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First Financial Holding Co. Ltd. Interim / Quarterly Report 2013

May 29, 2013

52222_rns_2013-05-29_31f77a19-c11a-43bf-8812-9250e594e764.pdf

Interim / Quarterly Report

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First Financial Holding 1Q 2013 Earnings Result

May 29, 2013

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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

  • IFRS Implications

  • 1Q 2013 At a Glance

  • Financial Highlight

  • Operating Results

  • Overseas Theme

  • Appendix

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IFRS Implications

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IFRS Implications

  • Lower Interest Expense, higher NIM: Cost of Employees’ Premium was removed from interest expense to be classified as “OPERATING expense”.

  • Netting Provision Charges: Provision Expenses incorporated Bad-debt recovery.

  • Adjusted PPOP Improved: After interest & provision expense adjustment, the adjusted 2013 Pre-

Interest Expense Gross Provision Adjusted PPOP

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1.31 1.19 1.18 1.61 1.68
1.32
0.60 0.58 0.75
0.50 0.48
0.11
1.05 1.02 1.04 0.95 0.93 0.98
IFRS
(NT$ billion)
Oct.'12 Nov. '12 Dec. '12 Jan.'13 Feb.'13 Mar.'13
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1Q 2013 At a Glance

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1Q 2013 Performance Review

  • Margin Expansion In Line : Adjusted NIM still advanced 2 bps QoQ.

  • Rebounded Fee Income : 1Q13 fee income expanded by 2%, YoY.

- Low Credit Cost:

Except for overseas legacy, credit cost stayed benigh.

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1Q 2013 Financial Highlight

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1Q 2013 Key Figures

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||||||||
|---|---|---|---|---|---|---|
|1Q 2013 Net Income Breakdown|[1 ]|Key Figures|( in NT$ dollar, NT$ mn, mn shares or %)|
|( in NT$ mn)|
|Insurance|
|1Q12|1Q13|YoY %|
|NT$14; 0.5%|
|Others|Consolidated Net Income|3,131|[1]|2,970|[1]|-5.1%|
|Investment Trust|NT$(55);-1.9%|
|Comprehensive Income|[2]|29.0%|
|NT$17; 0.6%|3,163|[2]|4,079|[2]|
|Total Assets|2,098,598|2,147,634|2.3%|
|EPS|0.38|0.36|-5.3%|
|Book per share|16.76|16.76|0.0%|
|Capital Stock|6.0%|
|76,654|81,254|
|ROAE3|9.80%|8.80%|-10.2%|
|ROAA3|0.60%|0.56%|-6.7%|
|Banking|Group CAR|[4]|125.26%|126.26%|0.8%|
|Securities|
|NT$2,962; 99.7%|
|NT$32; 1.1%|
|Double Leverage|[5]|103.60%|104.09%|0.5%|

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Net Income & Comprehensive Income

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1Q 2013 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (235)
Insurance (151)
8,543 (386)
(4,605)
1,109 4,079
(582) 2,970
Net Revenue Provision Operating Income Tax Net Income Other Items Comprehensive
Expense Income
1Q 2012 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (432)
Insurance (11)
8,788 (443)
(4,598)
(616) 3,131 32 3,163
Net Revenue Provision Operating Income Tax Net Income Other Items Comprehensive
Expense Income
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Net Income Breakdown by Subsidiaries*

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1Q 2013 FFHC Net Income Breakdown (in NT$ mn)
↓ 0.3% ↓ 5.1%
2,962 2,970
FFHC 7
Aviva 7
32 17
14
First Bank First Securities FSITC First-Aviva FFHC
1Q 2012 FFHC Net Income Breakdown (in NT$ mn)
3,131
2,972
FFHC 23
Aviva 23
132 28
46
First Bank First Securities FSITC First-Aviva FFHC
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1Q 2013 Operating Results

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FFHC & First Bank Profitability -After Tax

FFHC Net Income & ROAE (in NT$ mn & %)

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Cumulative Net Income Annualized ROAE
9.80% [10.22%]
9.19% 8.80%
8.26%
7.44% 7.73% 7.73%
6.49% 6.67% 6.38%
4.92%
3.60%
2.66%
9,016 10,118
6,962 6,810 7,471 6,620
5,031 4,428
918 2,490 2,000 3,131 2,970
3M 10 6M 10 9M 10 2010 3M 11 6M 11 9M 11 2011 3M 12 6M 12 9M 12 2012 3M 13
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
8.52% 9.52% 9.53% 8.12% 10.16% 10.92% 9.81% 8.58% 9.44%
6.34% 6.82%
4.70%
3.56%
10,375
8,625 8,880
7,609
6,339 6,510
4,372 4,609
2,972 2,962
2,116 2,059
803
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FB 1Q 2013 Pre-tax Profit
1Q13 Cumulative Net Revenue(in NT$ mn or %) % of FB Income before Tax(in %)
Item 1Q12 1Q13 Change
7,672 NII
Net Fee		 74.0%
14.8%		 79.0%
15.6%		 +5.0%
+0.8%
Gain on ST Invest. 0.9% 0.0% -0.9%
Gain on LT invest. 1.9% 1.0% -0.9%
7,921 -3.1% Gain on fin. Products 7.9% 3.7% -4.2%
Others 0.5% 0.6% +0.2%
Total Revenue1 100.0% 100.0%
z
Provision Expense2		 -12.4% -14.2% +1.8%
1Q12 1Q13 Adjustment :Recovery +7.2% +11.6% +4.4%
Cumulative Net Revenue* Operating Expense -50.2% -51.5% +1.3%
FB Revenue/Expense Comparison( NT$mn ) Income Before Tax 44.6% 45.9% +1.3%
↑3.4%
5,862 6,064 ↓0.6%
↑2.0% ↑11.1%
↓57.5%		 ↑57.0% 3,975 3,953
1Q12
Net Intere		 1Q13
st Inco		 1Q121Q13
↓32.8%
me
1,175
1,199
Net Fee Incom		 1Q12
842
e
Gains
invest		 1

o
me		 Q13
1Q121Q13
979
358
1,088
n
nt
Provision Exp.2		 1Q121Q13
565
887
Recovery		 1Q1
Oper		 2
at		 1Q13
ing Exp		 .

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FB 1Q 2013 Loan Book Mix

% of Loan Book1 1Q12
1Q13
Change
26.3%
27.9%
+1.6%
25.5%
26.9%
+1.4%
0.8%
1.0%
+0.2%
73.7%
72.1%
-1.6%
48.5%
47.2%
-1.3%
17.7%
18.7%
+1.0%
7.5%
6.2%
-1.3%
100.0%
100.0%		 1Q12
1Q13
Change
26.3%
27.9%
+1.6%
25.5%
26.9%
+1.4%
0.8%
1.0%
+0.2%
73.7%
72.1%
-1.6%
48.5%
47.2%
-1.3%
17.7%
18.7%
+1.0%
7.5%
6.2%
-1.3%
100.0%
100.0%		 1Q12
1Q13
Change
26.3%
27.9%
+1.6%
25.5%
26.9%
+1.4%
0.8%
1.0%
+0.2%
73.7%
72.1%
-1.6%
48.5%
47.2%
-1.3%
17.7%
18.7%
+1.0%
7.5%
6.2%
-1.3%
100.0%
100.0%
Item 1Q12
1Q13
Change
Consumer 26.3% 27.9% +1.6%
Mortgage 25.5%
26.9%
+1.4%
Other Consumer Loan 0.8%
1.0%
+0.2%
Corporate Banking 73.7% 72.1% -1.6%
Commercial Loan 48.5%
47.2%
-1.3%
F/X Loan 17.7%
18.7%
+1.0%
Gov./SOE Loan 7.5%
6.2%
-1.3%
Loan Book1 100.0%
100.0%

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1Q13 Loan Book [1 ] (in NT$ bn or %)
1,430.6
+3.7%
1,380.2
1Q12 1Q13
Loan Book [1]
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1Q13 Loan Book [1 ] Breakdown (in NT$ bn )
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1Q13 Loan Book Breakdown (in NT$ bn ) ↑ 1.0% 676.2
669.7
↑ 9.6%
385.3
SME ↑ 6.5% ↑ 9.5%
244.2 267.3
↓ 14.6% SME [2] Overseas
351.5 SME [2] 126.9
88.5 488.7
520.6
Overseas Overseas
11.2 13.4 103.6 104.8 115.9
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FB Loan Breakdown

-QoQ Comparison

FB Loan Growth FB Loan Growth FB Loan Growth FB Loan Growth FB Loan Growth FB Loan Growth (in NT$ bn) (in NT$ bn) (in NT$ bn) (in NT$ bn)
Total loan 1,363.1 1,354.4 1,380.2 1401.5 1403.3 1438.4 1430.6
QoQ%
SME 500.2 486.6 488.7 514.2 510.6 523.5 520.6 -0.6%
238.9 240.4 244.2 259.1 264.6 260.2 267.3 +2.7%
F/X loan 128.9 98.3 103.6 95.2 68.3 92.0 88.5 -3.8%
Gov/SOE
Mortgage		 343.0 350.0 351.5 358.6 367.3 377.9 385.3 +2.0%
-2.6%
Commercial 641.7
 654.3 669.7 676.3 690.3 694.5 676.2
Loan2
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

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FB 1Q 2013 Total Loan & NIM

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Total Loan & LDR (in NT$ bn or % )
89.49%
88.28% 88.71% 88.51%
Total Loan [1] LDR [2] 86.36% 86.05%
84.21% 84.72%
83.47%
78.14%
76.21% 76.51% 1,437.3
1,173.0 1,206.0 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
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
△
Loan-Deposit Spread / NIM ( in % )
Adjusted Spread & NIM
Spread [3] NIM [3]
1.52%
1.47% 1.48% 1.49%
1.45%
1.38% 1.39% 1.41% 1.40% 1.40% 1.41% 1.50%
1.36%
1.26%
1.18% 1.20% 1.20% 1.21%
1.07% 1.10% 1.10% 1.10% 1.23%
1.02%
0.99% 1.00%
10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1
IFRS
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FB 1Q 2013 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Loan Rate (NTD) Deposit Rate (NTD)
Spread (NTD) 2.01% 2.06% 2.06% 2.06% 2.09% 2.10% 2.10% 2.09%
1.89%
1.84% 1.92%
1.83%
1.47%
1.31% 1.31% 1.35% 1.30% 1.36% 1.38% 1.38% 1.37% 1.40% 1.41% 1.42%
0.68% 0.68% 0.69% 0.69% 0.69% 0.68%
0.64%
0.57% 0.59% 0.62%
0.52% 0.53%
2Q10 3Q10 4Q10 1Q 11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
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%
2.10% 2.11% 2.14% 2.10% 2.14% 2.16%
1.97%
1.72% 1.73% 1.77% 1.69% 1.73% 1.70% 1.74% 1.84% 1.82% 1.90% 1.74%
0.59%
0.54% 0.49% 0.53% 0.52% 0.51%
0.46%
0.41% 0.41%
0 38% 0 38% 0 37%
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FB 1Q 2013 Mortgage Book

1Q13 Mortgage by Location(in %) 1Q13 Mortgage by Location(in %) 1Q13 Mortgage by Location(in %) Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Mortgage Yield & LTV Ratio Ratio (in %) (in %) (in %)
Location 1Q13 Loan-to-value ratio of new mortgage Avg. loan-to-value ratio
North 70% Mortgage Yield
TPE Metro
Taoyuan/Hsinchu/		 54%
16%		 **2.20% 2.26% 2.24% ** **2.22% ** **2.20% ** **2.18% ** **2.16% ** 2.15%
Mioli
Central 10%
Taichung
South		 16% **68.71% ** **70.06% ** **70.53% ** 70.97% **67.01% ** **66.67% ** **66.68% ** 67.14%
Tainan/Kaohsiung
East		 4% **50.47% ** **51.31% ** **51.64% ** **51.66% ** **48.89% ** **48.74% ** **48.87% ** 49.09%
Total 100.0%
6M11 9M11 2011 3M12 6M12 9M12 2012 3M13
Mortgage Balance and NPL(in NT$ bn and % ) Mortgage NPL
■		 ↑4.3%
Mortgage Balance
0.38% 0.27% 0.23% 0.23% 0.21%
0.30% SME2 SME2 ↑17.2%
0.17%
↑36.8% 317.0 305.0
343.0
9M11		 350.0
2011		 351
3M		 .5
12		 358
6M1		 .6
2		 36
9M		 7.3
12		 377.9
2012		 385.3
3M13

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Major Exposures to Specific Industries -QoQ Comparison

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End of 1Q13 - % of Loan to Industries
Total Loan Bal. [1] : NT$1,430.6 bn
Non-Manufacturing
71.2%
Manufacturing
Wholesale &
28.8%
Retail
9.8%
Tech.
Shipping
8.0% 2.1%
Transportation
Solar TFT-LCD Metal. & Warehousing
1.19% 1.75% 5.2% 6.3%
DRAM Real Estate
0.54% 6.1%
Petro-chemical
Hotel & Rest.
6.4%
1.1%
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FB 1Q 2013 Fee Income Breakdown
1Q 2013 Cumulative Net Fee Income(in NT$ mn or %) % of Cumulative Net Fee
1,199 Item
WM1		 1Q12
46.1%		 1Q13
43.5%		 Change
-2.6%
+2.0% F/X 18.1% 18.3% +0.2%
1,175 Other2 14.0% 13.7% -0.3%
1Q12
1Q13		 Loan-related
Credit Card		 14.8%
7.0%		 17.3%
7.2%		 +2.5%
+0.2%
Net Fee Income Cumulative Net Fee 100.0% 100.0%
1Q13 Cumulative Net Fee Breakdown( in NT$ mn )
↓3.9%
542 521 ↑19.5% ↑3.3%
↑4.9%
↓23.7% 174 208 213
220		 82 86 164 164
↑3.0%
1Q12 1Q13 1Q12 1Q13 1Q121Q13 1Q12 1Q13 1Q12 1Q13
WM Fee 1 Loan -related F/X Credi t Card Oth er2

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FB 1Q 2013 Cost-to-Income Ratio

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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|1Q 2013 Cumulative Operating Expense|(in NT$ mn )|Cost-to-Income Ratio Analysis( in NT$ mn)|
|Item|Restate figures for|1Q12|1Q13|
|YoY comparison|
|Net Revenue|7,921|7,672|
|3,953|
|Operating Expense|(3,975)|(3,953)|
|3,975|-0.6%|
|Provision(Net)|(414)|(201)|
|Income Tax|(561)|(556)|
|1Q12|1Q13|
|Net Income|2,972|2,962|
|Operating Expense|
|Quarterly Operating Expense & Cumulated Cost-to-Income Ratio|( in NT$ mn or % )|
|Restated CI Ratio|
|Net Revenue|Operating Expense|Cost-to-Income Ratio|
|51.68%|51.03%|51.53%|
|50.06%|50.18%|
|48.74%|49.31%|
|47.89%|
|46.63%|
|44.96%|
|43.98%|
|9,400|
|7,451|7,503|7,519|7,967|8,167|7,271|7,921|8,302|7,730|7,672|
|3,620|3,694|3,665|3,751|4,248|3,817|3,975|3,935|3,904|4,041|3,953|
|3Q10|4Q10|1Q11|2Q11|3Q11|4Q11|1Q12|2Q12|3Q12|4Q12|1Q13|

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FB 1Q 2013 Asset Quality

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NPL Amount, Reserve, Coverage (in NT$ mn or % )
Coverage Ratio NPL Ratio NPL NPL Reserve
248.97% 233.17%
238.38%
217.90%
211.76% 207.78%
161.44% 174.03%
123.69%
LLR ratio (loan loss reserve/total loan, excluding gov.loan)
1.25%
1.17%
1.11% 1.04% 1.09%
0.77%
0.60%
0.55%
0.47% 0.44% 0.47% 0.50% 0.44% 0.50%
12,589 12,774 15,992 16,889
13,064 13,886 14,443 14,077 14,782
10,178
7,912 7,507 6,373 6,059 6,648 7,114 6,423 7,243
3M 11 6M11 9M11 2011 3M12 6M12 9M12 2012 3M13
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FB NPL Migration by Sectors
Individual & Mortgage NPL ratios Large Corp. & SME NPL ratios
Individual Large Corp.
0.34% 0.30% 0.31% 0.25% 0.20%
Mortagage		 0.63% 0.84% 0.77% 0.70% 0.70%
SME
0.27% 0.23% 0.23% 0.21% 0.17% 0.41% 0.40% 0.50% 0.49% 0.55%
1Q12 2Q12 3Q12 4Q12 1Q13
1Q12 2Q12 3Q12 4Q12 1Q13
Domestic & Overseas NPL ratios Total NPL ratio
Total NPL
0.66% 0.70%
0.73%
0.72%
Domestic
Overseas		 1.09% 0.44% 0.47% 0.50% 0.44% 0.50%
0.41%
1Q12		 0.43%
2Q12		 0.40%
0.47%
3Q12
4Q12		 0.4
1Q		 1%
13		 1 Q 12 2 Q12 3Q12 4Q1 2 1Q13

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FB 1Q 2013 New NPL Influx Breakdown

Item
1Q12
1Q13
New NPL Influx
28 1,051
Total Loan1,386,314
1,437,326
Ratio
0.00%0.07%
1Q 2013 New NPL Influx(in NT$ mn）		 Item
Domestic
Overseas
1Q-begin. NPL bal.
5,057
1,367
+)1Q13- new NPL influx
(49)
1,100
-)1Q13 - write-off
(19)
(212)
1Q-end NPL bal.
4,989
2,254
1Q 2013 FB NPL(in NT$ mn or %)		 Item
Domestic
Overseas
1Q-begin. NPL bal.
5,057
1,367
+)1Q13- new NPL influx
(49)
1,100
-)1Q13 - write-off
(19)
(212)
1Q-end NPL bal.
4,989
2,254
1Q 2013 FB NPL(in NT$ mn or %)
Item
1Q12
1Q13
New NPL Influx
28 1,051		 Item
1Q-begin. NPL bal.		 Domestic
Overseas
5,057
1,367
+)1Q13- new NPL influx (49)
1,100
Total Loan1,386,314
1,437,326
-)1Q13 - write-off (19)
(212)
Ratio
0.00%0.07%
1Q-end NPL bal. 4,989
2,254

Quarterly New NPL Influx ( in NT$ mn or %)

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Write-off New NPL Influx New NPL Influx / Total Loan
0.15%
0.09% 0.07%
0.01% 0.01% 0.00% 0.00% 0.00%
2,137
-0.11%
-0.15%
1,548
1,337 1,051
949 868 831 871 682
532 525
161 120 342 28 (9) 231
(174) (303)
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CAR & Core Capital

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FFHC Group CAR
Re-Cap CAR
NTD 16.4 bn
125.55% [126.26%]
120.19% [123.71%] 119.69% 123.00%
117.99% 117.05%
115.14%
111.50%
103.60%
statutory CAR 100%
FB CAR & Core Capital
Re-Cap
NTD 15 bn
CAR
10.75% 10.88% 10.91% 11.01% 10.01% 10.36% 10.14% 10.94% 10.44% 11.51% 11.44%
Tier 1
8.28% 8.23% 8.41% 8.49%
7.03% 7.10% 7.08% 7.45% 7.13% 7.00% 6.82%
1H 08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1Q13
1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1Q13
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Shareholder Return

FFHC Earnings FFHC Earnings 0.75
0.75
1.82
0.44
1.20
2.05
Per Share( in NT$ dollar )		 0.90
0.96		 0.90
0.96
EPS
Dividend
2007
2008
2009		 2010
FFHC Dividend History( in NT$ dollar )
2007
2008
2009		 2010 2011
2012*
Cash dividend 1.70
0.50
0.50		 0.30 0.40
0.45
Stock dividend 0.12
0.25
0.25		 0.60 0.60
0.65
Total dividend 1.82
0.75
0.75		 0.90 1.00
1.10

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Overseas Theme

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FB 1Q 2013 Overseas Profits

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1Q13 FB Overseas Profit Mix ( in % ) 1Q13 FB Total Pre-Tax Profit Chart ( in NT mn & %)
63.6%; OBU Others;
3.0%
Domestic Branches;
Greater China; 78.8%
14.4%; HK
18.2%
5.1%; Shanghai
14.2%;Other
overseas 2.7%; Macau
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
34.6% 37.6% 37.7% 36.9%
30.5% 28.7% 30.6% 27.3% 21.2%
4,214
3,532 3,518
3,077 3,160
2,749
2,525
1,759
1,381
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Our Leasing Operations in China

Suzhou Leasing Business Results- Pre-Tax Profit & Balance of Leasing Portfolio (in RMB ‘000)

FCB Leasing Suzhou Pre-tax Profit (in RMB ‘000) Leasing Balance (in RMB ’000) Grand-opened in Mar. 2011 262,471 226,265 5,103 5,474 2012 1Q13

Chengdu Leasing Business Results- Pre-Tax Profit & Balance of Leasing Portfolio (in RMB ‘000)

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First Leasing Chengdu Pre-tax Profit (in RMB ‘000) Leasing Balance (in RMB ’000)
Grand-opened in Jan. 2012 216,511
3% provision &
129,780
F/X Loss in 1Q13
3,236
(164)
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Appendix

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FFHC Comprehensive Statement of Income

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

Full Year Results Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
~~2010~~
~~2011~~
~~2012~~		 ~~1Q12~~ ~~1Q13~~ ~~Change~~
Net interest income
6,135
Net service fee & commission
1,501
Net Insurance revenue
38
Gain on financial assets meas.
726
at fair value through P/L
Real estate investment gain
68
Gain on AFS financial assets
132
Gain on HTM financial assets
1
Income from equity invest.
0
Net gain on F/X
81
Assets impairment loss
0
Others
105
Ner Revenue
8,788
Net Provision for credit losses
(432)
Recovered(provided) for insurance re
(11)
Operating Expense
(4,598)
Income from continued op. before t
3,747
Income tax expenses
(616)
Consolidated net income
3,131		 6,310
1,462
197
1
63
30
(3)
26
390
9
58
8,543
(235)
(151)
(4,605)
3,552
(582)
2,970		 2.9%
-2.6%
418.4%
-99.9%
-7.4%
-77.3%
-400.0%
--
381.5%
--
-44.8%
-2.8%
-45.6%
-1272.7%
0.2%
--
-5.5%
-5.1%
Other Items
32
ComprehensiveIncome
3,163		 1,109
4,079		 3365.6%
29.0%
Net Income attributed to:
Parent
3,109
Minorityinterests
23		 2,963
7		 -4.7%
-69.6%

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FFHC Non-consolidated Income Statement

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

in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2010 2011 2012 1Q12 1Q13 Change
Operating revenues
Income from long-term investment 7,299 8,857 10,634 3,194 3,058 -4.3%
Other income
1		 222 238 252 11 5 -54.5%
Total revenues 7,521 9,095 10,886 3,205 3,062 -4.5%
Loss from long-term investment (73) (992) (337) 0 (6) --
Operating expenses (215) (235) (230) (60) (58) 3.3%
Other expenses and losses (205) (228) (145) (36) (36) 0.0%
Income from continued op. before tax 7,027 7,641 10,174 3,109 2,963 -4.7%
Income from continued po. after tax 7,032 7,602 10,174 3,109 2,963 -4.7%
Income from discontinued op., net of t 0 0 0 0 0 --
Net income 7,032 7,602 10,174 3,109 2,963 -4.7%
EPS2(NT$) 0.96 1.01 1.25 0.38 0.36 -5.3%
  1. Including income other than long-term investment 2. EPS is adjusted retroactively for stock dividends

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FFHC Balance Sheet

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

Full Year Results Full Year Results Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2010 2011 2012 1Q12 1Q13 Change
Non-consolidated Balance Sheet Data
Long-term investment 106,075 127,331 135,490 133,119 141,812 6.5%
Total non-consolidated assets 119,493 135,716 143,073 137,885 145,459 5.5%
Total liabilities 13,496 8,999 9,164 9,395 9,226 -1.8%
Total shareholders' equity 105,997 126,717 133,909 128,490 136,233 6.0%
Conolidated Balance Sheet Data
Total consolidated assets 2,048,867 2,080,970 2,118,538 2,098,598 2,147,634 2.3%
Total liabilities 1,942,118 1,953,609 1,984,050 1,969,447 2,010,831 2.1%
Total shareholders' equity 106,749 127,361 134,488 129,151 136,803 5.9%
Parent's shareholders' equity 105,997 126,717 133,909 128,491 136,233 6.0%
Minority interests 752 644 579 660 571 --
Current shares outstanding 64,768 76,654 81,254 76,654 81,254 6.0%

*figures may not match due to rounding

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FFHC Key Ratios

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FFHC Key Ratios

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		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
1Q12 1Q13 Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR
2
Debt Ratio3		 0.60%
9.80%
16.76
76,654
103.60%
125.26%
6.81%		 0.56%
8.80%
16.76
81,254
104.09%
126.26%
6.34%		 -6.7%
-10.2%
0.0%
6.0%
0.5%
0.8%
-6.9%

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

  2. Updated semi-annually.

  3. Non-consolidated basis.

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FB Income Statement

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

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		 1Q12
1Q13
Change
Net interest income
5,862
6,064
3.4%
Net fee income
1,175
1,199
2.0%
Net gain on ST invest.
73
(4)
-105.5%
Net gain on LT invest.
147
76
-48.3%
Net gain on other fin. product
622
286
-54.0%
Other net income
42
51
21.4%
Net revenue
7,921
7,672
-3.1%
Operating expenses
(3,975)
(3,953)
-0.6%
Pre-provisiion pre-tax profit
3,946
3,719
-5.8%
Provision expense
(979)
(1,088)
11.1%
Adjustment: bad-debt recov
565
887
57.0%
Income before tax
3,532
3,518
-0.4%
Income tax
(561)
(556)
-0.9%
Net income
2,972
2,962
-0.3%
Year-over-Year Comparison		 Year-over-Year Comparison
1Q12 1Q13 Change
6,064
1,199
(4)
76
286
51
7,672
(3,953)
3,719
(1,088)
887
3,518
(556)
2,962		 3.4%
2.0%
-105.5%
-48.3%
-54.0%
21.4%
-3.1%
-0.6%
-5.8%
11.1%
57.0%
-0.4%
-0.9%
-0.3%
Other items
(11)
Comprehensive income
2,961		 1,040
4,002		 -9554.5%
35.2%
  • 1Q12&1Q13 are stated in accordance with IFRS.

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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
1Q12
1Q13
Change
1.41%
1.41%
1.49%
1.45%
1.52%
0.07%
1.02%
1.10%
1.21%
1.18%
1.26%
0.08%
51.03%
50.06%
46.63%
50.18%
51.53%
1.35%
78.14%
84.72%
89.49%
86.05%
88.51%
2.46%
0.84%
0.47%
0.44%
0.44%
0.50%
0.06%
112.58%
217.90%
248.97%
238.38%
233.17%
-5.21%
10.36%
10.94%
11.51%
11.05%
11.44%
0.39%
7.00%
8.28%
8.41%
8.48%
8.49%
0.01%
0.32%
0.43%
0.51%
0.60%
0.56%
-6.67%
6.82%
8.12%
8.58%
10.16%
9.44%
-7.09%
Year-over-Year Comparison
Full Year Results		 2010
2011
2012
1Q12
1Q13
Change
1.41%
1.41%
1.49%
1.45%
1.52%
0.07%
1.02%
1.10%
1.21%
1.18%
1.26%
0.08%
51.03%
50.06%
46.63%
50.18%
51.53%
1.35%
78.14%
84.72%
89.49%
86.05%
88.51%
2.46%
0.84%
0.47%
0.44%
0.44%
0.50%
0.06%
112.58%
217.90%
248.97%
238.38%
233.17%
-5.21%
10.36%
10.94%
11.51%
11.05%
11.44%
0.39%
7.00%
8.28%
8.41%
8.48%
8.49%
0.01%
0.32%
0.43%
0.51%
0.60%
0.56%
-6.67%
6.82%
8.12%
8.58%
10.16%
9.44%
-7.09%
Year-over-Year Comparison
Full Year Results		 2010
2011
2012
1Q12
1Q13
Change
1.41%
1.41%
1.49%
1.45%
1.52%
0.07%
1.02%
1.10%
1.21%
1.18%
1.26%
0.08%
51.03%
50.06%
46.63%
50.18%
51.53%
1.35%
78.14%
84.72%
89.49%
86.05%
88.51%
2.46%
0.84%
0.47%
0.44%
0.44%
0.50%
0.06%
112.58%
217.90%
248.97%
238.38%
233.17%
-5.21%
10.36%
10.94%
11.51%
11.05%
11.44%
0.39%
7.00%
8.28%
8.41%
8.48%
8.49%
0.01%
0.32%
0.43%
0.51%
0.60%
0.56%
-6.67%
6.82%
8.12%
8.58%
10.16%
9.44%
-7.09%
Year-over-Year Comparison
Full Year Results
1Q13 Change
1.52%
1.26%
51.53%
88.51%
0.50%
233.17%
11.44%
8.49%
0.56%
9.44%		 0.07%
0.08%
1.35%
2.46%
0.06%
-5.21%
0.39%
0.01%
-6.67%
-7.09%

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

  2. Annualized figures.

  3. CAR and Tier 1 updated semi-annually.

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FB Loan Qualit y

FB NPL Migration in NT$ million or %

NPL- beginning
Net new NPL influx
Net write-offs
NPL- ending balance
Allowance for loan loss- beginning
Provisions for loan loss
Net write-offs
Others
Allowance for loan loss- ending
NPL ratio
Coverage ratio		 2009
2010
2011
2012
16,916
14,615
10,550
6,373
4,776
1,270
(1,421)
3,493
(7,077)
(5,335)
(2,756)
(3,443)
14,615
10,550
6,373
6,423
9,365
12,386
11,877
13,886
10,151
5,273
4,825
5,705
(7,077)
(5,335)
(2,756)
(3,443)
(53)
(447)
(60)
(156)
12,368
11,877
13,886
15,992
1.32%
0.84%
0.47%
0.44%
84.75%
112.58%
217.90%
248.97%
Full Year Resu		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
1Q12 1Q13 Change
6,373
28
(342)
6,059
13,886
962
(342)
(63)
14,443
0.44%
238.38%		 6,423
1,051
(231)
7,243
15,992
1,063
(231)
65
16,889
0.50%
233.17%		 0.8%
--
-32.5%
19.5%
15.2%
10.5%
-32.5%
-203.2%
16.9%
0.1%
-5.2%
  1. Non-consolidated basis

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First Sec. Operating Report
First Securities Financial Results Summ
in NT$ million or %
Full Year Result Year-over-Year Comparison
2010 2011 2012 1Q12 1Q13 Change
First Sec Income Statement Summary
Total operating income
Brokerage commission 919 804 659 Brokerage commission 204 152 -25.5%
Net interest income 420 408 281 Net interest income 69 64 -7.2%
Underwriting commission 44 43 79 Underwriting commission 20 18 -10.0%
Priciple transaction gains, net 457 (620) (37) Transaction gains through F/V, net 155 85 45.2%
Other operating income 96 98 187 Other operating income 2 2 0.0%
Total operating income 1,936 733 1,169 Total operating income 450 321 -28.7%
Total operating expenses (1,422) (1,476) (1,374) Total operating expenses (335) (315) -6.0%
Non-operating income 124 (14) 21 Non-operating income 25 19 --
Income before tax 638 (759) (184) Income before tax 140 25 -82.1%
Income tax (54) (71) 17 Income tax (8) 7 --
Cummulative effect of change in accounting principle 0 0 0 Cummulative effect of change in acc 0 0 --
Net income 584 (830) (167) Net income 132 32 -75.8%
First Sec Key Ratios First Sec Key Ratios
ROAE (Annualized) 7.94% -11.78% -2.60% ROAE (Annualized) 8.08% 2.04% -74.8%
ROAA (Annualized) 3.04% -4.74% -1.02% ROAA (Annualized) 3.16% 0.80% -74.7%
Brokerage market share 1.66% 1.52% 1.62% Brokerage market share 1.61% 1.65% 0.0%
Margin loan market share 2.07% 1.99% 1.99% Margin loan market share 2.08% 2.20% 0.1%

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FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
1Q12 1Q13 Change
113
0
113
(82)
2
33
(5)
28
0
28		 130
1
131
(112)
2
21
(4)
17
0
17		 15.0%
--
15.9%
36.6%
0.0%
-36.4%
-20.0%
-39.3%
--
-39.3%
FSITC Key Ratios
AUM
92,188
97,401
81,568
AUM Ranking
8
5
8		 92,369
9		 76,408
9		 -17.3%
--
  1. Non-consolidated basis

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– First Aviva Operating Report

First-Aviva Financial Results Summary in NT$ million or %

Full Year Result Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2010 2011 2012 1Q12 1Q13 Change
Income Statement Summary
Operating Revenue 6,314 4,993 7,342 1,564 2,773 77.3%
Premium Income 5,856 4,788 6,381 1,232 2,286 85.6%
Other insurance income 17 23 42 8 16 100.0%
Net Investment Income 441 182 919 324 471 45.4%
Operating Cost (6,139) (4,902) (7,080) (1,431) (2,674) 86.9%
Reinsurance commission (5) (6) (10) (2) (3) 50.0%
Reserves (4,527) (1,128) (3,002) (413) (1,429) 246.0%
Claims (1,477) (3,595) (3,825) (966) (1,169) 21.0%
Commission (130) (172) (243) (51) (73) 43.1%
Others 0 0 0 0 0 --
Operating Expenses (319) (359) (377) (88) (86) -2.3%
Sales related expenses (32) (56) (60) (11) (9) -18.2%
Management expenses (278) (287) (300) (73) (72) -1.4%
Other expense (9) (16) (17) (4) (5) 25.0%
Profit/Loss of Operation (145) (268) (115) 46 13 -71.7%
Non-Operating Profit 2 0 0 0 0 --
Profit/Loss Before Tax (143) (268) (115) 46 13 -71.7%
Income tax 0 0 0 0 (1) --
Net Income after tax (143) (268) (115) 46 14 -69.6%
Key Ratios
ROAE(Annualized ratio) -9.00% -18.82% -9.21% 13.80% 4.60% -66.7%
ROAA(Annualized ratio) -0.77% -1.29% -0.51% 0.88% 0.20% -77.3%

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