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First Financial Holding Co. Ltd. Interim / Quarterly Report 2015

Nov 27, 2015

52222_rns_2015-11-27_46f6c0a3-5534-41a1-adcf-4a08f6049481.pdf

Interim / Quarterly Report

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First Financial Holding 3Q 2015 Earnings Result

Nov. 27, 2015

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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 Highlight

  • Operating Results

  • Appendix

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At a Glance

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3Q 2015– End up with Firm Core

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3Q15 Overall Performance : Steady core earnings boosted group bottom-line despite of declining local loan demand , overseas F/X loan & fee income growth maintained its robust double digits path.

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Domestic Rate-cut impact: As of end of Sep., Central Bank announced 0.125% rate-cut resolution due to pressure on TWN GDP, the downward movement will eventually finalize within 2 quarters with 1-2 bps NIM contraction.

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-
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- 2016 Outlook:

Shortened and fast-track economic cycle becomes the norm of global trend, rebound is expected domestically in 2016 while overseas and fees will remain double-digit gearing momentum, as bank solved capital adequacy problem, opportunities are well in place.

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3Q 2015 Financial Highlight

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3Q 2015 Key Figures

Key Figures ( in NT$ dollar, NT$ mn, mn shares or %)
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
3
ROAA
3
Group CAR4
Double Leverage5
3Q15
12,0181
13,155
2,469,655
1.21
16.09
114,611
9.45%
0.67%
152.66%
105.21%
YoY %
2.7%
2.4%
6.1%
1.7%
-0.2%
23.7%
-11.9%
-1.5%
24.9%
-0.9%
3Q14
11,7051
12,845
2,327,379
1.19
16.12
92,593
10.73%
0.68%
122.27%
106.06%*
3Q15 Net Income Breakdown1( in NT$ mn) Key Figures ( in NT$ dollar, NT$ mn, mn shares or %)
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
3
ROAA
3
Group CAR4
Double Leverage5
3Q15
12,0181
13,155
2,469,655
1.21
16.09
114,611
9.45%
0.67%
152.66%
105.21%
YoY %
2.7%
2.4%
6.1%
1.7%
-0.2%
23.7%
-11.9%
-1.5%
24.9%
-0.9%
3Q14
11,7051
12,845
2,327,379
1.19
16.12
92,593
10.73%
0.68%
122.27%
106.06%*
Banking
NT$12,013; 99.9%
Securities
NT$112; 0.9%
Investment Trust
NT$88; 0.7%
Others
NT$(56); -0.4%
Insurance
NT$(30); -0.2%
AMC
NT$(109); -0.9%

*** FFHC finalized re-cap. in Sep., 2015** .

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

  2. Comprehensive Income Statement is required by IFRS.

  3. Annualized figures. 4. Preliminary data for CAR.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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3Q15 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (202)
Insurance 634
30,146 432 (16,189)
(2,371)
13,155
12,018
1,137
Net Revenue Provision Operating Income Tax Net Income Other Items Comprehensive
Expense Income
3Q14 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (2,840)
Insurance ( 377)
31,794 (3,217)
(15,082)
(1,790)
12,845
11,705
1,139
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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3Q15 FFHC Net Income Breakdown (in NT$ mn)
↑2.7%
↑9.8%
12,013
12,018
FFHC (15)
Aviva (15)
112 88 (30) (109)
First Bank First Securities FSITC First-Aviva First AMC FFHC
3Q14 FFHC Net Income Breakdown (in NT$ mn)
11,705
10,936
FFHC (13)
Aviva (13)
249
194 85 (26)
First Bank First Securities FSITC First-Aviva First AMC FFHC
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  • Major 5 subsidiaries were listed.

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3Q 2015 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
11.42%
10.20% 10.73% 10.52% 10.50%
8.80% 9.48% 9.13% 9.53% 9.45%
7.94%
14,078
11,705 12,018
10,877
9,293
8,205 8,108
6,361
2,970 3,655 4,109
3M 13 6M 13 9M 13 2013 3M 14 6M 14 9M 14 2014 3M 15 6M 15 9M 15
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.44% 9.84% 9.49% 10.60% 11.10% 10.60% 9.40% 10.56% 10.32% 9.60%
8.35%
13,381
12,013
10,645 10,936
8,977
7,527 7,896
6,144
2,962 3,543 4,100
3M 13 6M 13 9M 13 2013 3M 14 6M 14 9M 14 2014 3M 15 6M 15 9M 15
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1.Minority interests included

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FB 3Q15 Pre-tax Profit
3Q15 Cumulative Net Revenue (in NT$ mn or %) % of FB Net Revenue(in %)
Item 3Q14 3Q15 Change
NII 71.7% 72.2% +0.5%
28,245 28,352 Net Fee 16.4% 18.5% +2.1%
Gain on ST Invest. 0.4% -0.1% -0.5%
Gain on LT invest. 2.3% 1.4% -0.9%
+0.4% Gain on fin. Products 9.0% 7.1% -1.9%
Others 0.2% 0.9% +0.7%
Total Revenue 100.0% 100.0%
3Q14 3Q15 z
Provision Expense1		 -16.4% -6.5% -9.9%
Cumulative Net Revenue Adjustment :Recovery +6.8% +5.9% -0.9%
Operating Expense -45.4% -48.7% +3.3%
FB Revenue/Expense Comparison(in NT$ mn Income Before Tax 45.0% 50.7% +5.7%
20,239
)		 20,466 ↑1.1% ↑7.8%
↑13.0% ↓ 60.5%
↓ 28.2%		 ↓12.7% 12,820 13,826
↓32.8%
4,636		 5,238 3,309 4,637
2,375
1,831		 1,909
1,666
3Q143Q15
Net Interest Income		 3Q143Q15
Net Fee Income		 3Q143Q15
3Q143Q15
Gains on
investment
Provision Exp.1		 3Q143Q15
Recovery		 3Q143Q15
Operating Exp.
  1. Gross Provision Expense.

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FB 3Q15 Loan Book Mix

391.1
19.6
41.9
390.6
22.7
27.0
336.5
704.9
330.9
688.4
3Q143Q15
3Q143Q15
3Q143Q15
3Q143Q15
3Q143Q15
↓0.1%
↑ F/X1.7%
↓35.6%
3Q15 Loan Book1 (in NT$ bn or %)
3Q15 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
Gov./SOE Loan
Commercial
Loan
F/X Loan
1,488.4
1,465.1
3Q14
3Q15
Loan Book1
-1.6%
Item
3Q14
3Q15
Change
Consumer
27.6%
28.2%
+0.6%
Mortgage
26.3%
26.7%
+0.4%
Other Consumer Loan
1.3%
1.5%
+0.2%
Corporate Banking
72.4%
71.8%
-0.6%
Commercial Loan
47.4%
47.0%
-0.4%
--- SME
38.4%
39.6%
+1.2%
F/X/ Loan
22.2%
23.0%
+0.8%
--- Overseas
10.4%
12.0%
+1.6%
Gov./SOE Loan
2.8%
1.8%
-1.0%
Loan Book1
100.0%
100.0%
% of Loan Book1
SME2
571.9
SME2
580.4
Overseas
154.8
SME↑1.5%
Overseas
175.5
Oversea
↑ 13.4%
↑ 15.8%
↓2.3%		 s

  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) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) QoQ% YoY%
+0.4%
-0.1%
+4.6%
+15.8%
-4.8%
-18.8%
+1.2%
+1.5%
+5.2%
+1.7%
+151.4%
-35.7%		 QoQ% YoY%
+0.4%
-0.1%
+4.6%
+15.8%
-4.8%
-18.8%
+1.2%
+1.5%
+5.2%
+1.7%
+151.4%
-35.7%		 QoQ% YoY%
+0.4%
-0.1%
+4.6%
+15.8%
-4.8%
-18.8%
+1.2%
+1.5%
+5.2%
+1.7%
+151.4%
-35.7%
46.3
~~41.9~~
~~38.5~~
~~37.8~~
~~10.7~~
~~26.9~~
317.5
330.9
334.9
319.1
319.9
336.5
562.7
571.9
585.5
568.5
573.8
580.4
130.0
133.0
132
118.4
113.4
108.0
18.5
19.6
21.0
20.8
21.7
22.7
392.2
391.1
391.5
388.5
388.9
390.6
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Gov/SOE
SME
Mortgage
Commercial
Loan1
1467.2
1488.4
1503.4
1453.0
1428.4
1465.1
F/X loan
Total loan
Other Con.
Loan
Large		 QoQ% YoY%
+0.4%
-0.1%
+4.6%
+15.8%
-4.8%
-18.8%
+1.2%
+1.5%
+5.2%
+1.7%
+151.4%
-35.7%
392.2 19.6
391.1		 21.0
391.5		 388.5 388.9 390.6 +0.4% -0.1%
+4.6% +15.8%
130.0
18.5		 133.0
 132 118.4
20.8		 113.4
21.7		 108.0
22.7
562.7 571.9 585.5 568.5 573.8 580.4 -4.8% -18.8%
+1.2% +1.5%
463
317.5		 ~~419~~
330.9		 334.9 319.1 319.9 336.5 +5.2% +1.7%
+151.4% -35.7%
.
~~.~~
~~38.5~~
~~37.8~~
2Q14
3Q14
4Q14
1Q15		 ~~10.7~~
~~26.9~~
2Q15
3Q15

1.Commercial loan includes SME.

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FB 3Q15 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR [2]
88.29%
86.54%
84.51% 84.49%
83.50% 83.48% 83.03%
80.21%
78.55% 77.94%
1,449.2 1,447.7 1,439.9 1,470.6 1,470.9 1,491.8 1,507.1 1,456.2 1,431.1 1,468.0
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
△
Loan-Deposit Spread / NIM ( in % ) Spread [3] NIM [3]
1.60% 1.62%
1.61%
1.53% 1.54% 1.55% 1.55% 1.55% 1.55% 1.55%
1.28% 1.28% 1.28% 1.28% 1.29% 1.28%
1.26% 1.26% 1.26%
1.25%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
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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 3Q15 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Interest Spread (NTD)
Deposit Rate (NTD) Lending Rate (NTD)
1.60% 1.59% 1.59% 1.60%
1.56%
1.52%
2.12% 2.16% 2.20% 2.18% 2.18% 2.19%
0.60% 0.60% 0.60% 0.59% 0.59% 0.59%
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
1.67% Interest Spread (FX) 1.72%
1.65%
1.59%
1.59%
1.45%
2.65% 2.51% 2.52% 2.57%
2.29% 2.31%
0.98% 0.92% 0.84% 0.88% 0.85%
0.72%
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
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  • All rates are QUARTERLY* average rates.

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Major Exposures Breakdown

End of 3Q15 - % of Loan to Industries 5.86% 12.92% 11.52% 5.05% 5.27% Manufacturing; 26.09% 1H15 (clockwisely) 8.09% Total Exposures* 5.65% Petro. Metal $1,563 bn Tech. 3.38% 3.64% Machinery Other manufacturing 6.48% Individual(Mortgage included) Construction Real Estate Wholesale/Retail 32.14% Transportation&Warehousing Others

  • Total loan does not includes NALs.

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FB 3Q15 Mortgage Book

3Q15 Mortgage by Location(in %)
Location
3Q15
North
TPE Metro
70%
54%
Taoyuan/Hsinchu/
Mioli
16%
Central
11%
Taichung
South
15%
Tainan/Kaohsiung
East
4%
Total
100.0%
Location
3Q15
North
TPE Metro
70%
54%
Taoyuan/Hsinchu/
Mioli
16%
Central
11%
Taichung
South
15%
Tainan/Kaohsiung
East
4%
Total
100.0%
Location
3Q15
North
TPE Metro
70%
54%
Taoyuan/Hsinchu/
Mioli
16%
Central
11%
Taichung
South
15%
Tainan/Kaohsiung
East
4%
Total
100.0%
↑4.3%
↑17.2%
SME2
317.0
SME2
305.0
Monthly New Mortgage Lending
Monthly New Mortgage Lending(in NT$mn)
5,507
5,975
4,945
7,086
5,645
3,937
5,513
5,638
5,749
6,437
6,926
5,441
5,944
YoY% +7.9%
9M14
10M14
11M14
12M14
1M15
2M15
3M15
4M15
5M15
6M15
7M15
8M15
9M15

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FB 3Q15 Fee Income Breakdown

FB 3Q15 FB 3Q15 FB 3Q15 FB 3Q15 FB 3Q15
3Q15 Cumulative Net Fee Income (in NT$ mn or %) Item
3Q14
3Q15
Change
WM1
49.3%
55.5%
+6.2%
F/X
15.2%
12.7%
-2.5%
Other2
14.0%
11.5%
-2.5%
Loan-related
15.2%
14.4%
-0.8%
Credit Card
6.3%
5.9%
-0.4%
Cumulative Net Fee
100.0%
100.0%
% of Cumulative Net Fee
4,636
5,238
3Q14
3Q15
Net Fee Income
+13.0%
Item
3Q14
3Q15
Change
WM1
49.3%		 55.5% +6.2%
F/X
15.2%		 12.7% -2.5%
Other2
14.0%		 11.5% -2.5%
Loan-related
15.2%		 14.4% -0.8%
Credit Card
6.3%		 5.9% -0.4%
Cumulative Net Fee
100.0%
100.0%
3Q15 Cumulative Net Fee Breakdown ( in NT$ mn )

  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

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Fee Income (in NT$ mn)
1,842 1,806
1,525 1,705 1,554 1,590 YoY% +5.9%
Fee
Income
196
213
248 106
Others 206 195 98
197 100 229 220
106
Credit Card 100 95
237
214 258
F/X 237 280
243
Related
250 96
216 95
Loan 221
232
Related 100 91
93 91 452 QoQ +8.9%
Custodian
492
331 306
255 278 Banca.
Bacassurance
462 505
405 Wealth 439 426 408
MGT.
Mutual Fund
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
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*Other represents network service fee, including overseas branches

  • Wealth Management Fee = Fund sales + Bancassurance + Custodian

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FB Fee Income Breakdown

-WM & Non-WM

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3Q15 FB Fee income breakdown ( in NT$ mn or % )
3Q15
WM Fee Income
Mutual Fund, $2,907 mn
47.30%
3Q15
Wealth Management
44.50% Fee Income 55.50%
Non-WM
$5,238 mn
Bancassurance
Custodian, , 43.00%
9.70%
3Q14 FB Fee income breakdown ( in NT$ mn or % )
3Q14
WM Fee Income
Mutual Fund, $2,288 mn
53.72%
3Q14
Wealth Management
50.65% Fee Income 49.35%
Non-WM
$4,636 mn
Bancassurance
Custodian,
, 34.18%
12.11%
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FB 3Q15 Cost-to-Income Ratio

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3Q15 Cumulative Operating Expense (in NT$ mn ) Cost-to-Income Ratio Analysis( in NT$ mn)
Item 3Q14 3Q15
Sales Tax raised 3%
13,826 Net Revenue 28,245 28,352
Operating Expense (12,820) (13,826)
12,820 +7.8%
Provision(Net) (2,728) 165
Income Tax (1,760) (2,347)
3Q14 3Q15
Net Income 10,936 12,013
Operating Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cost-to-Income Ratio
49.75%
48.77%
47.27% 47.86%
45.25% 45.49% 45.39%
9,956 10,147
9,032 9,256 9,276 9,202 9,003
4,087 4,232 4,501 4,916 4,404 4,653 4,769
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
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  • Sales Tax raised around 80mn per month

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FB 3Q15 Asset Quality

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NPL Amount, Reserve, Coverage (in NT$ mn or % ) Gross Provision Ratio
(loss reserve against performing loan)
LLR ratio (loan loss reserve/total loan, 767.32% 775.31%
Coverage Ratio excluding gov.loan) 680.71% 710.06%
521.72%
504.28%
453.05%
1.34% 1.31% 1.37% 1.37% 1.39% 1.36% 1.40%
1.19% 1.09% 1.26% 1.24% 1.26% 1.18% 1.22%
NPL Ratio NPL NPL Reserve
0.28%
0.26%
0.24%
0.20% 0.19% 0.18% 0.18%
18,813 18,637 19,933 20,089 19,699 19,337 20,124
4,152 3,572 3,953 2,951 2,774 2,520 2,596
3M14 6M14 9M14 2014 3M15 6M15 9M15
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FB NPL Migration by Sectors

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1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual Large Corp.
Mortagge SME
0.22%
0.20% 0.19% 0.45%
0.22% 0.18% 0.19% 0.35% 0.31% 0.31% 0.32%
0.19%
0.17% 0.17% 0.17% 0.26%
0.03% 0.02% 0.00% 0.00%
3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15
Domestic NPL Ratio (in %) Overseas NPL Ratio (in %)
Domestic Overseas
0.30%
0.21%
0.20% 0.20%
0.19% 0.13% 0.14% 0.11%
0.08% 0.09%
3Q14 4Q14 1Q15 2Q15 3Q15
3Q14 4Q14 1Q15 2Q15 3Q15
----- End of picture text -----

  1. Individual: mortgage and non-mortgage loan included

  2. bad-debt recovery not included.

24

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FB New NPL Influx Breakdown

0.00%
0.00%
0.15%
2,695
1,169
770
183
589
1,151
~~525~~
(2,097)
4Q13
1Q14
2Q14
3Q14
Quarterly New NPL Influx & Write-offs ( in NT$ mn)
Breakdown of New NPL Influx (in NT$ mn）
Quarterly
NPL Influx
4Q14
1Q15
2Q15
3Q15
--- Domestic
39
426
484
113
--- Overseas
200
404
(19)
88
Total NPL Influx
239
830
465
201		 0.09%
0.00%
0.07%
1,241
1,007
719
125
830
465
201
239
4Q14
1Q15
2Q15
3Q15
Write-off
New NPL Influx
Quarterly Recovery Mix (in NT$ mn)
Quarterly
Recovery
4Q14
1Q15
2Q15
3Q15
--- Domestic
216
651
484
310
--- Overseas
102
115
57
4
--- Credit Card
14
15
15
15
Total Recovery
332
781
556
329		 0.09%
0.00%
0.07%
1,241
1,007
719
125
830
465
201
239
4Q14
1Q15
2Q15
3Q15
Write-off
New NPL Influx
Quarterly Recovery Mix (in NT$ mn)
Quarterly
Recovery
4Q14
1Q15
2Q15
3Q15
--- Domestic
216
651
484
310
--- Overseas
102
115
57
4
--- Credit Card
14
15
15
15
Total Recovery
332
781
556
329
Breakdown of New NPL Influx (in NT$ mn）
Quarterly
NPL Influx
4Q14
1Q15
2Q15
3Q15
--- Domestic
39
426
484
113
--- Overseas
200
404
(19)
88
Total NPL Influx
239
830
465
201		 Quarterly Recovery Mix (in NT$ mn)
Quarterly
Recovery
4Q14
1Q15
2Q15
3Q15
--- Domestic
216
651
484
310
--- Overseas
102
115
57
4
--- Credit Card
14
15
15
15
Total Recovery
332
781
556
329
Quarterly
NPL Influx
4Q14
1Q15
2Q15
3Q15
--- Domestic
39
426
484
113
--- Overseas
200
404
(19)
88
Quarterly
Recovery
4Q14
1Q15
2Q15
3Q15
--- Domestic
216
651		 484
310
--- Overseas
102
115		 57
4
--- Credit Card
14
15		 15
15
Total NPL Influx
239
830
465
201
Total Recovery
332
781		 556
329
0.00%
0.00%
0.15%
2,695
1,169
770
183
589
1,151
~~525~~
(2,097)
4Q13
1Q14
2Q14
3Q14
Quarterly New NPL Influx & Write-offs ( in NT$ mn)		 0.09%
0.00%
1,241
1,007
719
830
465
239
Write-off
New NPL Influx
(2,097)
4Q13
1Q14
2Q14
3Q14		 4Q14
1Q15
2Q15

25

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FB 3Q15 Overseas Profits

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

3Q15 FB Overseas Pre-Tax Profit Mix ( in NT$ mn or % ) 3Q15 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)
9.1% Total Pre-Tax
11.2% (clockwisely)
45.8% Profit
OBU
$14,360 mn
Shanghai
Chengdu Taiwan Market;
65.8%
3Q15 Hsiamen
Overseas
Macau
17.4% $4,914 mn HK
North America
Asean Other overseas; Greater China; 21.3%
12.9%
12.6% 4.2% Others
1.2%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
47.3% 44.0% 44.0% 44.8% 44.8% 39.4%
34.2%
4,933
4,873
4,554
4,087 4,642
3,967
3,166
1,932 1,910 1,725 1,545 1,829 1,883 1,202
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
----- End of picture text -----

26

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CAR & Core Capital

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

FFHC Group CAR(in %)
Re-cap.
CAR
152.66%
132.75%
123.00% 125.55% 119.40% 123.04% 121.24% 125.34%
117.05%
statutory CAR 100%
FB CAR & Core Capital(in %)
Re-cap. CAR
13.68%
12.27%
11.51% 11.50%
10.94% 10.44% 11.03% 10.90% 10.88% Tier 1
11.08%
9.02% 9.45%
8.28% 8.23% 8.41% 8.34% 8.31% 8.64%
2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 3Q15
2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 3Q15
----- End of picture text -----

  • •Leverage ceiling for holding companies in Taiwan: Double Leverage < 125% ; Debt Ratio < 30% •Preliminary data for 3Q15

27

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Appendix

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FFHC Consolidated Statement of Comprehensive Income

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

TW-GAPP Year-over-Year Comparison
Full Year Results (IFRSs)		 Year-over-Year Comparison
Full Year Results (IFRSs)		 Year-over-Year Comparison
Full Year Results (IFRSs)		 Year-over-Year Comparison
Full Year Results (IFRSs)		 Year-over-Year Comparison
Full Year Results (IFRSs)
2012 2013 2014
28,278
7,428
(6,533)
1,373
172
417
(26)
2,172
(6)
911
34,186
(4,015)
7,101
(20,789)
16,483
(2,405)
14,078
3,420
17,497
14,085
(7)
17,542
(45)
1.52		 3Q14 3Q15 Change
Int
Le
Net i
Ne
Ne
Ga
at
Ga
Ga
Inc
Re
Ne
Ot
Net n
Net r
Provi
Rese
Oper
Othe
Incom
Incom
Incom
Incom
Cum
in a
Cons
EPS1
Ne
Mi		 erest income
ss: Interest expenses
nterest income
t service fee & commission
t Insurance revenue
in on financial assets measured
fair value through P/L
in on AFS financial assets
in on HTM financial assets
ome from equity invest.
al estate investment gain
t gain on F/X
hers
on-interest income
evenues
sion for credit losses
rve for insurance
ating expenses
r expenses
e from continued op. before tax
e tax expenses
e from continued op. after tax
e from discountinued op., net of tax
mulative effect of change
ccounting principle
olidated net income
(NT$)
t income attributable to parent
nority interests		 36,544
(12,422)
24,122
5,954
695
1,363
360
0
256
0
651
3,258
12,537
36,659
(5,890)
(656)
(18,084)
0
12,029
(1,911)
10,118
0
0
10,118
1.25
10,174
(56)		 Net interest income
Net service fee & commission
Net Insurance revenue
Gain on financial assets meas.
at fair value through P/L
Real estate investment gain
Gain on AFS financial assets
Income from equity invest.
Net gain on F/X
Assets impairment loss
Others
Ner Revenue
Net Provision for credit losses
Recovered(provided) for insurance res.
Operating Expense
Income from continued op. before tax
Income tax expenses
Consolidatednetincome		 25,932
6,632
688
859
88
315
97
1,368
3
484
36,466
(4,047)
(397)
(18,973)
13,049
(2,172)
10,877		 21,110
5,630
822
1,423
172
628
53
1,184
59
712
31,794
(2,840)
(377)
(15,082)
13,496
(1,790)
11,705		 21,168
6,277
(98)
668
143
507
(661)
1,332
5
805
30,146
(202)
634
(16,189)
14,389
(2,371)
12,018		 0.3%
11.5%
--
-53.1%
-16.9%
-19.3%
-1347.2%
12.5%
--
13.1%
-5.2%
-92.9%
--
7.3%
6.6%
32.5%
2.7%
Other Items
Comprehensive Income		 1,262
12,139		 1,139
12,845		 1,137
13,155		 -0.2%
2.4%
Net Income attributed to:
Parent
Minorityinterests		 10,889
(12)		 11,692
13		 12,033
(15)		 2.9%
--
Comprehensive Income attributed to:
Parent
Minorityinterests		 12,242
(104)		 12,864
(19)		 13,216
(61)		 2.7%
221.1%
EPS1(NT$)
1.18 1.19 1.21 1.7%

Note: starting from 2013, data are stated in accordance with IFRSs, whereas FY2011-2012 are with ROC GAAP. The same basis applied to all appendix pages.

29

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FFHC Non-consolidated Income Statement

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

O
L
O
O
In
In
In
N
E		 2012
2013
2014
perating revenues
Income from long-term investment
10,641
11,112
13,904
Other income1
252
226
289
Total revenues
10,893
11,339
14,194
oss from long-term investment
(291)
(12)
(8)
perating expenses
(231)
(233)
(264)
ther expenses and losses
(145)
(145)
(159)
come from continued op. before tax
10,226
10,949
13,763
come from continued po. after tax
10,226
10,889
14,085
come from discontinued op., net of tax
0
0
0
et income
10,226
10,889
14,085
PS2(NT$)
1.18
1.18
1.52
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
3Q14 3Q15 Change
11,620
255
11,875
0
(201)
(138)
11,536
11,692
0
11,692
1.19		 12,267
210
12,477
(125)
(217)
(143)
11,992
12,033
0
12,033
1.21		 5.6%
-17.6%
5.1%
--
8.0%
3.6%
4.0%
2.9%
--
2.9%
1.7%

  1. Including income other than long-term investment

  2. EPS is adjusted retroactively for stock dividends

30

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FFHC Balance Sheet

FFHC Balance Sheet Summary in NT$ million or million shares

2012
2013
2014
Non-consolidated Balance Sheet Data
Long-term investment
137,633
145,469
167,888
Total non-consolidated assets
141,300
151,546
172,071
Total liabilities
9,156
10,817
18,126
Total shareholders' equity
132,144
140,729
153,945
Conolidated Balance Sheet Data
Total consolidated assets
2,124,279
2,263,385
2,355,709
Total liabilities
1,991,555
2,122,179
2,201,332
Total shareholders' equity
132,724
141,206
154,377
Parent's shareholders' equity
132,143
140,729
153,945
Minority interests
581
477
432
Current shares outstanding
81,254
86,535
92,593
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
3Q14 3Q15 Change
158,305
162,196
12,930
149,266
2,327,379
2,177,655
149,724
149,266
458
92,593		 194,009
200,869
16,473
184,396
2,469,655
2,284,888
184,767
184,396
371
114,611		 22.6%
23.8%
27.4%
23.5%
6.1%
4.9%
23.4%
23.5%
-19.0%
23.8%

*figures may not match due to rounding

31

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FFHC Key Ratios

FFHC Key Ratios

C C C C C C
2012
2013
2014
0.48%
0.50%
0.61%
7.86%
7.94%
9.53%
16.26
16.26
16.63
81,254
86,535
92,593
104.15%
103.37%
109.06%
125.55%
123.04%
125.34%
6.48%
7.14%
10.53%
Full Year Results		 Year-over-Year Comparison
3Q14 3Q15 Change
After
After
Boo
Cap
Dou
Grou
Deb		 -t
-t
k
it
b
p
t		 a
a
P
al
le

R		 x ROAA (Annualized ratio)
x ROAE (Annualized ratio)
er Share
Stock
leverage1
CAR2
atio3		 0.68%
10.73%
16.12
92,593
106.06%
122.27%
7.97%		 0.67%
9.45%
16.09
114,611
105.21%
152.66%
8.20%		 -1.5%
-11.9%
-0.2%
23.8%
-0.8%
24.9%
2.9%

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

  2. Updated semi-annually.

  3. Non-consolidated basis.

32

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FB Income Statement

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33

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FB Key Ratios

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34

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FB Loan Quality

FB NPL Migration in NT$ million or %

FB Loan Quality FB Loan Quality FB Loan Quality FB Loan Quality FB Loan Quality
FB
in N		 NP
 L Migration
million or %
T$
2012
2013
2014
6,373
6,423
6,774
3,493
5,341
(118)
(3,443)
(4,990)
(3,705)
6,423
6,774
2,951
13,886
15,992
17,730
5,705
6,693
5,863
(3,443)
(4,990)
(3,705)
(156)
35
201
15,992
17,730
20,089
0.44%
0.47%
0.20%
248.97%
261.73%
680.71%
1.17%
1.26%
1.37%
--
1.09%
1.24%
Full Year Results		 Q1
Q2
Q3
3Q14
3Q15
Change
2,951
2,774
2,520
6,774
2,951
-56.4%
830
465
201
(357)
1,496
--
(1,007)
(719)
(125)
(2,464)
(1,851)
-24.9%
2,774
2,520
2,596
3,953
2,596
-34.3%
20,089
19,699
19,337
17,730
20,089
13.3%
683
320
758
4,608
1,761
-61.8%
(1,007)
(719)
(125)
(2,464)
(1,851)
-24.9%
(66)
37
154
59
125
111.9%
19,699
19,337
20,124
19,933
20,124
1.0%
0.28%
0.18%
0.18%
0.26%
0.18%
-0.1%
453.05%
767.32%
775.31%
504.28%
775.31%
271.0%
1.34%
1.36%
1.40%
1.37%
1.40%
0.0%
1.20%
1.18%
1.22%
1.26%
1.22%
0.0%
Year-over-Year Comparison
2015 Quarterly
3Q15 Change
NPL
N
N
NPL
Allo
Pr
N
Ot
Allo
NPL
Cov
Gen
Tier		 - be
et n
et w
- en
wan
ovis
et w
her
wan
rat
erag
eral
1 A		 ginning
ew NPL influx
rite-offs
ding balance
ce for loan loss- beginning
ions for loan loss
rite-offs
s
ce for loan loss- ending
io
e ratio
Provision Ratio
sset Provision Ratio		 2,951
1,496
(1,851)
2,596
20,089
1,761
(1,851)
125
20,124
0.18%
775.31%
1.40%
1.22%		 -56.4%
--
-24.9%
-34.3%
13.3%
-61.8%
-24.9%
111.9%
1.0%
-0.1%
271.0%
0.0%
0.0%
1. Non-c onsolidated basis
  1. Non-consolidated basis

35

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First Sec. Operating Report

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36

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FSITC Operating Report

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37

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– First Aviva Operating Report

==> picture [666 x 420] intentionally omitted <==

38

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CSR Awards

British Standards Institution (BSI)

Both Chinese and English version CSR Report 2014 were ratified GRI’s G4 index.

==> picture [78 x 61] intentionally omitted <==

Securities & Futures Institute (SFI)

==> picture [45 x 62] intentionally omitted <==

Top grade of A++ on “12[th] Listed and OTC-listed Companies Information Disclosure”.

Taiwan Stock Exchange Corporation

One of the top 5% Listed Companies for corporate governance in 2014.

Environmental Protection Administration, Executive Yuan

==> picture [54 x 55] intentionally omitted <==

Ranked as a superb corporate by the “3[rd] National Environmental Education Award”.

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CommonWealth Magazine

Ranked #9 as “Excellence in Corporate Social Responsibility 2015” by CommonWealth Magazine among large enterprises.

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Global Views Monthly

Honored CSR award as “Environmentally Friendly” by Global Views Monthly in 2015.

==> picture [46 x 47] intentionally omitted <==

Taiwan Corporate Sustainability Awards

==> picture [172 x 32] intentionally omitted <==

Received “Gold Award”, “Transparency and Integrity Award” and “Climate Leadership Award” at the Taiwan Top 50 Corporate Sustainability Report Awards from the Taiwan Institute for Sustainable Energy.

39

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Q&A

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