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First Financial Holding Co. Ltd. Interim / Quarterly Report 2017

Dec 5, 2017

52222_rns_2017-12-05_863cd5d2-3bf7-418c-bacc-42f841831ba2.pdf

Interim / Quarterly Report

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Daiwa Taiwan Corporate Day In Tokyo FFHC 3Q 2017 Earnings Result

Dec. 7-8, 2017 Tokyo

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Disclaimer

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

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

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

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Contents

  • Overview

  • At a Glance

  • Financial Highlight

  • Operating Results

  • Appendix

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Overview

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Overview of First Financial Holding

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

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

    • Strong deposit franchise and distribution channels – low funding cost & high CASA rate

    • With Security, Asset management and Life Insurance subsidiary business, First Financial Holding remain keen for further expansion.

2017/9/30

  • Deposit mkt share 5.4%

  • Loan mkt share 5.8%

  • FFHC asset size Top 8

  • SME Lending 10.95% / Top 1

  • Trade Finance Top 4

  • Mutual fund sales Top 3

  • Custodian Top 1

  • Overseas spots 189 domestic /39 overseas (OBU not included)

Financial Summary

$mn, except per
share amounts		 2014 2015 2016 3Q17
Total Revenues 34,186 40,848 45,091 37,569
Net Income 14,078 15,962 17,284 14,832
EPS 1.43 1.48 1.45 1.22
ROAE (annualized) 9.53% 9.32% 9.10% 10.29%

3Q17 Financial Summary

in NT$ mn
First Commercial Bank Net Income 14,565
First Securities Net Income 219
First Sec. Investment Trust Net Income 45
First-Aviva Life Insurance Net Income (82)

FFHC Ownership Profile

Government (Direct 19.88%; Indirect: 7.45%) 27.33% Other Investors: 45.46%
5
Foreign Institution:
27.21%
D

Data as of 2017/4/18

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At a Glance

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3Q2017 – Key Disclosures

Earnings in-line

Loan book grew by +3.3% (YoY), as group bottom line earnings grew by +10.6% (YoY), which was boosted by NII (+4.3% YoY) and Treasury gains (+10.6% YoY) from Bank unit. Besides, Overseas pre-tax profits climbed to 36.77% of total pre-tax earnings, gradually back to the peak level in 2014.

  • FFHC to acquire the full stakes of JV, First-Aviva Life(FAL) (49% ownership) at USD 1.00

On Oct.12, FFHC signed agreement with Aviva Group to purchase its entire shareholding on First-Aviva Life, JV Co.,. After the deal, FAL will be FFHC’s 100% owned subsidiary and financial impact remains minimum.

FSC announced mortgage risk weight cuts, which will be implemented by the end of 2017, and is estimated to lift FB’s Tier-1 & CAR ratios by 0. 56% and 0.66%, respectively. After FSC’s policy adjustment, FB will have accommodative capital buffer and benefit for future loan expansion.

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Impact on Chin Fu Shipbuilding Co., Default

Exposures & potential losses

  • On Oct. 25, 2017, the troubled borrower Ching Fu defaulted on its syndication loans with outstanding balance of NTD 15.4 bn.

  • The total outstanding balance for First Bank is NTD 8.1 bn, with potential losses up to NTD 4.55 bn, of which NTD 3.55 bn for syndication loan; NTD 1 bn for FB’s individual lending.

Extra-Provisioning

  • First Bank does not rule out the possibility of full provisioning after concluding with CPA the amount of provisioning at the end of 2017.

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3Q 2017 Financial Highlight

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3Q 2017 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
3Q17
14,8321
14,347
2,585,733
1.22
15.70
122,164
10.29%
0.77%
126.35%
107.36%
YoY %
10.6%
13.7%
2.2%
10.9%
-0.7%
2.0%
8.7%
8.5%
-13.1%
1.0%
3Q16
13,4071
12,614
2,530,944
1.10
15.81
119,769
9.47%
0.71%
139.49%
106.34%
3Q17 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
3Q17
14,8321
14,347
2,585,733
1.22
15.70
122,164
10.29%
0.77%
126.35%
107.36%
YoY %
10.6%
13.7%
2.2%
10.9%
-0.7%
2.0%
8.7%
8.5%
-13.1%
1.0%
3Q16
13,4071
12,614
2,530,944
1.10
15.81
119,769
9.47%
0.71%
139.49%
106.34%
Banking
NT$14,565; 98.2%
Securities
NT$219;1.5%
Investment Trust
NT$45; 0.3%
Others
NT$85; 0.6%
Insurance
NT$(82); -0.6%

  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 date.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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3Q17 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (1,182)
Insurance (2,793)
37,569
↑ 10.6% ↑ 13.7%
(3,975) (16,198)
(2,564) 14,832 14,347
(485)
Net Revenue Provision Operating Income Tax Net Income Other Items Comprehensive
Expense Income
3Q16 Consolidated Net Income & Comprehensive Income (in NT$ mn)
Credit (1,641)
Insurance (373)
33,769 (2,014)
(16,048)
(2,300)
13,407 12,614
(793)
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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3Q17 FFHC Net Income Breakdown (in NT$ mn)
↑ 10.6%
↑ 6.4%
14,832
14,565
FFHC (42)
Aviva (40)
219 45 (82)
First Bank First Securities FSITC First-Aviva FFHC
3Q16 FFHC Net Income Breakdown (in NT$ mn)
13,685 13,407
FFHC (44)
Aviva (42)
(75) 51 (86)
First Bank First Securities FSITC First-Aviva FFHC
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  • Major 4 subsidiaries were listed.

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3Q 2017 Operating Results

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FFHC & First Bank Profitability -After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
10.14% 10.29%
9.45% 9.32% 9.28% 9.36% 9.47% 9.10% 8.92%
17,284
15,962
14,832
13,407
12,018
8,746 9,608
4,406 4,309
9M 15 2015 3M 16 6M 16 9M 16 2016 3M 17 6M 17 9M 17
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.60% 9.56% 10.36% 9.86% 9.83% 9.46% 9.00% 10.00% 10.15%
17,699
16,100
14,565
13,685
12,013
9,072 9,442
4,808 4,320
9M 15 2015 3M 16 6M 16 9M 16 2016 3M 17 6M 17 9M 17
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1.Minority interests included

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FB 3Q17 Pre-tax Profit

32,334
31,292
3Q16
3Q17
Cumulative Net Revenue
+3.3%
Item
3Q16		 3Q17 Change
NII
66.4%		 66.7% +0.3%
Net Fee
18.3%		 17.3% -1.0%
Gain on ST Invest.
-0.2%		 0.9% +1.1%
Gain on LT invest.
2.0%		 2.3% +0.3%
Gain on fin. Products
10.7%		 11.9% +1.2%
Others
2.8%		 0.9% -1.9%
z
Total Revenue
100.0%		 100.0%
Provision Expense (net)
-4.2%		 -3.9% -0.3%
Operating Expense
-45.0%		 -43.6% -1.4%
FB Revenue/Expense Comparison(in NT$ mn ) Income Before Tax
50.8%		 52.5% +1.7%

Preliminary Data.

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FB 3Q17 Loan Book Mix

403.9
25.5
405.0
29.0
3Q163Q17
3Q163Q17
↑0.3%
3Q17 Loan Book1 (in NT$ bn or %)
1H17 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
1,514.3
1,564.1
3Q16
3Q17
Loan Book1
+3.3%
↑ 13.6%		 403.9
25.5
405.0
29.0
3Q163Q17
3Q163Q17
↑0.3%
3Q17 Loan Book1 (in NT$ bn or %)
1H17 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
1,514.3
1,564.1
3Q16
3Q17
Loan Book1
+3.3%
↑ 13.6%		 403.9
25.5
405.0
29.0
3Q163Q17
3Q163Q17
↑0.3%
3Q17 Loan Book1 (in NT$ bn or %)
1H17 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
1,514.3
1,564.1
3Q16
3Q17
Loan Book1
+3.3%
↑ 13.6%		 403.9
25.5
405.0
29.0
3Q163Q17
3Q163Q17
↑0.3%
3Q17 Loan Book1 (in NT$ bn or %)
1H17 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
1,514.3
1,564.1
3Q16
3Q17
Loan Book1
+3.3%
↑ 13.6%		 779.8
762.7
322.1
350.2
3Q163Q17
3Q163Q17
F/X↑8.7%
Commercial Loan
(Gov./SOE included)
F/X Loan
Item
3Q16
3Q17
Change
Consumer
28.4%
27.8%
-0.6%
Mortgage
26.7%
25.9%
-0.8%
Other Consumer Loan
1.7%
1.9%
+0.2%
Corporate Banking
71.6%
72.2%
+0.6%
Commercial Loan
(Gov./SOE included) )
50.4%
49.9%
-0.5%
--- SME
41.3%
41.9%
+0.6%
F/X/ Loan
21.3%
22.4%
+1.1%
--- Overseas
12.4%
13.2%
+0.8%
Loan Book1
100.0%
100.0%
% of Loan Book1
↑2.2%
SME2
625.1
SME2
610.6
Overseas
187.8
SME↑4.9%
Overseas
206.4
Overseas
↑ 9.9%
SME2
655.4
Item
3Q16
3Q17
Change
Consumer
28.4%
27.8%
-0.6%
Mortgage
26.7%
25.9%
-0.8%
Other Consumer Loan
1.7%
1.9%
+0.2%
Corporate Banking
71.6%
72.2%
+0.6%
Commercial Loan
(Gov./SOE included) )
50.4%
49.9%
-0.5%
--- SME
41.3%
41.9%
+0.6%
F/X/ Loan
21.3%
22.4%
+1.1%
--- Overseas
12.4%
13.2%
+0.8%
Loan Book1
100.0%
100.0%
403.9
25.5
405.0
29.0
3Q163Q17
3Q163Q17
↑0.3%
1H17 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Other Consumer
Loan
↑ 13.6%		 779.8
762.7
322.1
350.2
3Q163Q17
3Q163Q17
F/X↑8.7%
Commercial Loan
(Gov./SOE included)
F/X Loan
↑2.2%
SME2
625.1
SME2
610.6
Overseas
187.8
SME↑4.9%
Overseas
206.4
Oversea
↑ 9.9%
SME2
655.4
3Q163Q17
3Q163Q17
Mortgage
Other Consumer
Loan

  1. Loan Book does not include NALs

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

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FB Loan Breakdown

-QoQ Comparison

FB Loan Growth(in NT$ bn) FB Loan Growth(in NT$ bn) QoQ%
+0.3%
+1.0%
+1.2%
-8.6%
+4.0%
↑0.7%		 QoQ%
+0.3%
+1.0%
+1.2%
-8.6%
+4.0%
↑0.7%
322.1
329.5
330.1
336.8
350.2
137.7
136.4
143.7
136.1
124.4
625.1
647.8
643.5
647.8
655.4
25.5
27.5
27.4
28.7
29.0
403.9
405.9
403.6
403.6
405.0
3Q16
4Q16
1Q17
2Q17
3Q17
SME
Mortgage
Commercial
Loan
1,514.3
1,547.1
1548.3
1553.0
1564.1
F/X loan
Total loan
Consumer Loan
Others		 QoQ%
+0.3%
+1.0%
+1.2%
-8.6%
+4.0%
↑0.7%
+0.3%
+10%
.
+1.2%
-8.6%
+4.0%
3Q16
4Q16
1Q17
2Q17
3Q17

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FB 3Q17 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR [2]
77.94% 76.88% 77.30% 78.56% 79.15% 79.04% 80.48% 79.92% 78.89% NTD 83.4%
F/X 65.8%
1,468.0 1,489.5 1,482.6 1,497.3 1,517.3 1,550.8 1,552.3 1,557.1 1,568.0
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
△
Loan-Deposit Spread / NIM ( in % ) Spread [3] NIM [3]
1.63% 1.64% 1.64% 1.64% 1.65% 1.63% 1.63% 1.64%
1.61%
1.27%
1.25% 1.26% 1.26% 1.26% 1.26% 1.26% 1.26% 1.26%
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
----- End of picture text -----

  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 3Q17 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Interest Spread (NTD)
Deposit Rate (NTD) Lending Rate (NTD)
1.50% 1.51%
1.48% 1.48% 1.49%
1.95% 1.95% 1.91% 1.90% 1.91%
0.45% 0.44% 0.43% 0.42% 0.42%
3Q16 4Q16 1Q17 2Q17 3Q17
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
Interest Spread (FX)
2.33%
2.27% 2.28%
2.25%
2.17%
3.25%
3.12% 3.09%
2.89% 3.00%
0.72% 0.73% 0.84% 0.84% 0.92%
3Q16 4Q16 1Q17 2Q17 3Q17
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All rates are QUARTERLY* average rates.

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FB 3Q17 Deposit Mix

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FB Deposit Structure (in NT$ bn ) FB Deposit CASA Rate (in %)
NTD Deposit F/X deposit
NTD CASA rate
3Q17 Total
491.0 532.0 Deposit
$1986.9 bn △
67.09% 67.12% 67.69%
65.80% 65.31%
+3.7%
1,425.1 1,454.9
2H15 1H16 2H16 1H17 3Q17
3Q16 3Q17
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Major Exposures Breakdown

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

End of 3Q17 - % of Loan to Industries
15.84%
4.80%
4.66%
10.88%
4.71%
Manufacturing; 25.81%
3Q17
4.41%
Petro.
10.32% Total Exposures Tech.
$1,675.8 bn 5.42% Machinery
Metal
Other manufacturing
6.61%
Individual(Mortgage included)
Real Estate
Wholesale/Retail
32.35% Transportation&Warehousing
Others
----- End of picture text -----*

  1. Total exposures does not includes NALs and investment.

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FB 3Q17 Fee Income Breakdown

↑3.0%
3Q17
3Q163Q17
3Q163Q17
F/X
Credit Card
Item
3Q16
3Q17
Change
WM1
56.1%
56.9%
+0.8%
Loan-related
16.9%
16.9%
-0.0%
F/X
11.4%
11.4%
+0.0%
Credit Card
4.8%
5.2%
+0.4%
Other2
10.8%
9.6%
-1.2%
Cumulative Net Fee
100.0%
100.0%
% of Cumulative Net Fee
Other2
281
623
539
292
640		 ↑3.0%
3Q17
3Q163Q17
3Q163Q17
F/X
Credit Card
Item
3Q16
3Q17
Change
WM1
56.1%
56.9%
+0.8%
Loan-related
16.9%
16.9%
-0.0%
F/X
11.4%
11.4%
+0.0%
Credit Card
4.8%
5.2%
+0.4%
Other2
10.8%
9.6%
-1.2%
Cumulative Net Fee
100.0%
100.0%
% of Cumulative Net Fee
Other2
281
623
539
292
640		 ↑3.0%
3Q17
3Q163Q17
3Q163Q17
F/X
Credit Card
Item
3Q16
3Q17
Change
WM1
56.1%
56.9%
+0.8%
Loan-related
16.9%
16.9%
-0.0%
F/X
11.4%
11.4%
+0.0%
Credit Card
4.8%
5.2%
+0.4%
Other2
10.8%
9.6%
-1.2%
Cumulative Net Fee
100.0%
100.0%
% of Cumulative Net Fee
Other2
281
623
539
292
640		 ↑3.0%
3Q17
3Q163Q17
3Q163Q17
F/X
Credit Card
Item
3Q16
3Q17
Change
WM1
56.1%
56.9%
+0.8%
Loan-related
16.9%
16.9%
-0.0%
F/X
11.4%
11.4%
+0.0%
Credit Card
4.8%
5.2%
+0.4%
Other2
10.8%
9.6%
-1.2%
Cumulative Net Fee
100.0%
100.0%
% of Cumulative Net Fee
Other2
281
623
539
292
640
3Q17 Cumulative Net Fee Income (in NT$ mn or %)
3Q17 Cumulative Net Fee Breakdown ( in NT$ mn )
3Q163Q17
3Q163Q17
3Q16
WM Fee1
Loan-related
Net Fee Income
↓23.7%
↓2.2%
3,253
981
658
3,183
942
↓4.0%
5,796
5,596
-3.5%
3Q16
3Q17		 Net Fee Income
5,796
5,596
-3.5%
3Q16
3Q17
Item
3Q16
3Q17
Change
WM1
56.1%		 56.9% +0.8%
Loan-related
16.9%		 16.9% -0.0%
F/X
11.4%		 11.4% +0.0%
Credit Card
4.8%		 5.2% +0.4%
Other2
10.8%
9.6%
-1.2%		 9.6%
Cumulative Net Fee
100.0%
100.0%
3Q17 Cumulative Net Fee Breakdown ( in NT$ mn ) ↑3.0%
3Q17
3Q163Q17
3Q163Q17
F/X
Credit Card
Other2
281
623
539
292
640
↓23.7%
↓2.2%
3,253
981
658
3,183
942
↓4.0%
3Q163Q17
3Q163Q17
3Q16
WM Fee1
Loan-related

  1. WM Fee = Custodian Fee + Trust-related Fee + Bancassurance Fee

  2. Other represents network service fee, including overseas branches

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FB 3Q17 Cost-to-Income Ratio

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|||||||
|---|---|---|---|---|---|
|3Q17 Cumulative Operating Expense|(in NT$ mn )|Cost-to-Income Ratio Analysis( in NT$ mn)|
|Item|3Q16|3Q17|
|14,081|Net Revenue|31,292|32,334|
|Operating Expense|(13,973)|(14,081)|
|13,973|+0.8%|
|Provision(Net)|(1,450)|(1,274)|
|Income Tax|(2,184)|(2,414)|
|3Q16|3Q17|
|Net Income|13,685|14,565|
|Operating Expense|
|Quarterly Operating Expense & Cumulated Cost-to-Income Ratio|( in NT$ mn or % )|
|Net Revenue|Operating Expense|Cumulated Cost-to-Income Ratio|
|45.03%|44.65%|45.65%|45.34%|44.73%|
|43.55%|
|10,078|10,682|10,245|10,026|10,861|11,447|
|4,584|4,732|4,990|4,546|4,796|4,739|
|2Q16|3Q16|4Q16|1Q17|2Q17|3Q17|

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23

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FB 3Q17 Asset Quality

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

NPL Amount, Reserve, Coverage (in NT$ mn or % )
Coverage Ratio LLR ratio (loan loss reserve/total loan, excluding gov.loan)
692.31%
635.75%
625.14%
588.67%
537.82%
498.44% 500.09%
1.36% 1.30%
1.21% 1.22% 1.20% 1.20%
1.18%
NPL Ratio NPL NPL Reserve
0.24% 0.24%
0.22%
0.19% 0.20% 0.20% 0.20%
19,932 19,451 18,276 18,973 18,205 18,561 18,762
2,879 3,060 3,105 3,035 3,385 3,724 3,752
3M16 6M16 9M16 2016 3M17 6M17 9M17
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24

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FB NPL Migration by Sectors

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

1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual
Large Corp.
Mortagge
SME
0.33%
0.29%
0.26% 0.31% 0.32% 0.28% 0.35% 0.38% 0.35%
0.19% 0.18% 0.26%
0.23% 0.00% 0.00% 0.00% 0.00% 0.00%
0.18% 0.16%
3Q16 4Q16 1Q17 2Q17 3Q17
3Q16 4Q16 1Q17 2Q17 3Q17
Domestic NPL Ratio (in %) Overseas NPL Ratio (in %)
Domestic Overseas
0.27% 0.28%
0.24%
0.21% 0.23%
0.19% 0.19%
0.11% 0.10%
0.05%
3Q16 4Q16 1Q17 2Q17 3Q17
3Q16 4Q16 1Q17 2Q17 3Q17
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  1. Individual: mortgage and non-mortgage loan included

  2. bad-debt recovery not included.

25

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FB 3Q17 Overseas Profits

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

3Q17 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)
12.02% Total Pre-Tax
Profit
12.31% OBU $16,979 mn Taiwan Domestic Market;
63.23%
3Q17 HK
Overseas 50.26% North America
Asean
$6,244 mn
14.26% Others
11.15% Other Overseas ; Greater China (including OBU) ;
13.63% 23.14%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
36.16% 35.88% 36.77%
26.97% 28.94% 29.93%
5,370 5,030 5,984 5,965
4,829 4,602
1,178 1,760 1,535 1,818 2,134 2,292
2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
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26

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CAR & Core Capital

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

FFHC Group CAR(in %)
Re-cap.
153.43%
139.14% CAR
132.75% 131.84%
125.34% 126.35%
121.24%
115.66%
statutory CAR 100%
FB CAR & Core Capital(in %)
Re-cap.
13.67% 13.46% 13.27%
12.82% 12.89%
12.27% CAR
11.50%
10.88%
Tier 1
10.93% 10.86% 10.95% 10.64% 10.81%
9.45%
9.02%
8.64%
1H14 2H14 1H15 2H15 1H16 2H16 1H17 3Q17
1H14 2H14 1H15 2H15 1H16 2H16 1H17 3Q17
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  • •Preliminary data.

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

27

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Shareholder Return

FFHC Earnings Per Share ( in NT$ dollar )

1.10
1.20
1.35
1.40
1.40
1.18
1.48
1.18
1.43
1.45 1
2012
2013
2014
2015
2016
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend		 1.10
1.20
1.35
1.40
1.40
1.18
1.48
1.18
1.43
1.45 1
2012
2013
2014
2015
2016
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend		 1.10
1.20
1.35
1.40
1.40
1.18
1.48
1.18
1.43
1.45 1
2012
2013
2014
2015
2016
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend		 1.10
1.20
1.35
1.40
1.40
1.18
1.48
1.18
1.43
1.45 1
2012
2013
2014
2015
2016
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend
EPS
Dividend		 1.10
1.20
1.35
1.18
1.18
1.43		 1.40
1.48		 1.40
1.45 1
2016
2012
2013
2014		 2015
2012
2013
2014		 2015 2016
Cash dividend
0.45
0.50
0.70		 0.95 1.20
Stock dividend
0.65
0.70
0.65		 0.45 0.20
Total dividend
1.10
1.20
1.35		 1.40 1.40
CASH Payout
ratio
38.1%
42.4%
49.0%		 64.2% 82.8%
  1. EPS is adjusted retroactively for stock dividends

28

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Appendix

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FFHC Consolidated Statement of Comprehensive Income

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

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

IFRSs
Year-over-Year Comparison		 IFRSs
Year-over-Year Comparison		 IFRSs
Year-over-Year Comparison
2014
2015
2016
3Q16
28,278
28,452
28,801
21,437
7,428
8,502
8,723
6,736
(6,533)
121
1,351
736
1,373
1,152
2,569
2,502
172
146
163
94
417
541
951
881
(26)
(588)
(75)
(131)
2,172
1,707
935
(62)
(6)
(10)
(39)
(39)
911
825
1,712
1,615
34,186
40,848
45,091
33,769
(4,015)
(518)
(2,244)
(1,641)
7,101
540
(871)
(373)
(20,789)
(21,893)
(21,779)
(16,048)
16,483
18,976
20,197
15,707
(2,405)
(3,014)
(2,913)
(2,300)
14,078
15,962
17,284
13,407
3,420
413
(2,354)
(793)
17,497
16,375
14,930
12,614
14,085
16,006
17,356
13,449
(7)
(44)
(72)
(42)
17,542
16,461
15,023
12,609
(45)
(86)
(93)
5
1.43
1.48
1.45
1.10		 3Q17 Change
4.5%
-7.7%
--
61.3%
-38.3%
1.2%
--
90.3%
--
-50.2%
11.3%
--
--
0.9%
10.8%
11.5%
10.6%
-38.8%
13.7%
10.6%
--
13.7%
100.0%
10.9%
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		 22,410
6,217
3,210
4,036
58
892
113
(118)
(53)
804
37,569
(1,182)
(2,793)
(16,198)
17,396
(2,564)
14,832
Other Items
Comprehensive Income		 (485)
14,347
Net Income attributed to:
Parent
Minorityinterests		 14,872
(40)
Comprehensive Income attributed to:
Parent
Minorityinterests		 14,337
10
EPS1(NT$)
1.22

30

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FFHC Non-consolidated Income Statement

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

2014
2015
2016
Operating revenues
Income from long-term investment
13,904
16,431
17,857
Other income1
289
213
242
Total revenues
14,194
16,644
18,099
Loss from long-term investment
(8)
(114)
(304)
Operating expenses
(264)
(373)
(338)
Other expenses and losses
(159)
(192)
(145)
Income from continued op. before tax
13,763
15,965
17,312
Income from continued op. after tax
14,085
16,006
17,356
Income from discontinued op., net of tax
0
0
0
Net income
14,085
16,006
17,356
EPS2(NT$)
1.43
1.48
1.45
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
3Q16 **3Q17 ** Change
13,772
240
14,012
(183)
(254)
(107)
13,468
13,468
0
13,450
1.10		 14,997
244
15,241
(42)
(278)
(97)
14,824
14,824
0
14,872
1.22		 8.9%
1.7%
8.8%
-77.0%
9.4%
-9.3%
10.1%
10.1%
--
10.6%
10.9%

  1. Including income other than long-term investment

  2. EPS is adjusted retroactively for stock dividends

31

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FFHC Balance Sheet

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

FFHC Balance Sheet Summary
~~in NT$ million or million shares~~
Full Year Results Year-over-Year Comparison
2014 2015 2016 3Q16 **3Q17 ** Change
Non-consolidated Balance Sheet Data
Long-term investment 167,888 197,454 203,834 201,362 205,847 2.2%
Total non-consolidated assets 172,071 201,923 205,165 203,085 208,410 2.6%
Total liabilities 18,126 14,283 13,390 13,725 16,670 21.5%
Total shareholders' equity 153,945 187,640 191,775 189,360 191,740 1.3%
Conolidated Balance Sheet Data
Total consolidated assets 2,355,709 2,500,096 2,541,156 2,530,944 2,585,733 2.2%
Total liabilities 2,201,332 2,312,109 2,349,127 2,341,231 2,393,729 2.2%
Total shareholders' equity 154,377 187,987 192,029 189,713 192,004 1.2%
Parent's shareholders' equity 153,945 187,640 191,775 189,361 191,740 1.3%
Minority interests 432 347 254 352 264 -25.0%
Current shares outstanding 92,593 114,611 119,769 119,769 122,164 2.0%
*figures may not match due to rounding

32

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FFHC Key Ratios

==> picture [36 x 242] intentionally omitted <==

FFHC Key Ratios

FFHC Key Ratios
Full Year Results
2014
2015
2016
3Q16
3Q17 Change
0.61%
0.66%
0.69%
0.71%
0.77%
8.5%
9.53%
9.32%
9.10%
9.47%
10.29%
8.7%
16.63
16.37
16.01
15.81
15.70
-0.7%
92,593
114,611
119,769
119,769
122,164
2.0%
109.06%
105.23%
106.29%
106.34%
107.36%
1.0%
125.34%
153.43%
139.14%
139.49%
126.35%
-9.4%
10.53%
7.07%
6.53%
6.77%
8.00%
18.2%
Year-over-Year Comparison
3Q16 **3Q17 ** Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR2
Debt Ratio3		 0.71%
9.47%
15.81
119,769
106.34%
139.49%
6.77%		 0.77%
10.29%
15.70
122,164
107.36%
126.35%
8.00%		 8.5%
8.7%
-0.7%
2.0%
1.0%
-9.4%
18.2%

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

  2. Updated semi-annually.

  3. Non-consolidated basis.

33

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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 %
2014
2015
2016
3Q16
3Q17
Change
Net interest income
27,138
27,496
27,797
20,687
21,566
4.2%
Net fee income
6,190
7,790
8,035
5,796
5,596
-3.5%
Net gain on ST invest.
(151)
(49)
274
176
307
74.4%
Net gain on LT invest.
666
177
433
827
726
-12.2%
Net gain on other fin. products
3,496
2,823
4,344
3,396
3,831
12.8%
Other net income
181
349
654
410
308
-24.9%
Net revenue
37,520
38,586
41,537
31,292
32,334
3.3%
Operating expenses
(17,736)
(18,997)
(18,963)
(13,973)
(14,081)
0.8%
Pre-provisiion pre-tax profit
19,784
19,589
22,574
17,319
18,253
5.4%
Provision expense
(6,161)
(3,027)
(4,396)
(2,647)
(3,519)
32.9%
Adjustment: bad-debt recovery
2,240
2,554
2,346
1,197
2,245
87.6%
Income before tax
15,862
19,115
20,524
15,869
16,979
7.0%
Income tax
(2,481)
(3,015)
(2,825)
(2,184)
(2,414)
10.5%
Net income
13,381
16,100
17,699
13,685
14,565
6.4%
Other items
3,242
995
(2,099)
(809)
(619)
-23.5%
Comprehensive income
16,623
17,095
15,599
12,876
13,946
8.3%
EPS
1.81
1.93
1.99
1.54
1.64
0.06
Preliminary data
Year-over-Year Comparison
IFRSs*

*Preliminary data

34

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FB Key Ratios

FB Key Ratios FB Key Ratios FB Key Ratios FB Key Ratios
FB Key Ratios
Full Year Results Year-over-Year Comparison
2014
2015
2016
1.55%
1.63%
1.65%
1.28%
1.26%
1.26%
47.27%
49.23%
45.65%
83.03%
76.88%
79.04%
0.20%
0.19%
0.20%
1.24%
1.19%
1.16%
1.37%
1.40%
1.22%
680.71%
751.03%
625.14%		 3Q16 3Q17 Change
0.00%
0.00%
-2.46%
-0.33%
20.00%
15.00%
-0.83%
-15.05%
Loan to deposit spread
Net Interest Margin
Cost to income ratio3
Loan to deposit ratio1
NPL ratio
Gross Provision ratio
LLR ratio (excluding gov. loan)
Coverage ratio		 1.64%
1.26%
44.65%
79.15%
0.20%
1.00%
1.21%
588.67%		 1.64%
1.26%
43.55%
78.89%
0.24%
1.15%
1.20%
500.09%
CAR 11.50%
13.67%
13.27%		 13.36% 12.89% -3.52%
Tier-1 9.02%
10.93%
10.95%		 10.97% 10.81% -1.46%
ROAA2
ROAE2
1. Loan to depoist ratio = total loan /
2. Annualized figures.		 0.59%
0.69%
0.72%
9.40%
9.56%
9.46%
total deposit		 0.75%
9.83%		 0.78%
10.14%

35

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FB Loan Quality

FB NPL Migration in NT$ million or %

F B NPL Migration
NT$ million or %
2015
2016
Q1
Q2
Q3
3Q16
3Q17
Change
PL- beginning
2,951
2,761
3,035
3,385
3,724
2,761
3,035
9.9%
Net new NPL influx
2,201
6,166
1,700
1,379
908
5,248
3,987
-24.0%
Domestic
1,306
4,611
1,320
1,385
880
3,889
3,585
-7.8%
Overseas
895
1,555
380
(6)
28
1,359
402
-70.4%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
PL- ending balance
2,761
3,035
3,385
3,724
3,752
3,105
3,752
20.8%
llowance for loan loss- beginning
20,089
20,738
18,973
18,205
18,561
20,738
18,973
-8.5%
Provisions for loan loss
2,919
4,238
775
1,374
1,188
2,561
3,337
30.3%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
Others
121
(111)
(193)
22
(107)
(119)
(278)
133.6%
llowance for loan loss- ending
20,738
18,973
18,205
18,561
18,762
18,276
18,762
2.7%
ecovery from bad debt
2,554
2,346
424
1,310
277
1,198
2,011
67.9%
Domestic
2,213
2,075
369
1,169
253
1,115
1791
60.6%
Overseas
282
214
43
128
9
39
180
361.5%
Credit card
59
57
12
13
15
44
40
-9.1%
Non-consolidated basis
Year-over-Year Comparison
2017 Quarterly
Full Year Results		 B NPL Migration
NT$ million or %
2015
2016
Q1
Q2
Q3
3Q16
3Q17
Change
PL- beginning
2,951
2,761
3,035
3,385
3,724
2,761
3,035
9.9%
Net new NPL influx
2,201
6,166
1,700
1,379
908
5,248
3,987
-24.0%
Domestic
1,306
4,611
1,320
1,385
880
3,889
3,585
-7.8%
Overseas
895
1,555
380
(6)
28
1,359
402
-70.4%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
PL- ending balance
2,761
3,035
3,385
3,724
3,752
3,105
3,752
20.8%
llowance for loan loss- beginning
20,089
20,738
18,973
18,205
18,561
20,738
18,973
-8.5%
Provisions for loan loss
2,919
4,238
775
1,374
1,188
2,561
3,337
30.3%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
Others
121
(111)
(193)
22
(107)
(119)
(278)
133.6%
llowance for loan loss- ending
20,738
18,973
18,205
18,561
18,762
18,276
18,762
2.7%
ecovery from bad debt
2,554
2,346
424
1,310
277
1,198
2,011
67.9%
Domestic
2,213
2,075
369
1,169
253
1,115
1791
60.6%
Overseas
282
214
43
128
9
39
180
361.5%
Credit card
59
57
12
13
15
44
40
-9.1%
Non-consolidated basis
Year-over-Year Comparison
2017 Quarterly
Full Year Results		 B NPL Migration
NT$ million or %
2015
2016
Q1
Q2
Q3
3Q16
3Q17
Change
PL- beginning
2,951
2,761
3,035
3,385
3,724
2,761
3,035
9.9%
Net new NPL influx
2,201
6,166
1,700
1,379
908
5,248
3,987
-24.0%
Domestic
1,306
4,611
1,320
1,385
880
3,889
3,585
-7.8%
Overseas
895
1,555
380
(6)
28
1,359
402
-70.4%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
PL- ending balance
2,761
3,035
3,385
3,724
3,752
3,105
3,752
20.8%
llowance for loan loss- beginning
20,089
20,738
18,973
18,205
18,561
20,738
18,973
-8.5%
Provisions for loan loss
2,919
4,238
775
1,374
1,188
2,561
3,337
30.3%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
Others
121
(111)
(193)
22
(107)
(119)
(278)
133.6%
llowance for loan loss- ending
20,738
18,973
18,205
18,561
18,762
18,276
18,762
2.7%
ecovery from bad debt
2,554
2,346
424
1,310
277
1,198
2,011
67.9%
Domestic
2,213
2,075
369
1,169
253
1,115
1791
60.6%
Overseas
282
214
43
128
9
39
180
361.5%
Credit card
59
57
12
13
15
44
40
-9.1%
Non-consolidated basis
Year-over-Year Comparison
2017 Quarterly
Full Year Results		 B NPL Migration
NT$ million or %
2015
2016
Q1
Q2
Q3
3Q16
3Q17
Change
PL- beginning
2,951
2,761
3,035
3,385
3,724
2,761
3,035
9.9%
Net new NPL influx
2,201
6,166
1,700
1,379
908
5,248
3,987
-24.0%
Domestic
1,306
4,611
1,320
1,385
880
3,889
3,585
-7.8%
Overseas
895
1,555
380
(6)
28
1,359
402
-70.4%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
PL- ending balance
2,761
3,035
3,385
3,724
3,752
3,105
3,752
20.8%
llowance for loan loss- beginning
20,089
20,738
18,973
18,205
18,561
20,738
18,973
-8.5%
Provisions for loan loss
2,919
4,238
775
1,374
1,188
2,561
3,337
30.3%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
Others
121
(111)
(193)
22
(107)
(119)
(278)
133.6%
llowance for loan loss- ending
20,738
18,973
18,205
18,561
18,762
18,276
18,762
2.7%
ecovery from bad debt
2,554
2,346
424
1,310
277
1,198
2,011
67.9%
Domestic
2,213
2,075
369
1,169
253
1,115
1791
60.6%
Overseas
282
214
43
128
9
39
180
361.5%
Credit card
59
57
12
13
15
44
40
-9.1%
Non-consolidated basis
Year-over-Year Comparison
2017 Quarterly
Full Year Results		 B NPL Migration
NT$ million or %
2015
2016
Q1
Q2
Q3
3Q16
3Q17
Change
PL- beginning
2,951
2,761
3,035
3,385
3,724
2,761
3,035
9.9%
Net new NPL influx
2,201
6,166
1,700
1,379
908
5,248
3,987
-24.0%
Domestic
1,306
4,611
1,320
1,385
880
3,889
3,585
-7.8%
Overseas
895
1,555
380
(6)
28
1,359
402
-70.4%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
PL- ending balance
2,761
3,035
3,385
3,724
3,752
3,105
3,752
20.8%
llowance for loan loss- beginning
20,089
20,738
18,973
18,205
18,561
20,738
18,973
-8.5%
Provisions for loan loss
2,919
4,238
775
1,374
1,188
2,561
3,337
30.3%
Net write-offs
(2,391)
(5,892)
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
Others
121
(111)
(193)
22
(107)
(119)
(278)
133.6%
llowance for loan loss- ending
20,738
18,973
18,205
18,561
18,762
18,276
18,762
2.7%
ecovery from bad debt
2,554
2,346
424
1,310
277
1,198
2,011
67.9%
Domestic
2,213
2,075
369
1,169
253
1,115
1791
60.6%
Overseas
282
214
43
128
9
39
180
361.5%
Credit card
59
57
12
13
15
44
40
-9.1%
Non-consolidated basis
Year-over-Year Comparison
2017 Quarterly
Full Year Results

in
N
N
A
A
R		 2015
2016
2,951
2,761
2,201
6,166
1,306
4,611
895
1,555
(2,391)
(5,892)
2,761
3,035
20,089
20,738
2,919
4,238
(2,391)
(5,892)
121
(111)
20,738
18,973
2,554
2,346
2,213
2,075
282
214
59
57
Full Year Results		 Q1
Q2
Q3
3Q16
3Q17
Change
3,035
3,385
3,724
2,761
3,035
9.9%
1,700
1,379
908
5,248
3,987
-24.0%
1,320
1,385
880
3,889
3,585
-7.8%
380
(6)
28
1,359
402
-70.4%
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
3,385
3,724
3,752
3,105
3,752
20.8%
18,973
18,205
18,561
20,738
18,973
-8.5%
775
1,374
1,188
2,561
3,337
30.3%
(1,350)
(1,040)
(880)
(4,904)
(3,270)
-33.3%
(193)
22
(107)
(119)
(278)
133.6%
18,205
18,561
18,762
18,276
18,762
2.7%
424
1,310
277
1,198
2,011
67.9%
369
1,169
253
1,115
1791
60.6%
43
128
9
39
180
361.5%
12
13
15
44
40
-9.1%
Year-over-Year Comparison
2017 Quarterly
3Q17 Change
PL- beginning
Net new NPL influx
Domestic
Overseas
Net write-offs
PL- ending balance
llowance for loan loss- beginning
Provisions for loan loss
Net write-offs
Others
llowance for loan loss- ending
ecovery from bad debt
Domestic
Overseas
Credit card		 3,035
3,987
3,585
402
(3,270)
3,752
18,973
3,337
(3,270)
(278)
18,762
2,011
1791
180
40		 9.9%
-24.0%
-7.8%
-70.4%
-33.3%
20.8%
-8.5%
30.3%
-33.3%
133.6%
2.7%
67.9%
60.6%
361.5%
-9.1%
1.
  1. Non-consolidated basis

36

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First Sec. Operating Report

==> picture [692 x 31] intentionally omitted <==

First Sec Income Statement Summary in NT$ million or %

First Sec. Operating Report First Sec. Operating Report First Sec. Operating Report First Sec. Operating Report First Sec. Operating Report First Sec. Operating Report First Sec. Operating Report
F
i		 irst
n NT
2014
Full Yr		 2015
2016
3Q16
3Q17
Change
Full Year Results
Year-over-Year Comparison
3Q17 Change
21.2%
0.5%
73.7%
203.5%
4.4%
27.2%
-3.5%
41.7%
--
-14.8%
--
392.0%
T
N		 Brok
Net i
Und
Prici
Othe
Tota
otal o
on-o
ncom
ncom		 erage commission
nterest income
erwriting commission
ple transaction gains, net
r operating income
l operating income
perating expenses
perating income
e before tax
e tax		 803
335
38
187
63
1,426
(1,367)
54
114
(40)		 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		 753
645
499
315
292
221
53
23
19
217
(12)
57
125
93
91
1463
1,041
887
(1,363)
(1,288)
(971)
64
42
36
164
(205)
(48)
10
(24)
(27)		 605
222
33
173
95
1,128
(937)
51
242
(23)
I
I
C umm ulative effect of change in accounting principles 0 Cummulative effect of change in
accounting principles		 0
0		 0
N et inc ome 74 Net income 174
(229)
(75)		 219
F irst Sec Key Ratios First Sec Key Ratios
R
R
B
M		 OAE
OAA
roker
argin		 (Annualized)
(Annualized)
age market share
loan market share		 1.14%
0.40%
1.57%
2.41%		 ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share		 2.65%
-3.65%
-1.59%
0.92%
-1.30%
-0.55%
1.58%
1.45%
1.52%
2.56%
2.99%
2.82%		 1.68%
4.79%
1.56%
2.96%

37

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

FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

3Q17 Change
351
4
355
(311)
9
53
(8)
45
0
45		 6.4%
--
6.3%
9.9%
-10.0%
-13.1%
-20.0%
-11.8%
--
-11.8%
y
FSITC Key Ratios
AUM
72,651
97,016
94,461
92,198
AUM Ranking
11
8
8
11		 99,101 7.5%
--
7
1. Non-consolidated basis

38

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– First Aviva Operating Report

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

First-Aviva Financial Results Summary First-Aviva Financial Results Summary

in NT$ million or %
2014
2015
2016
3Q16
3Q17
Change
Income Statement Summary
Operating Revenue
14,903
11,576
7,520
5,295
9,073
71.4%
Premium Income
13,436
11,820
7,235
5,593
7,876
40.8%
Other insurance income
136
233
244
181
201
11.0%
Net Investment Income
1,331
(476)
41
(479)
996
-307.9%
Operating Cost
(14,531)
(11,164)
(7,157)
(5,019)
(8,763)
74.6%
Reinsurance commission
(20)
(27)
(34)
(24)
(29)
20.8%
Reserves
(1,623)
(2,994)
2,037
1,801
(2,880)
-259.9%
Claims
(12,230)
(7,412)
(8,502)
(6,302)
(5,253)
-16.6%
Commission
(633)
(691)
(586)
(444)
(513)
15.5%
Others
(25)
(40)
(72)
(50)
(88)
--
Operating Expenses
(397)
(501)
(513)
(362)
(416)
14.9%
Sales related expenses
(88)
(113)
(83)
(48)
(93)
93.8%
Management expenses
(309)
(388)
(430)
(314)
(323)
2.9%
Other expense
0
0
0
0
0
--
Profit/Loss of Operation
(25)
(89)
(150)
(86)
(106)
23.3%
Non-Operating Profit
11
0
0
0
0
--
Profit/Loss Before Tax
(14)
(89)
(150)
(86)
(106)
23.3%
Income tax
(1)
(1)
(3)
0
24
--
Net Income after tax
(15)
(90)
(147)
(86)
(82)
-4.7%
Key Ratios
ROAE(Annualized ratio)
-1.60%
-11.26%
-23.91%
-16.16%
-20.83%
28.9%
ROAA(Annualized ratio)
-0.05%
-0.28%
-0.45%
-0.36%
-0.33%
-8.3%
FFHC claims 51% of First-Aviva operating results.
Year-over-Year Comparison
Full Year Result*
  • FFHC claims 51% of First-Aviva operating results.

39

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Q&A

==> picture [720 x 26] intentionally omitted <==

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