28.8%
21.2% 19.9%
4,214 3,895 3,496
3,160 3,532 2,749 3,518
3,077
1,759 1,681
1,381
836 1071 1,223 1,669 1,040 568 745 1,280 1,447
85 150
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
----- End of picture text -----

  • 2012 & 2013 data are stated in accordance with IFRS.

36

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Our Leasing Operations in China

Suzhou Leasing Results- Pre-Tax Profit & Balance of Leasing Portfolio (in RMB)

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----- Start of picture text -----

FCB Leasing Suzhou Accumulated Pre-tax Profit Leasing Balance (in RMB mn)
(in RMB ‘000)
Grand-opened in Mar. 2011 354
340
307
262
226
19,026 17,196
10,798
5,103 5,474
2012 1Q13 1H13 3Q13 2013
Chengdu Leasing Results- Pre-Tax Profit & Balance of Leasing Portfolio (in RMB)
First Leasing Chengdu Accumulated Pre-tax Profit Leasing Balance (in RMB mn)
(in RMB ‘000) 405
322
305
Grand-opened in Jan. 2012 217
130
7,618
6,052
3,236 (164) 122
2012 1Q13 1H13 3Q13 2013
----- End of picture text -----

  • •Suzhou Leasing is a sub-subsidiary company of First Bank

  • •Chengdu Leasing is a subsidiary company of First AMC.

37

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Appendix

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FFHC Consolidated Statement of Income

FFHC Consolidated Statement of Income (in NT$ million or %)

FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi % FFHCCliddSf Ii NT illi %
onsoate tatement o ncome (n $ mon or )
Full Year Results Year-over-Year Comparison
2010
2011
2012		 2012 2013 Change
Interest income
29,030
34,166
36,544
Less: Interest expenses
(9,500)
(12,083) (12,422)
Net interest income
19,530
22,083
24,122
Net service fee & commission
6,328
6,203
5,954
Net Insurance revenue
1,893
0
695
Gain on financial assets measured
168
1,111
1,363
at fair value through P/L
Gain on AFS financial assets
789
694
360
Gain on HTM financial assets
59
11
0
Income from equity invest.
234
132
256
Real estate investment gain
0
3
0
Net gain on F/X
1,430
853
651
Others
2,525
1,469
3,258
Net non-interest income
13,426
10,476
12,537
Net revenues
32,956
32,559
36,659
Provision for credit losses
(5,491)
(5,347)
(5,890)
Reserve for insurance
(1,889)
(36)
(656)
Operating expenses
(16,588)
(17,970) (18,084)
Other expenses
0
0
0
Income from continued op. before tax
8,987
9,206
12,029
Income tax expenses
(2,025)
(1,735)
(1,911)
Income from continued op. after tax
6,962
7,471
10,118
Income from discountinued op., net of t
0
0
0
Cummulative effect of change
0
0
0		 Net interest income
24,122
Net service fee & commission
5,954
Net Insurance revenue
695
Gain on financial assets meas.
1,363
at fair value through P/L
Real estate investment gain
0
Gain on AFS financial assets
360
Gain on HTM financial assets
0
Income from equity invest.
256
Net gain on F/X
651
Assets impairment loss
0
Others
3,258
Ner Revenue
36,659
Net Provision for credit losses
(5,890)
Recovered(provided) for insurance re
(656)
Operating Expense
(18,084)
Income from continued op. before t
12,029
Income tax expenses
(1,911)
Consolidatednetincome
10,118		 25,929
6,541
688
872
47
311
(8)
12
1,367
0
458
36,314
(4,047)
(397)
(18,829)
13,041
(2,175)
10,866		 7.5%
9.9%
-1.0%
-36.0%
--
-13.6%
--
-95.3%
110.0%
--
-85.9%
-0.9%
-31.3%
39.5%
4.1%
8.4%
13.8%
7.4%
Net Income attributed to:
Parent
Minorityinterests		 10,174
(56)		 10,878
(12)		 6.9%
--
EPS1(NT$)
1.25 1.26 0.8%
in accounting principle
Consolidated net income
6,962
7,471
10,118
EPS1(NT$)
0.96
1.01
1.25
Net income attributable to parent
7,032
7,602
10,174
Minority interests
(70)
(131)
(56)
Note: 2013 data are stated in accordance with IFRS, whereas FY2010-2012 are with ROC GAAP. The same basis applied to all appendix pages.

Note: 2013 data are stated in accordance with IFRS, whereas FY2010-2012 are with ROC GAAP. The same basis applied to all appendix pages.

39

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FFHC Non-consolidated Income Statement

FHC Standalone Income Statement Summary n NT$ million, NT$, or %

Full Year Results 2013 Quarterly 2013 Quarterly Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2010 2011 2012 Q1 Q2 Q3 Q4 2012 2013 Change
Operating revenues
Income from long-term investment 7,299 8,857 10,641 3,058 3,320 2,998 1,731 10,641 11,107 4.4%
Other income1 222 238 252 5 210 6 5 252 226 -10.3%
Total revenues 7,521 9,095 10,893 3,062 3,532 3,003 1,737 10,893 11,334 4.0%
oss from long-term investment (73) (992) (291) (6) (2) 8 (12) (291) (12) --
Operating expenses (215) (235) (231) (58) (63) (62) (50) (231) (233) -0.9%
Other expenses and losses (205) (228) (145) (36) (36) (36) (37) (145) (145) 0.0%
ncome from continued op. before tax 7,027 7,641 10,226 2,963 3,430 2,913 1,638 10,226 10,944 7.0%
ncome from continued po. after tax 7,032 7,602 10,226 2,963 3,369 2,913 1,639 10,226 10,884 6.4%
ncome from discontinued op., net of t 0 0 0 0 0 0 0 0 0 --
et income 7,032 7,602 10,226 2,963 3,369 2,913 1,639 10,226 10,884 6.4%
PS2(NT$) 0.96 1.01 1.18 0.36 0.37 0.34 0.19 1.18 1.26 6.8%

Including income other than long-term investment . EPS is adjusted retroactively for stock dividends

40

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FFHC Balance Sheet

FFHC Balance Sheet Summary in NT$ million or million shares

Full Year Results Full Year Results 2013 Quarterly 2013 Quarterly 2013 Quarterly Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2010 2011 2012 Q1 Q2 Q3 Q4 2012 2013 Change
Non-consolidated Balance Sheet Data
Long-term investment 106,075 127,331 135,490 141,812 140,615 139,040 145,464 135,490 145,464 7.4%
Total non-consolidated assets 119,493 135,716 143,073 145,459 149,252 142,710 151,541 143,073 151,541 5.9%
Total liabilities 13,496 8,999 9,164 9,226 13,956 9,092 10,817 9,164 10,817 18.0%
Total shareholders' equity 105,997 126,717 133,909 136,233 135,296 133,618 140,724 133,909 140,724 5.1%
Conolidated Balance Sheet Data
Total consolidated assets 2,048,867 2,080,970 2,118,538 2,147,634 2,170,366 2,086,512 2,267,853 2,118,538 2,267,853 7.0%
Total liabilities 1,942,118 1,953,609 1,984,050 2,010,831 2,034,545 1,952,263 2,126,739 1,984,050 2,126,739 7.2%
Total shareholders' equity 106,749 127,361 134,488 136,803 135,821 134,248 141,114 134,488 141,114 4.9%
Parent's shareholders' equity 105,997 126,717 133,909 136,233 135,296 133,618 140,637 133,909 140,637 5.0%
Minority interests 752 644 579 571 525 630 477 579 477 -17.6%
Current shares outstanding 64,768 76,654 81,254 81,254 81,254 81,254 86,535 81,254 86,535 6.5%

*figures may not match due to rounding

41

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FFHC Key Ratios

FFHC Key Ratios

F H H H H H H H
2010
2011
2012
0.35%
0.36%
0.48%
6.67%
6.38%
7.73%
16.37
16.53
16.48
64,768
76,654
81,254
103.77%
103.58%
104.11%
117.99%
123.00%
125.55%
11.29%
6.63%
6.41%
Full Year Results		 3M
6M
9M
12M
2012
2013
Change
0.56%
0.60%
0.57%
0.49%
0.48%
0.49%
2.1%
8.80%
9.48%
9.13%
7.94%
7.73%
7.94%
2.7%
16.76
16.65
15.94
16.26
16.48
16.26
-1.3%
81,254
81,254
86,535
86,535
81,254
86,535
6.5%
104.09%
103.93%
103.38%
103.37%
104.11%
103.37%
-0.7%
126.26%
119.40%
122.92%
122.72%
125.55%
122.72%
-2.3%
6.34%
9.35%
7.17%
7.13%
6.41%
7.13%
11.2%
Year-over-Year Comparison
2013 Quarterly
2012 2013 Change
A
A
B
C
D
G
D		 ft
ft
o
a
o
ro
e		 er-
er-
ok
pit
ub
u
bt		 tax ROAA (Annualized ratio)
tax ROAE (Annualized ratio)
Per Share
al Stock
le leverage1
p CAR2
Ratio3		 0.48%
7.73%
16.48
81,254
104.11%
125.55%
6.41%		 0.49%
7.94%
16.26
86,535
103.37%
122.72%
7.13%		 2.1%
2.7%
-1.3%
6.5%
-0.7%
-2.3%
11.2%

  1. Double leverage ratio = Long-term investment / Equity

  2. Updated semi-annually.

  3. Non-consolidated basis.

42

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FB Income Statement

FB Comprehensive Income Statement Summary(Standalone) in NT$ million or %

2010
2011
2012
Net revenue
Net interest income
18,179
20,761
23,003
Net fee income
4,921
4,826
4,931
Net gain on ST invest.
531
440
162
Net gain on LT invest.
303
498
633
Net gain on other fin. products
1,681
2,581
2,141
Bad debts recovery
2,005
2,402
2,415
Other net income
209
(584)
446
Net revenue
27,829
30,924
33,731
Operating expenses
(14,200)
(15,482)
(15,730)
Provision
(5,429)
(5,300)
(5,809)
Income before tax
8,201
10,142
12,192
Income tax
(1,862)
(1,517)
(1,817)
Income after tax
6,339
8,625
10,375
Cummulative effect of change
0
0
0
in accounting principle
Net income
6,339
8,625
10,375
Full Year Results		 2012
2013
Change
Net interest income
24,025
24,865
3.5%
Net fee income
4,931
5,397
9.5%
Net gain on ST invest.
162
76
-53.1%
Net gain on LT invest.
634
711
12.1%
Net gain on other fin. product
1,842
1,887
2.4%
Other net income
471
(179)
-138.0%
Net revenue
32,065
32,757
2.2%
Operating expenses
(16,479)
(16,245)
-1.4%
Pre-provisiion pre-tax profit
15,586
16,512
5.9%
Provision expense
(5,809)
(7,090)
22.1%
Adjustment: bad-debt recov
2,415
3,168
31.2%
Income before tax
12,192
12,590
3.3%
Income tax
(1,817)
(1,940)
6.8%
Net income
10,375
10,650
2.7%
Year-over-Year Comparison		 2012
2013
Change
Net interest income
24,025
24,865
3.5%
Net fee income
4,931
5,397
9.5%
Net gain on ST invest.
162
76
-53.1%
Net gain on LT invest.
634
711
12.1%
Net gain on other fin. product
1,842
1,887
2.4%
Other net income
471
(179)
-138.0%
Net revenue
32,065
32,757
2.2%
Operating expenses
(16,479)
(16,245)
-1.4%
Pre-provisiion pre-tax profit
15,586
16,512
5.9%
Provision expense
(5,809)
(7,090)
22.1%
Adjustment: bad-debt recov
2,415
3,168
31.2%
Income before tax
12,192
12,590
3.3%
Income tax
(1,817)
(1,940)
6.8%
Net income
10,375
10,650
2.7%
Year-over-Year Comparison		 2012
2013
Change
Net interest income
24,025
24,865
3.5%
Net fee income
4,931
5,397
9.5%
Net gain on ST invest.
162
76
-53.1%
Net gain on LT invest.
634
711
12.1%
Net gain on other fin. product
1,842
1,887
2.4%
Other net income
471
(179)
-138.0%
Net revenue
32,065
32,757
2.2%
Operating expenses
(16,479)
(16,245)
-1.4%
Pre-provisiion pre-tax profit
15,586
16,512
5.9%
Provision expense
(5,809)
(7,090)
22.1%
Adjustment: bad-debt recov
2,415
3,168
31.2%
Income before tax
12,192
12,590
3.3%
Income tax
(1,817)
(1,940)
6.8%
Net income
10,375
10,650
2.7%
Year-over-Year Comparison
2013 Change
24,865
5,397
76
711
1,887
(179)
32,757
(16,245)
16,512
(7,090)
3,168
12,590
(1,940)
10,650		 3.5%
9.5%
-53.1%
12.1%
2.4%
-138.0%
2.2%
-1.4%
5.9%
22.1%
31.2%
3.3%
6.8%
2.7%
Other items
(222)
Comprehensive income
10,153		 1,090
11,740		 ---
15.6%
  • 2012&2013 are stated in accordance with IFRS.

43

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FB Key Ratios

FB Key Ratios

Loan to deposit spread
Net Interest Margin
Cost to income ratio4
Loan to deposit ratio1
NPL ratio
Coverage ratio
CAR
Tier-1
ROAA2
ROAE2		 2010
2011
2012
1.41%
1.41%
1.49%
1.02%
1.10%
1.21%
51.03%
50.06%
51.39%
78.14%
84.72%
89.49%
0.84%
0.47%
0.44%
112.58%
217.90%
248.97%
10.36%
10.94%
11.51%
7.00%
8.28%
8.41%
0.32%
0.43%
0.51%
6.82%
8.12%
8.58%
Full Year Resu		 3M
6M
9M
2012
2013
Change
1.52%
1.53%
1.54%
1.49%
1.55%
0.06%
1.26%
1.26%
1.26%
1.21%
1.26%
0.05%
51.53%
51.30%
49.38%
51.39%
49.59%
-1.80%
88.51%
88.29%
86.54%
89.49%
83.50%
-5.99%
0.50%
0.50%
0.64%
0.44%
0.47%
0.03%
233.17%
228.97%
191.46%
248.97%
261.73%
12.76%
11.44%
11.03%
10.95%
11.51%
10.87%
-0.64%
8.49%
8.34%
8.37%
8.41%
8.29%
-0.12%
0.56%
0.60%
0.57%
0.51%
0.50%
-1.96%
9.44%
9.84%
9.49%
8.58%
8.36%
-2.56%
2013 Quarterly
Year-over-Year Comparison		 3M
6M
9M
2012
2013
Change
1.52%
1.53%
1.54%
1.49%
1.55%
0.06%
1.26%
1.26%
1.26%
1.21%
1.26%
0.05%
51.53%
51.30%
49.38%
51.39%
49.59%
-1.80%
88.51%
88.29%
86.54%
89.49%
83.50%
-5.99%
0.50%
0.50%
0.64%
0.44%
0.47%
0.03%
233.17%
228.97%
191.46%
248.97%
261.73%
12.76%
11.44%
11.03%
10.95%
11.51%
10.87%
-0.64%
8.49%
8.34%
8.37%
8.41%
8.29%
-0.12%
0.56%
0.60%
0.57%
0.51%
0.50%
-1.96%
9.44%
9.84%
9.49%
8.58%
8.36%
-2.56%
2013 Quarterly
Year-over-Year Comparison		 3M
6M
9M
2012
2013
Change
1.52%
1.53%
1.54%
1.49%
1.55%
0.06%
1.26%
1.26%
1.26%
1.21%
1.26%
0.05%
51.53%
51.30%
49.38%
51.39%
49.59%
-1.80%
88.51%
88.29%
86.54%
89.49%
83.50%
-5.99%
0.50%
0.50%
0.64%
0.44%
0.47%
0.03%
233.17%
228.97%
191.46%
248.97%
261.73%
12.76%
11.44%
11.03%
10.95%
11.51%
10.87%
-0.64%
8.49%
8.34%
8.37%
8.41%
8.29%
-0.12%
0.56%
0.60%
0.57%
0.51%
0.50%
-1.96%
9.44%
9.84%
9.49%
8.58%
8.36%
-2.56%
2013 Quarterly
Year-over-Year Comparison
2013 Change
1.55%
1.26%
49.59%
83.50%
0.47%
261.73%
10.87%
8.29%
0.50%
8.36%		 0.06%
0.05%
-1.80%
-5.99%
0.03%
12.76%
-0.64%
-0.12%
-1.96%
-2.56%

  1. Loan to depoist ratio = total loan / total deposit

  2. Annualized figures.

  3. Preliminary data for 2013 CAR and Tier 1

  4. Starting from 2013, net interest income, gains on Fin. Products and opt. expense will be re-classfied, 2012&2013 figures adjusted accordingly.

44

==> picture [180 x 31] intentionally omitted <==

FB Loan Quality

FB NPL Migration in NT$ million or %

Full Year Result 2013 Quarterly 2013 Quarterly Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2010 2011 2012 Q1 Q2 Q3 Q4 2012 2013 Change
NPL- beginning 14,615 10,550 6,373 6,423 7,243 7,252 9,286 6,373 6,423 0.8%
Net new NPL influx 1,270 (1,421) 3,493 1,051 1,397 2,710 183 3,493 5,341 52.9%
Net write-offs (5,335) (2,756) (3,443) (231) (1,388) (676) (2,695) (3,443) (4,990) 44.9%
NPL- ending balance 10,550 6,373 6,423 7,243 7,252 9,286 6,774 6,423 6,774 5.5%
Allowance for loan loss- beginning 12,386 11,877 13,886 15,992 16,889 16,604 17,778 13,886 15,992 15.2%
Provisions for loan loss 5,273 4,825 5,705 1,063 1,114 1,868 2,648 5,705 6,693 17.3%
Net write-offs (5,335) (2,756) (3,443) (231) (1,388) (676) (2,695) (3,443) (4,990) 44.9%
Others (447) (60) (156) 65 (11) (18) (1) (156) 35 122.4%
Allowance for loan loss- ending 11,877 13,886 15,992 16,889 16,604 17,778 17,730 15,992 17,730 10.9%
NPL ratio 0.84% 0.47% 0.44% 0.50% 0.50% 0.64% 0.47% 0.44% 0.47% 0.0%
Coverage ratio 112.58% 217.90% 248.97% 233.17% 228.97% 191.46% 261.73% 248.97% 261.73% 12.8%
  1. Non-consolidated basis

45

==> picture [180 x 31] intentionally omitted <==

First Sec. Operating Report
Firs
in N
Firs
Tota
Br
Ne
Un
Pr
Ot
To
Tota
Non
Inco
Inco
Cum
Net i
Firs
ROA
ROA
Brok
Mar

46

==> picture [180 x 31] intentionally omitted <==

FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

2013 Change
485
1
486
(372)
9
123
(21)
102
0
102		 1.3%
--
1.3%
3.9%
0.0%
-6.1%
-4.5%
-6.4%
--
-6.4%
y
FSITC Key Ratios
AUM
92,188
97,401
81,568
81,568
AUM Ranking
8
5
8
8		 74,577
13		 -8.6%
--
  1. Non-consolidated basis

47

==> picture [180 x 31] intentionally omitted <==

– First Aviva Operating Report

First-Aviva Financial Results Summary ~~in NT$ million or %~~
First-Aviva Financial Results Summary
~~in NT$ million or %~~
2010
2011
2012
2012
2013
Change
Income Statement Summary
Operating Revenue
6,314
4,993
7,342
7,342
10,338
40.8%
Premium Income
5,856
4,788
6,381
6,381
9,301
45.8%
Other insurance income
17
23
42
42
82
95.2%
Net Investment Income
441
182
919
919
955
3.9%
Operating Cost
(6,139)
(4,902)
(7,080)
(7,080)
(9,979)
40.9%
Reinsurance commission
(5)
(6)
(10)
(10)
(13)
30.0%
Reserves
(4,527)
(1,128)
(3,002)
(3,002)
(4,741)
57.9%
Claims
(1,477)
(3,595)
(3,825)
(3,825)
(4,864)
27.2%
Commission
(130)
(172)
(243)
(243)
(361)
48.6%
Others
0
0
0
0
0
--
Operating Expenses
(319)
(359)
(376)
(376)
(383)
1.9%
Sales related expenses
(32)
(56)
(60)
(60)
(59)
-1.7%
Management expenses
(278)
(287)
(300)
(300)
(304)
1.3%
Other expense
(9)
(16)
(16)
(16)
(20)
25.0%
Profit/Loss of Operation
(145)
(268)
(114)
(114)
(24)
78.9%
Non-Operating Profit
2
0
0
0
0
--
Profit/Loss Before Tax
(143)
(268)
(114)
(114)
(24)
78.9%
Income tax
0
0
0
0
0
--
Net Income after tax
(143)
(268)
(114)
(114)
(24)
78.9%
Key Ratios
ROAE(Annualized ratio)
-9.00%
-18.82%
-9.21%
-9.21%
-2.21%
--
ROAA(Annualized ratio)
-0.77%
-1.29%
-0.51%
-0.51%
-0.09%
--
FFHC claims 51% of First-Aviva operating results.
Year-over-Year Comparison
Full Year Result*
  • FFHC claims 51% of First-Aviva operating results.

48

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