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First Financial Holding Co. Ltd. Earnings Release 2023

Mar 1, 2024

52222_rns_2024-03-01_dab9a15b-d2dc-49c9-8f2c-ab2658f4d3ff.pdf

Earnings Release

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First Financial Holding 2023 Full Year Earnings Results -Preliminary March 1, 2024

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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

  • At a Glance

  • Financial Highlights

  • Operating Results

  • Appendix

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At a Glance

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Group Net Income Trend (in NT$ mn )
Consolidated Net Income
+9.1%
22,461
20,596
19,739
19,369 16,808
17,332
17,284 15,432
2016 2017 2018 2019 2020 2021 2022 2023
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A Year of Resilient Performance

Broad-based growth across key subsidiaries in 2023:

  • Total bank loan up by 4.1% thanks to mortgage offsetting slow SME lending:

FFHC’s earnings climbed up to an alltime record at NT$22,461 mn (+9.1 % YoY), or NT$1.65 per share, buoyed by higher rate environment and robust Taiwan stock market. Bank finished with NT$21,526 mn (+5.9% YoY) after-tax profit, while broker reported of NT$978 mn (+142.7% YoY), life of NT$436 mn (+603.2% YoY) and trust of NT$115 mn (+51.3% YoY).

Loan bank growth during 2023 was not as strong as projected, amid weak global demands on electronics and consumer products, hitting Taiwan SME exporters.

Cautious 2024 outlook with focuses on asset rebalancing, risk control and asset quality:

Macro uncertainties remain including geopolitical tensions and US presidential election despite Fed rate cut may begin in 2H24. Sentiment on risk-adverse and asset optimization at the corporates and retail level should continue driving up WM business and pushing for tightened interest risk control and solvency issues.

  • Extended SWAP gains, lifting First Bank’s earnings to the highest level :

Treasury gains grew by +82.11% to NT$20,016 mn and fee income gained further traction to NT$8,919 mn, a 10.1% growth. Overall, bank’s net revenue increased by NT$4,236 mn, or 7.8%, to $58,720 mn.

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Financial Highlights

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2023 Key Figures

Banking
NT$21,526; 95.9%
Securities
NT$978;4.4%
Investment Trust
NT$115; 0.5 %
Others
NT$(755); -3.4%
Insurance
NT$436; 1.9%
2023 Net Income Breakdown1 ( in NT$ mn)
AMC
NT$161; 0.7%		 Key Figures( in NT$ dollar, NT$ mn, mn shares or %)
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
2
ROAA
2
Group CAR3
Double Leverage4
2023
22,461
34,901
4,429,410
1.65
18.24
136,201
9.51%
0.52%
130.05%
110.73%
YoY %
+9.1%
+178.3%
+6.5%
+9.3%
+7.6%
+3.0%
+3.6%
0.0%
+3.9%
+0.3%
2022
20,596
12,540
4,157,196
1.51
16.95
132,234
9.18%
0.52%
125.16%
110.38%

  1. Consolidated figures with eliminated entries.

  2. Annualized figures.

  3. Updated semi-annually.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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2023 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↓ 0.7%
67,255
(5,818) (2,793) (30,382) ↑ 9.1% ↑ 178.3%
34,901
(5,801)
22,461
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
2022 Consolidated Net Income & Comprehensive Income (in NT$ mn)
67,756
(6,577) (8,906)
(27,786)
(3,891)
20,596
12,540
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
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Net Income Breakdown by Subsidiaries*

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2023 Net Income By Subsidiaries (in NT$ mn)
↑ 9.1%
↑ 5.9%
22,461
21,526
↑ 142.7% ↑ 51.3% ↑ 603.2% ↑ 4.5%
978 115 436 161
First Bank First Securities FSITC First Life AMC FFHC
2022 Net Income By Subsidiaries (in NT$ mn)
20,596
20,328
403 76 62 154
First Bank First Securities FSITC First Life AMC FFHC
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  • Major 5 subsidiaries were listed.

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Operating Results

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FFHC’S & First Bank’s Profitability -After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
11.52% 11.46% 10.88%
8.86% 8.68% 9.36% 9.91% 9.18% 9.51%
22,461
19,739 20,596 19,027
16,428
13,158
10,236
6,630
4,944
2021 3M22 6M22 9M22 2022 3M23 6M23 9M23 2023
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
7.97% 8.48% 9.16% 9.53% 8.95% 10.72% 10.38% 10.04% 8.89%
21,526
20,328
17,652 18,016
16,023
12,256
10,123
6,320
4,817
2021 3M22 6M22 9M22 2022 3M23 6M23 9M23 2023
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FB Pre-tax Profits Breakdown
Cumulative Net Revenue(in NT$ mn or %) % of Net Revenue (in %)
Item 2022 2023 Change
58,720 NII 64.2% 49.8% -14.4%
Net Fee 14.9% 15.2% +0.3%
Gain on ST Invest. 2.6% 2.1% -0.5%
54,484 +7.8% Gain on LT invest. 2.0% 1.9% -0.1%
Gain on fin. Products 15.6% 30.1% +14.5%
Others 0.7% 0.9% +0.2%
2022 2023
z
Total Net Revenue		 100.0% 100.0%
Cumulative Net Revenue Provision Expense (net) -11.9% -9.8% +2.1%
Operating Expense -44.4% -44.9% -0.5%
Pre-tax Profit Breakdown(in NT$ mn ) Income Before Tax 43.7% 45.3% +1.6%
35,001 ↓16.4%
↑10.1%
29,245		 ↑82.1%
↑25.3%
20,016		 ↑118.3% ↑8.8%
24,210
26,329
8,103 8,919 10,991 11,305
9,025		 2,539
5,542
2022 2023 2022 2023 2022 2023
2022 2023		 2022 2023 2022 2023
**Net Interest Income ** Net Fee Income Gains on
investment
Provision Exp.1		 Recovery Operating Expense
  1. Gross Provision expense.

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FB Loan Book Mix

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Loan Book [1] (in NT$ bn or %) % of Loan Book Mix [1]
Item 2022 2023 Change
Consumer 28.3% 29.5% +1.2%
2,413.3 Mortgage 24.9% 26.0% +1.1%
Other Consumer Loan 3.4% 3.5% +0.1%
Corporate Banking 71.7% 70.5% -1.2%
Large Corp. Loan 11.9% 13.1% +1.2%
2,318.3
+4.1%
SME Loan [2] 40.1% 38.4% -1.7%
F/X/ Loan 18.7% 16.6% -2.1%
--- Overseas 12.4% 12.3% -0.1%
2022 2023
Gov./ SOE Loan 1.0% 2.4% +1.4%
Loan Book [1]
Loan Book [1] 100.0% 100.0%
Loan Book [1] Mix (in NT$ bn )
↓ 0.5%
930.0 925.8
↑ 8.4%
577.9 626.5 F/X ↓ 7.5%
↑ 15.5%
434.0 401.4
317.1
274.5
Overseas Overseas 101.9 142.5
286.4 297.3 ↑ 3.8% other consumer
lo an 85.2 bn
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
Mortgage Large Corp. Loan SME Loan [2] F/X Loan Others [3]
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  1. Loan Book does not include NALs

  2. SME is defined by the “Standards for Identifying Small and Medium-sized Enterprises”

  3. Included other consumer loan and Gov./SOE loan.

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FB Loan Book Mix

-QoQ Comparison

101.9
182.6
127.5
140.2
142.5
434.0
416.0
421.7
431.7
401.4
274.5
274.9
271.3
295.5
317.1
930.0
912.0
926.5
930.7
925.8
577.9
584.1
593.3
604.6
626.5
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
FB Loan Growth (in NT$ bn)
2,318.3
2,369.6
2,340.3
2,402.7
2,413.3
QoQ%
↑0.4%
Mortgage ↑3.6%
SME ↓0.5%
Large Corp. ↑7.3%
F/X↓7.0%
SME
Mortgage
F/X loan
Total loan
Large Corp.
Others		 101.9
182.6
127.5
140.2
142.5
434.0
416.0
421.7
431.7
401.4
274.5
274.9
271.3
295.5
317.1
930.0
912.0
926.5
930.7
925.8
577.9
584.1
593.3
604.6
626.5
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
2,318.3
2,369.6
2,340.3
2,402.7
2,413.3
QoQ%
↑0.4%
Mortgage ↑3.6%
SME ↓0.5%
Large Corp. ↑7.3%
F/X↓7.0%

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FB LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
69.68% 72.16% 73.00% 70.60% 69.99% 69.60% 70.24% 69.08% NTD 78.4%
F/X 43.0%
2,128.3 2,236.2 2,271.5 2,322.6 2,373.9 2,344.4 2,402.7 2,417.4
1Q'22 2Q'22 3Q'22 2022 1Q'23 2Q'23 3Q'23 2023
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.44% 1.46% 1.48%
1.40%
1.36% 1.34% 1.36% 1.34%
1.02% 1.04% 1.02%
0.99%
0.77% 0.76% 0.76% 0.76%
1Q'22 2Q'22 3Q'22 2022 1Q'23 2Q'23 3Q'23 2023
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB Loan Yields, Costs & Spreads

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FB NTD Yields & Costs Overview ( in % ) Deposit Rate (NTD) Lending Rate (NTD)
Interest Spread (NTD)
1.38% 1.36% 1.35% 1.34%
1.31%
2.26% 2.27% 2.26%
2.15%
2.03%
0.91% 0.93% 0.95%
0.79%
0.65%
4Q'22 1Q'23 2Q'23 3Q'23 4Q'23
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
Interest Spread (FX)
2.82% 2.90%
2.75% 2.77% 2.72%
6.45% 6.51%
6.12%
5.77%
4.99%
3.35% 3.55% 3.79%
3.02%
2.17%
4Q'22 1Q'23 2Q'23 3Q'23 4Q'23
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*All rates are quarterly average rates.

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FB 2023 Deposit Mix

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FB Deposit Mix (in NT$ bn ) FB Deposit CASA Rate (in %)
NTD Deposit F/X deposit
NTD CASA rate
933.2
979.3 -4.7%
△
Total
Deposit 70.99%
68.05%
+11.1% $3,499.5 bn
2,566.2 64.09% 62.62%
2,310.6 +6.4% YoY
1H'22 2022 1H'23 2023
2022 2023
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Major Exposures to Specific Industries

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End of 2023 - % of Loan to Industries
Non-Manufacturing (76.84%)
Total Loan Outstanding [1] : NT$2,561.4bn
Manufacturing (23.16%)
Construction 2.96%
4.27% Petro.
Wholesale/Retail 9.60%
5.35% Metal
Real Estate 13.13%
4.37% Tech.
Transportation &
2.35%
Warehousing
4.03% Machinery
Banking & Insurance 5.31%
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  1. Total exposures does not includes NALs and investment.

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FB Mortgage Book Mix

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Mortgage Yield & LTV Ratio (in %) % of Mortgage by Location (in %)
Taipei-
Mortgage NPL: 0.06% (2023)
Loan-to-value ratio of new mortgage 43.2% Keelung
Metro. Area
Avg. loan-to-value ratio Mortgage Yield
2.09% 2.20% 2.19% 2.18% East Area
1.97%
3.2%
10.4%
64.65% 64.44% 64.40% 64.42% 64.53% Kaohsiung
46.82% 46.60% 46.63% 46.78% 47.26% Area
20.2%
Tainan 10.2% Taoyuan
2022 1Q'23 2Q'23 3Q'23 4Q'23 Area Area
Taichung 12.8%
Area
Monthly New Mortgage Lending↑4.3% (in NT$mn) Monthly New Mortgage Lending
44,925
34,216
37,905
14,221 14482 14992 15451
12,597 12,486 12,595 11,960 11,990
11,087 9,885 10,968 10,266
8,232 8,208
10M22 11M22 12M22 1M23 2M23 3M23 4M23 5M23 6M23 7M23 8M23 9M23 10M23 11M23 12M23
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FB Fee Income Breakdown

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2023 Cumulative Net Fee Income (in NT$ mn or %) % of Net Fee Income
Item 2022 2023 Change
WM [1 ] 52.5% 57.2% +4.7%
8,919
Loan-related 24.8% 23.7% -1.1%
F/X 8.9% 7.7% -1.2%
+10.1%
8,103
Credit Card 4.6% 3.7% -0.9%
Other [2] 9.2% 7.7% -1.5%
2022 2023
Cumulative Net
Net Fee Income 100.0% 100.0%
Fee Income
2023 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 19.9%
5,099
4,252
↑ 5.1%
2,009 2,112 ↓ 5.0%
721 685 751 692
371 331
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
WM Fee [1] Loan-related F/X Credit Card Others [2]
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  1. WM Fee = Fund Sales + Bancassurance + Custodian

  2. Channel fees charged by branches (overseas branches included)

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FB Fee Income Breakdown

-QoQ Comparison

W
M		 Fee Income (in NT$ mn) Fee Income (in NT$ mn)
2,015
2,031
2,383
2,259
2,246
502
506
691
551
711
123
117
122
142
136
475
520
538
555
499
181
163
166
179
103
72
101
77
81
198
209
159
182
142
444
433
498
586
595
177
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
Loan Related
Credit Card
F/X Related
Quarterly
fee income
Others
*
Mutual Fund
Custodian
ealth
GT.
*Bancassurance
↓0.6%
Fund Sales
↓15.0%
Banca.
↑29.0%
QoQ
QoQ

*WM Fee = Fund Sales + Bancassurance + Custodian

*Channel fees charged by branches (overseas branches included)

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FB Cost-to-Income Ratio

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Cumulative Operating Expense (in NT$ mn ) Cost-to-Income Ratio ( in NT$ mn)
Item 2022 2023
26,329
24,210 Net Revenue 54,484 58,720
+8.8% Operating Expense (24,210) (26,329)
Provision(Net) (6,486) (5,763)
Income Tax (3,460) (5,102)
2022 2023
Cumulative Operating Net Income 20,328 21,526
Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cumulated Cost-to-Income Ratio
45.72%
44.44% 44.84%
43.75% 43.24%
42.02%
40.86%
14,877 14,935 15,220 14,931 14,608 13,961
13,092
6,976
5,761 6,024 6,907 6,219 6,449 6,685
2Q'22 3Q'22 2022 1Q'23 2Q'23 3Q'23 2023
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FB Asset Quality

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NPL, NPL Reserve, Coverage Ratio, NPL Ratio (in NT$ mn or % ) Coverage Ratio NPL Ratio
NPL NPL Reserve
826.96%
797.04%
735.70%
731.12%
684.02% 709.24%
620.39%
0.19%
0.18% 0.18% 0.18% 0.18%
0.17% 0.17%
26,229 27,527 29,226 30,536 30,681 31,856 33,897
4,228 4,024 4,121 4,177 4,170 3,997 4,099
6M'22 9M'22 2022 3M'23 6M'23 9M'23 2023
1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual
Large Corp.
Mortgage SME
0.29% 0.27%
0.20% 0.21%
0.17%
0.13%
0.11% 0.11% 0.10% 0.08%
0.07%
0.03%
0.16% 0.00% 0.00%
0.09%
0.07% 0.07% 0.07% 0.06%
4Q'22 1Q'23 2Q'23 3Q'23 4Q'23
4Q'22 1Q'23 2Q'23 3Q'23 4Q'23
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  1. Individual: mortgage and non-mortgage loan included

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FB Overseas Profits

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Overseas Pre-Tax Profits Mix ( in NT$ mn or %) FB Total Pre-Tax Profits Mix ( in NT$ mn or %)
-23.78%
2023
Total Pre-tax profits
Taiwan Domestic Market;
$26,628 mn
93.21% OBU/Greater China 81.09%
2023
North America
29.00% Overseas
Asean
$5,036 mn
Others
Other Overseas ;
1.28% Greater China (including OBU) ;
1.57% 17.63%
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Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
37.73% 37.02%
23.61% 20.63% 19.54% 18.91%
7,849
7,232 7,002
6,682
5,207 4,545
2,883
1,795 1,853 1,258 1,205 720
3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23
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CAR & Core Capital

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FFHC Group CAR (in %)
CAR
135.13%
130.35% 128.09% 130.05%
124.07% 125.16%
statutory CAR 100%
FB CAR & Core Capital (in %)
14.14% 14.21% 14.26% 14.56%
13.71% 13.76% CAR
12.28% 12.48% 12.32% 12.61% Tier 1
11.69% 11.80%
1H'21 2H'21 1H'22 2H'22 1H'23 2H'23
1H'21 2H'21 1H'22 2H'22 1H'23 2H'23
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  • Updated Semi-Annually.

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Appendix

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FFHC Consolidated Income Statement

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

FFHC Consolidated Income Statement (in NT$ million or %) FFHC Consolidated Income Statement (in NT$ million or %) FFHC Consolidated Income Statement (in NT$ million or %) FFHC Consolidated Income Statement (in NT$ million or %) FFHC Consolidated Income Statement (in NT$ million or %)
2019
2020
2021
2022		 Year-over-Year Comparison
2022 2023 Change





Net interest income
Net service fee & commission
Net Insurance revenue
Gain on financial assets meas.
at fair value through P/L
Real estate investment gain		 29,604
30,483
34,588
37,969
8,676
8,853
10,383
9,409
11,729
10,992
9,525
8,980
9,072
5,928
3,356
3,271
138
211
185
190		 37,969
9,409
8,980
3,271
190		 32,525
10,187
3,147
19,205
212		 -14.3%
8.3%
-65.0%
487.1%
11.6%

Gain on financial assets at fair value
through other compre. income		 1,505
2,673
3,176
1,984		 1,984 584 -70.6%
I ncome from equity invest. 125
137
100
76		 76 155 103.9%
Excluding gain on fin. assets measured at amort.cost 40
63
(10)
(68)		 (68) (409) 501.5%
Reserve of overlay approach (22)
39
(43)
237		 237 (235) --







I
I
 Net gain on F/X
Assets impairment loss
Others
Net Revenue
Net Provision for credit losses
Recovered(provided) for insurance res.
Operating Expense
ncome from continued op. before tax
ncome tax expenses
Consolidatednetincome		 1,147
243
877
5,300
(18)
(42)
67
(6)
322
(12)
400
414
62,318
59,568
62,604
67,756
(3,852)
(4,511)
(3,621)
(6,577)
(11,256)
(10,707)
(9,275)
(8,906)
(23,901)
(24,730)
(26,275)
(27,786)
23,309
19,620
23,433
24,487
(3,940)
(2,812)
(3,694)
(3,891)
19,369
16,808
19,739
20,596		 5,300
(6)
414
67,756
(6,577)
(8,906)
(27,786)
24,487
(3,891)
20,596		 1,158
(50)
776
67,255
(5,818)
(2,793)
(30,382)
28,262
(5,801)
22,461		 -78.2%
733.3%
87.4%
-0.7%
-11.5%
-68.6%
9.3%
15.4%
49.1%
9.1%

Other Items
Comprehensive Income		 7,399
(2,248)
(4,847)
(8,056)
26,768
14,559
14,892
12,540		 (8,056)
12,540		 12,440
34,901		 --
178.3%
EPS~~1~~(NT$) 1.51
1.30
1.49
1.51		 1.51 1.65
1. EPS is adjusted retroactively for stock dividends
  1. EPS is adjusted retroactively for stock dividends

28

==> picture [181 x 31] intentionally omitted <==

- FFHC Non consolidated Income Statement

FFHC Standalone Income Statement Summary in NT$ million, NT$, or %

Full Year Results Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2019 2020 2021 2022 2022 2023 Change
Operating revenues
Income from long-term investment 19,835 17,146 20,163 21,094 21,094 23,318 10.5%
Other income 190 187 170 176 176 196 11.4%
Total revenues 20,025 17,333 20,333 21,270 21,270 23,514 10.6%
Operating expenses (389) (378) (403) (413) (413) (440) 6.5%
Other expenses and losses (202) (201) (184) (267) (267) (381) 42.7%
Income from continued op. before tax 19,434 16,753 19,747 20,590 20,590 22,693 10.2%
Income from continued op. after tax 19,369 16,808 19,739 20,596 20,596 22,461 9.1%
Net income 19,369 16,808 19,739 20,596 20,596 22,461 9.1%
EPS1(NT$) 1.51 1.30 1.49 1.51 1.51 1.65 9.3%
  1. EPS is adjusted retroactively for stock dividends

29

==> picture [181 x 31] intentionally omitted <==

FFHC Balance Sheet

FFHC Balance Sheet Summary ~~in NT$ million or million shares~~

Full Years Result Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2019
2020
2021
2022		 2022 2023 Change
N on-consolidated Balance Sheet Data
Lo
To
To
To		 ng-term investment
tal non-consolidated assets
tal liabilities
tal shareholders' equity		 232,876
234,703
241,171
244,673
241,223
243,926
248,995
251,732
21,490
22,719
24,449
27,609
219,733
221,207
224,547
224,123		 244,673
251,732
27,609
224,123		 271,903
280,569
32,125
248,444		 11.1%
11.5%
16.4%
10.9%
C
To
To
To
C		 onolidated Balance Sheet Data
tal consolidated assets
tal liabilities
tal shareholders' equity
urrent shares outstanding*		 3,206,767
3,494,502
3,739,594
4,157,196
2,987,034
3,273,295
3,515,047
3,933,073
219,733
221,207
224,547
224,123
124,619
128,358
129,642
132,234		 4,157,196
3,933,073
224,123
132,234		 4,429,410
4,180,966
248,444
136,201		 6.5%
6.3%
10.9%
3.0%

*figures may not match due to rounding

30

==> picture [181 x 31] intentionally omitted <==

FFHC Key Ratios

FFHC Key Ratios

F F HC Key Ratios HC Key Ratios HC Key Ratios HC Key Ratios HC Key Ratios HC Key Ratios
Full Year Results Year-over-Year Comparison
2019
2020
2021
2022		 2022 2023 Change
A
A
B
C
D
G
D		 fte
fte
o
a
o
ro
e		 r-tax ROAA (Annualized ratio)
r-tax ROAE (Annualized ratio)
ok Per Share
pital Stock
uble leverage1
up CAR2
bt Ratio3		 0.63%
0.50%
0.55%
0.52%
9.11%
7.62%
8.86%
9.18%
17.63
17.23
17.32
16.95
124,619
128,358
129,642
132,234
107.70%
107.55%
108.75%
110.38%
118.70%
125.21%
130.35%
125.16%
8.91%
9.31%
9.82%
10.97%		 0.52%
9.18%
16.95
132,234
110.38%
125.16%
10.97%		 0.52%
9.51%
18.24
136,201
110.73%
130.05%
11.45%		 0.0%
3.6%
7.6%
3.0%
0.3%
3.9%
4.4%

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

  2. Updated semi-annually. 3. Unconsolidated basis

31

==> picture [181 x 31] intentionally omitted <==

FB Income Statement

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

FB Income Statement
bject to final Reviewed
FB Comprehensive Income Statement Summary(Standalone)
in NT$ million or %
2019
2020
2021
2022
2022
2023
Change
Net interest income
27,832
28,534
32,263
35,001
35,001
29,245
-16.4%
Net fee income
7,858
7,328
7,969
8,103
8,103
8,919
10.1%
Net gain on ST invest.
515
655
1,014
1,411
1,411
1,228
-13.0%
Net gain on LT invest.
903
826
763
1,062
1,062
1,104
4.0%
Net gain on other fin. products
9,932
6,710
4,516
8,518
8,518
17,684
107.6%
Other net income
273
81
337
389
389
540
38.8%
Net revenue
47,313
44,134
46,862
54,484
54,484
58,720
7.8%
Operating expenses
(20,834)
(21,350)
(22,379)
(24,210)
(24,210)
(26,329)
8.8%
Pre-provisiion pre-tax profit
26,479
22,785
24,483
30,274
30,274
32,391
7.0%
Provision expense
(6,655)
(7,900)
(6,578)
(9,025)
(9,025)
(11,305)
25.3%
Adjustment: bad-debt recovery
2,898
3,471
3,013
2,539
2,539
5,542
118.3%
Income before tax
22,722
18,356
20,918
23,788
23,788
26,628
11.9%
Income tax
(3,688)
(2,673)
(3,266)
(3,460)
(3,460)
(5,102)
47.5%
Net income
19,035
15,683
17,652
20,328
20,328
21,526
5.9%
Other items
6,450
(1,974)
(4,425)
(3,946)
(3,946)
8,526
--
Comprehensive income
25,485
13,709
13,227
16,382
16,382
30,052
83.4%
EPS
2.14
1.73
1.86
1.99
1.99
2.11
6.0%
Year-over-Year Comparison
Full Year Results

32

==> picture [181 x 31] intentionally omitted <==

FB Key Ratios

FB Key Ratios FB Key Ratios FB Key Ratios FB Key Ratios
FB Key Ratios
~~Fll Y Rlt~~ ~~YY Ci~~
~~u ear esus~~ ~~ear-o~~ ~~ver-ear omparson~~
2019
2020
2021
2022
1.59%
1.40%
1.41%
1.48%
1.06%
1.00%
1.01%
0.99%		 2022 2023 Change
-9.5%
-23.2%
Loan to deposit spread
Net Interest Margin		 1.48%
0.99%		 1.34%
0.76%
Cost to income ratio
Loan to deposit ratio
NPL ratio
Domestic NPL ratio
Overseas NPL ratio
Coverage ratio
CAR
Tier-1
ROAA2
ROAE2		 44.02%
48.38%
47.76%
44.44%
74.29%
71.04%
69.55%
70.60%
0.24%
0.24%
0.20%
0.18%
0.28%
0.24%
0.19%
0.19%
0.08%
0.20%
0.24%
0.10%
527.52%
527.32%
620.31%
709.24%
13.00%
13.63%
14.21%
13.76%
11.11%
11.66%
12.48%
11.80%
0.64%
0.49%
0.51%
0.53%
8.97%
7.16%
7.97%
8.95%		 44.44%
70.60%
0.18%
0.19%
0.10%
709.24%
13.76%
11.80%
0.53%
8.95%		 44.84%
69.08%
0.17%
0.14%
0.35%
826.96%
14.56%
12.61%
0.52%
8.89%		 0.9%
-2.2%
-5.6%
-26.3%
250.0%
16.6%
5.8%
6.9%
-1.9%
-0.7%
1. Annualized figures.

33

==> picture [181 x 31] intentionally omitted <==

FB Loan Quality

FB NPL Migration in NT$ million or %

NPL Migration
NT$ million or %
2021
2022
Q1
Q2
Q3
Q4
2022
2023
Change
L- beginning
4,500
4,033
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
Net new NPL influx
3,965
4,443
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
Domestic
978
3,281
74
570
(77)
624
3,281
1,191
-63.7%
Overseas
2,987
1,162
991
1,244
1,378
1,718
1,162
5,331
358.8%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
L- ending balance
4,033
4,121
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
owance for loan loss- beginning
23,728
25,014
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
rovisions for loan loss
5,783
8,226
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
Others
(65)
341
(19)
64
(84)
(124)
341
(163)
--
owance for loan loss- ending
25,014
29,226
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
covery from bad debt
3,012
2,539
1,032
345
1989
2176
2,539
5,542
118.3%
Domestic
2,876
2,463
875
322
1,961
247
2,463
3,405
38.2%
Overseas
92
31
145
8
14
1,916
31
2,083
6619.4%
Credit card
44
45
12
15
14
13
45
54
20.0%
Non-consolidated basis
Year-over-Year Comparison
2023Quarterly
Full Year Results		 NPL Migration
NT$ million or %
2021
2022
Q1
Q2
Q3
Q4
2022
2023
Change
L- beginning
4,500
4,033
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
Net new NPL influx
3,965
4,443
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
Domestic
978
3,281
74
570
(77)
624
3,281
1,191
-63.7%
Overseas
2,987
1,162
991
1,244
1,378
1,718
1,162
5,331
358.8%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
L- ending balance
4,033
4,121
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
owance for loan loss- beginning
23,728
25,014
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
rovisions for loan loss
5,783
8,226
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
Others
(65)
341
(19)
64
(84)
(124)
341
(163)
--
owance for loan loss- ending
25,014
29,226
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
covery from bad debt
3,012
2,539
1,032
345
1989
2176
2,539
5,542
118.3%
Domestic
2,876
2,463
875
322
1,961
247
2,463
3,405
38.2%
Overseas
92
31
145
8
14
1,916
31
2,083
6619.4%
Credit card
44
45
12
15
14
13
45
54
20.0%
Non-consolidated basis
Year-over-Year Comparison
2023Quarterly
Full Year Results		 NPL Migration
NT$ million or %
2021
2022
Q1
Q2
Q3
Q4
2022
2023
Change
L- beginning
4,500
4,033
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
Net new NPL influx
3,965
4,443
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
Domestic
978
3,281
74
570
(77)
624
3,281
1,191
-63.7%
Overseas
2,987
1,162
991
1,244
1,378
1,718
1,162
5,331
358.8%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
L- ending balance
4,033
4,121
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
owance for loan loss- beginning
23,728
25,014
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
rovisions for loan loss
5,783
8,226
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
Others
(65)
341
(19)
64
(84)
(124)
341
(163)
--
owance for loan loss- ending
25,014
29,226
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
covery from bad debt
3,012
2,539
1,032
345
1989
2176
2,539
5,542
118.3%
Domestic
2,876
2,463
875
322
1,961
247
2,463
3,405
38.2%
Overseas
92
31
145
8
14
1,916
31
2,083
6619.4%
Credit card
44
45
12
15
14
13
45
54
20.0%
Non-consolidated basis
Year-over-Year Comparison
2023Quarterly
Full Year Results		 NPL Migration
NT$ million or %
2021
2022
Q1
Q2
Q3
Q4
2022
2023
Change
L- beginning
4,500
4,033
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
Net new NPL influx
3,965
4,443
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
Domestic
978
3,281
74
570
(77)
624
3,281
1,191
-63.7%
Overseas
2,987
1,162
991
1,244
1,378
1,718
1,162
5,331
358.8%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
L- ending balance
4,033
4,121
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
owance for loan loss- beginning
23,728
25,014
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
rovisions for loan loss
5,783
8,226
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
Others
(65)
341
(19)
64
(84)
(124)
341
(163)
--
owance for loan loss- ending
25,014
29,226
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
covery from bad debt
3,012
2,539
1,032
345
1989
2176
2,539
5,542
118.3%
Domestic
2,876
2,463
875
322
1,961
247
2,463
3,405
38.2%
Overseas
92
31
145
8
14
1,916
31
2,083
6619.4%
Credit card
44
45
12
15
14
13
45
54
20.0%
Non-consolidated basis
Year-over-Year Comparison
2023Quarterly
Full Year Results		 NPL Migration
NT$ million or %
2021
2022
Q1
Q2
Q3
Q4
2022
2023
Change
L- beginning
4,500
4,033
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
Net new NPL influx
3,965
4,443
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
Domestic
978
3,281
74
570
(77)
624
3,281
1,191
-63.7%
Overseas
2,987
1,162
991
1,244
1,378
1,718
1,162
5,331
358.8%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
L- ending balance
4,033
4,121
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
owance for loan loss- beginning
23,728
25,014
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
rovisions for loan loss
5,783
8,226
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
Net write-offs
(4,432)
(4,355)
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
Others
(65)
341
(19)
64
(84)
(124)
341
(163)
--
owance for loan loss- ending
25,014
29,226
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
covery from bad debt
3,012
2,539
1,032
345
1989
2176
2,539
5,542
118.3%
Domestic
2,876
2,463
875
322
1,961
247
2,463
3,405
38.2%
Overseas
92
31
145
8
14
1,916
31
2,083
6619.4%
Credit card
44
45
12
15
14
13
45
54
20.0%
Non-consolidated basis
Year-over-Year Comparison
2023Quarterly
Full Year Results
FB
in
2021
2022
4,500
4,033
3,965
4,443
978
3,281
2,987
1,162
(4,432)
(4,355)
4,033
4,121
23,728
25,014
5,783
8,226
(4,432)
(4,355)
(65)
341
25,014
29,226
3,012
2,539
2,876
2,463
92
31
44
45
Full Year Results		 Q1
Q2
Q3
Q4
2022
2023
Change
4,121
4,177
4,170
3,997
4,033
4,121
2.2%
1,065
1,814
1,301
2,342
4,443
6,522
46.8%
74
570
(77)
624
3,281
1,191
-63.7%
991
1,244
1,378
1,718
1,162
5,331
358.8%
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
4,177
4,170
3,997
4,099
4,121
4,099
-0.5%
29,226
30,536
30,681
31,856
25,014
29,226
16.8%
2,338
1,902
2,733
4,405
8,226
11,378
38.3%
(1,009)
(1,821)
(1,474)
(2,240)
(4,355)
(6,544)
50.3%
(19)
64
(84)
(124)
341
(163)
--
30,536
30,681
31,856
33,897
29,226
33,897
16.0%
1,032
345
1989
2176
2,539
5,542
118.3%
875
322
1,961
247
2,463
3,405
38.2%
145
8
14
1,916
31
2,083
6619.4%
12
15
14
13
45
54
20.0%
Year-over-Year Comparison
2023Quarterly
2023 Change
NP




NP
All
P


All
Re


 L- beginning
Net new NPL influx
Domestic
Overseas
Net write-offs
L- ending balance
owance for loan loss- beginning
rovisions for loan loss
Net write-offs
Others
owance for loan loss- ending
covery from bad debt
Domestic
Overseas
Credit card		 4,121
6,522
1,191
5,331
(6,544)
4,099
29,226
11,378
(6,544)
(163)
33,897
5,542
3,405
2,083
54		 2.2%
46.8%
-63.7%
358.8%
50.3%
-0.5%
16.8%
38.3%
50.3%
--
16.0%
118.3%
38.2%
6619.4%
20.0%
1.
  1. Non-consolidated basis

34

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First Sec. Operating Results

First Sec Income Statement Summary in NT$ million or %

in NT$ million or %
Full Year Results Year-over-Year Comparison
2019
2020
2021
2022		 2022 2023 Change
1,499
196
54
687
309
2,745
(1,714)
114
1,145
(167)
978		 8.5%
-31.5%
-30.8%
--
25.6%
42.3%
15.2%
54.1%
122.3%
49.1%
142.7%
Brokerage commission
Net interest income
Underwriting commission
Transaction gains through F/V, net
Other operating income
Total operating income
Total operating expenses
Non-operating income
Income before tax
Income tax
Net income		 777
1,351
2,255
1,382
220
242
383
286
45
77
132
78
270
476
555
(63)
89
127
183
246
1,401
2,273
3,508
1,929
(1,172)
(1,489)
(1,879)
(1,488)
86
80
83
74
315
864
1,712
515
(43)
(120)
(216)
(112)
272
744
1,496
403		 1,382
286
78
(63)
246
1,929
(1,488)
74
515
(112)
403
First Sec Key Ratios
ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share		 4.28%
11.05%
19.79%
5.22%
1.32%
2.81%
4.18%
1.19%
1.39%
1.46%
1.43%
1.38%
2.29%
2.40%
2.30%
2.35%		 5.22%
1.19%
1.38%
2.35%		 12.26%
3.01%
1.34%
2.29%		 134.9%
152.9%
-2.9%
-2.6%

35

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FSITC O eratin Results p g

FSITC Income Statement Summary in NT$ million or %

2019
2020
2021
2022
2022
2023
Change
Year-over-Year Comparison
Full Yeart Results		 2019
2020
2021
2022
2022
2023
Change
Year-over-Year Comparison
Full Yeart Results		 2019
2020
2021
2022
2022
2023
Change
Year-over-Year Comparison
Full Yeart Results
2023 Change
Total operating income
Management fee
Sales service fee
Total operating income
Operating expenses
Non-operating income
Income before tax
Income tax
Income after tax
Net income		 615
584
656
629
629
28
33
26
20
20
643
617
682
649
649
(559)
(532)
(564)
(552)
(552)
21
8
12
(1)
(1)
105
93
130
96
96
(19)
(18)
(24)
(20)
(20)
86
76
105
76
76
86
76
105
76
76		 692
15
707
(571)
7
143
(28)
115
115		 10.0%
-25.0%
8.9%
3.4%
--
49.0%
40.0%
51.3%
51.3%
y
FSITC Key Ratios
AUM
AUM Ranking		 105,042
108,605
112,979
100,051
100,051
10
11
13
15
15		 124,896 24.8%
14

36

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First Life O eratin Results p g

FirstLifeOperatingResults FirstLifeOperatingResults
First Life Financial Results Summary
in NT$ million or %
2019
2020
2021
2022
2022
2023
Change
Income Statement Summary
Operating Revenue
14,435
14,865
14,401
16,689
16,689
13,400
-19.7%
Premium Income
13,193
13,330
12,429
14,911
14,911
11,304
-24.2%
Other insurance income
272
256
252
208
208
203
-2.4%
Net Investment Income
970
1,279
1,720
1,570
1,570
1,893
20.6%
Operating Cost
13,565
13,743
13,047
15,761
15,761
12,101
-23.2%
Reinsurance commission
59
68
78
94
94
118
25.5%
Reserves
11,304
10,745
9,312
8,980
8,980
2,845
-68.3%
Claims
1,329
2,210
2,769
5,740
5,740
7,967
38.8%
Commission
873
720
888
945
945
1,170
23.8%
Others
0
0
0
2
2
1
-50.0%
Operating Expenses
(655)
(730)
(752)
(783)
(783)
(898)
14.7%
Profit/Loss of Operation
215
392
601
145
145
401
176.6%
Profit/Loss Before Tax
215
392
601
145
145
401
176.6%
Income tax
29
94
(1)
(83)
(83)
35
--
Net Income after tax
244
485
600
62
62
436
603.2%
Key Ratios
ROAE(Annualized ratio)
10.44%
14.02%
13.85%
1.91%
1.91%
12.92%
576.4%
ROAA(Annualized ratio)
0.47%
0.76%
0.82%
0.08%
0.08%
0.50%
525.0%
Year-over-Year Comparison
Full Year Result

37

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Q&A

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