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First Financial Holding Co. Ltd. Interim / Quarterly Report 2018

May 15, 2019

52222_rns_2019-05-15_707fbe97-570d-4a09-93dd-20b66f997deb.pdf

Interim / Quarterly Report

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10[th] Annual dbAccess Asia Conference 2019 FFHC 2018 Earnings Result

May 21-22, 2019 Singapore

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Disclaimer

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

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

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

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  • 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.

2019/2

  • Deposit mkt share 5.7%

  • Loan mkt share 5.9%

  • FFHC asset size Top 8

  • SME Lending Top 1 (10.31%)

  • Trade Finance Top 2

  • Custodian Top 1

  • Bank channels Top 2 (188 domestic /39 overseas)

Financial Summary

$mn, except per
share amounts		 2015 2016 2017 2018
Total Revenues 40,848 45,091 50,827 60,249
Net Income 15,962 17,284 15,432 17,332
EPS 1.48 1.42 1.25 1.40
ROAE (annualized) 9.32% 9.10% 8.04% 8.58%

2018 Financial Summary

in NT$ mn
First Commercial Bank Net Income 17,531
First Securities Net Income 114
First Sec. Investment Trust Net Income 101
First Life Insurance Net Income (141)

FFHC Ownership Profile

Government (Direct 18.94%; Indirect: 7.25%) 26.19% Other Investors: 47.49%
5
Foreign Institution:
26.32%
D

Data as of 2019/4/23

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At a Glance

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Group Net Income Trend (in NT$ mn )
Consolidated Net Income
Re-cap. 1.6 bn
shares
+12.3%
17,332
17,284
15,962 15,432
14,078
10,877
2013 2014 2015 2016 2017 2018
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2018 Snapshot

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2
Bank’s loan growth:
+7.3% YoY, high
single digit growth
for a 7-yr peak ratio.
A. Mortgage
B. F/X Loan
Remained drivers.
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2018 Financial Highlight

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2018 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
2017
15,4321
14,394
2,634,059
1.25
15.70
122,164
8.04%
0.60%
131.31%
107.40%
2018
17,3321
17,749
2,935,204
1.40
16.64
123,386
8.58%
0.62%
131.70%
105.90%
YoY %
12.3%
23.3%
11.4%
12.0%
6.0%
1.0%
6.7%
3.3%
0.3%
-1.5%
2018 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
2017
15,4321
14,394
2,634,059
1.25
15.70
122,164
8.04%
0.60%
131.31%
107.40%
2018
17,3321
17,749
2,935,204
1.40
16.64
123,386
8.58%
0.62%
131.70%
105.90%
YoY %
12.3%
23.3%
11.4%
12.0%
6.0%
1.0%
6.7%
3.3%
0.3%
-1.5%
Banking
NT$17,531; 101.2%
Securities
NT$114;0.7%
Investment Trust
NT$101; 0.6 %
Others
NT$(426); -2.5
Insurance
NT$(141); -0.8%
AMC
NT$153; 0.9%

  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. Updated semi-annually.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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2018 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↑ 18.5%
(5,486)
60,249
(11,153)
(22,906) ↑ 12.3% ↑23.3 %
(3,370)
17,332 17,749
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
2017 Consolidated Net Income & Comprehensive Income (in NT$ mn)
50,827
(6,772)
(4,560) (21,347)
(2,716) 15,432 14,394
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
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Net Income Breakdown by Subsidiaries*

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2018 FFHC Net Income Breakdown (in NT$ mn)
↑ 12.3%
↑ 15.8%
17,531 17,332
114 101 (141) 153
First Bank First Securities FSITC First Life AMC FFHC
2017 FFHC Net Income Breakdown (in NT$ mn)
15,142 15,432
272 70 (103) 144
First Bank First Securities FSITC First Life AMC FFHC
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  • Major 5 subsidiaries were listed.

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2018 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
9.10% 8.92% 10.14% 10.29% 8.04% 9.16% 9.66% 9.49% 8.58%
17,284 17,332
14,832 15,432 14,304
9,608 9,580
4,309 4,592
2016 3M 17 6M 17 9M 17 2017 3M18 6M18 9M18 2018
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.46% 9.00% 10.00% 10.15% 7.91% 9.16% 9.34% 9.39% 8.71%
17,699 17,531
14,565 15,142 14,106
9,442 9,203
4,320 4,562
2016 3M 17 6M 17 9M 17 2017 3M18 6M18 9M18 2018
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FB 2018 Pre-tax Profit

2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018		 2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018		 2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018		 2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018		 2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018		 2017
2018
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Cumulative Net Revenue
2018 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue(in %)
↓32.8%
z
Item
2017
2018
Change
NII
67.2%
62.3%
-4.9%
Net Fee
17.4%
16.5%
-0.9%
Gain on ST Invest.
0.9%
0.2%
-0.7%
Gain on LT invest.
1.7%
1.8%
+0.1%
Gain on fin. Products
12.2%
18.3%
+6.1%
Others
0.6%
0.9%
+0.3%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-16.0%
-11.9%
+4.1%
Operating Expense
-43.0%
-43.2%
-0.2%
Income Before Tax
41.0%
44.9%
+3.9%
Net Interest Income Net Fee Income
Gains on
investment
Operating Expense
FB Revenue/Expense Comparison(in NT$ mn )
↓0.6%
↑ 1.4%
↑ 46.4%
+7.2%
28,843
7,457
6,373
18,466
28,669
7,563
9,328
8,480
19,863
9,621
2,782
3,017
Provision Exp.1
Recovery
42,914
45,991
2017
2018
Cumulative Net Revenue
+7.2%
42,914
45,991
2017
2018
Item
2017		 2018 Change
NII
67.2%		 62.3% -4.9%
Net Fee
17.4%		 16.5% -0.9%
Gain on ST Invest.
0.9%		 0.2% -0.7%
Gain on LT invest.
1.7%		 1.8% +0.1%
Gain on fin. Products
12.2%		 18.3% +6.1%
Others
0.6%		 0.9% +0.3%
z
Total Revenue
100.0%		 100.0%
Provision Expense (net)
-16.0%		 -11.9% +4.1%
Operating Expense
-43.0%		 -43.2% -0.2%
FB Revenue/Expense Comparison(in NT$ mn ) Income Before Tax
41.0%		 44.9% +3.9%
  1. Gross Provision expense.

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FB 2018 Loan Book Mix

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% of Loan Book [1]
2018 Loan Book [1] (in NT$ bn or %)
Item 2017 2018 Change
Consumer 28.2% 28.4% +0.2%
1,697.0
Mortgage 26.2% 26.2% 0.0%
Other Consumer Loan 2.0% 2.2% +0.2%
Corporate Banking 71.8% 71.6% -0.2%
1,582.0 Commercial Loan 49.5% 48.1% -1.4%
+7.3%
--- SME 41.6% 39.6% -2.0%
Gov./SOE Loan 0.0% 0.1% +0.1%
F/X/ Loan 22.3% 23.4% +1.1%
2017 2018
Loan Book [1] --- Overseas 13.4% 14.1% +0.7%
Loan Book [1] 100.0% 100.0%
2018 Loan Book [1] Breakdown (in NT$ bn ) 815.5 ↑ 4.1%
783.6
SME↑2.2%
↑ 7.5%
445.7 F/X ↑ 12.5%
397.0
352.8
SME [2]
SME [2]
672.3
657.8
414.7
Overseas Overseas
Overseas
30.9 36.7 0.0 2.1 211.8 239.5 ↑ 13.1%
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
Mortgage Other Consumer Gov./SOE Commercial Loan F/X Loan
Loan Loan
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  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) QoQ%
+2.2%
+7.6%
+1.4%
+8.3%
-79.0%
+1.2%
↑2.4%
352.8
364.1
378.9
392.3
397
0.0
18.0
~~3.0~~
~~10.0~~
2.1
125.7
117.8
119.4
132.2
143.2
657.8
653.2
665.9
663.3
672.3
31.1
32.3
34.1
36.7
414.7
421.5
431.1
436.0
445.7
30.9
4Q17
1Q18
2Q18
3Q18
4Q18
SME
Mortgage
Commercial
Loan
1582.0
1605.6
1630.6
1,657.9
1697.0
F/X loan
Total loan
Consumer Loan
Large Corp.
Gov./SOE		 QoQ%
+2.2%
+7.6%
+1.4%
+8.3%
-79.0%
+1.2%
↑2.4%
378.9
~~3.0~~
119.4
665.9
32.3
431.1
378.9
~~.~~		 392.3
~~.~~
4Q17
1Q18		 2Q18

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FB 2018 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
79.04% 80.48% 79.92% 78.89% 79.28% 80.00% 78.71% NTD 81.3%
76.62% 76.58%
F/X 70.5%
1,550.8 1,552.3 1,557.1 1,568.0 1,589.8 1,612.1 1,637.2 1,663.5 1,703.2
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 2018
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.65% 1.63% 1.63% 1.64% 1.65% 1.63% 1.63% 1.64% 1.64%
1.26% 1.26% 1.26% 1.26% 1.26%
1.22% 1.21% 1.20%
1.18%
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 2018
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB 2018 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Interest Spread (NTD)
Deposit Rate (NTD) Lending Rate (NTD)
1.49%
1.47%
1.45%
1.44%
1.42%
1.91% 1.88% 1.87% 1.86% 1.84%
0.42% 0.41% 0.42% 0.42% 0.42%
4Q17 1Q18 2Q18 3Q18 4Q18
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
2.50% Interest Spread (FX)
2.46% 2.44%
2.43%
2.35%
3.83% 3.92%
3.66%
3.51%
3.41%
1.23% 1.37% 1.47%
1.01% 1.06%
4Q17 1Q18 2Q18 3Q18 4Q18
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All rates are QUARTERLY* average rates.

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FB 2018 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
563.5
540.3 +4.3% 68.30% 69.16% 69.61% 67.87%
67.12%
△
2018 Total
Deposit
$2,163.3 bn
+7.9% YoY
+9.2% 1,600.0
1,464.5
1H17 2017 1H18 3Q18 2018
2017 2018
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Major Exposures Breakdown

2018
Total Exposures
$1,811.0 bn
9.97%
10.55%
4.27%
4.57%
11.28%
4.94
6.
33.53%
End of 2018 - % of Loan to Industries*		 %
4.85%
3.92%
5.71%
41%
Petro.
Tech.
Machinery
Metal
Other manufacturing
Individual(Mortgage included)
Real Estate
Wholesale/Retail
Transportation&Warehousing
Banking & Insurance
Others
Manufacturing; 25.83%
  1. Total exposures does not includes NALs and investment.

21

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FB 2018 Mortgage Book

2018 Mortgage by Location(in %)
Location
Loan%
NPL Ratio
TPE Metro
50%
0.22%
Taoyuan/Hsinchu
18%
0.17%
Taichung Area
11%
0.10%
Tainan Area
9%
0.07%
Kaohsiung Area
8%
0.05%
Eastern Area
4%
0.03%
Total
100.00%
0.16%
Location
Loan%
NPL Ratio
TPE Metro
50%
0.22%
Taoyuan/Hsinchu
18%
0.17%
Taichung Area
11%
0.10%
Tainan Area
9%
0.07%
Kaohsiung Area
8%
0.05%
Eastern Area
4%
0.03%
Total
100.00%
0.16%
↑4.3%
↑17.2%
SME2
317.0
SME2
305.0
Monthly New Mortgage Lending
Monthly New Mortgage Lending(in NT$mn)
10,322
9,205
5,977
9,357
8,473
10,071
8,274
7,664
8,000
7,595
9,020
8,868
8,894
12M17
1M18
2M18
3M18
4M18
5M18
6M18
7M18
8M18
9M18
10M18
11M18
12M18

22

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FB 2018 Fee Income Breakdown

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

2018 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee
Item 2017 2018 Change
7,563 WM [1 ] 57.2% 57.5% +0.3%
Loan-related 16.4% 16.1% -0.3%
7,457 +1.4%
F/X 11.6% 11.5% -0.1%
Credit Card 5.5% 5.1% -0.4%
Other [2] 9.3% 9.8% -0.5%
2017 2018
Net Fee Income Cumulative Net Fee 100.0% 100.0%
2018 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 2.0%
4,346
4,263
↓ 23.7%
1,226 1,215
863 871 695 742
↑3.0% 410 389
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
WM Fee [1] Loan-related F/X Credit Card Other [2]
----- End of picture text -----

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

  2. Other represents network service fee, including overseas branches

23

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FB Fee Income Breakdown

-QoQ Comparison

Wealth
MGT.*		 Fee Income(in NT$ mn) Fee Income(in NT$ mn)
681
474
429
493
695
567
95
94
94
97
96
89
355
284
252
305
321
337
215
223
217
217
228
100
118
93
96
94
106
197
156
172
177
218
175
520
466
451
349
525
512
209
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
Loan Related
Credit Card
F/X Related
Quarterly
fee income
Others
*
2,168
1,861
1,769
1,851
2,092
1,851
Mutual Fund
Custodian

Bacassurance**
  • Wealth Management Fee = Fund sales + Bancassurance + Custodian

*Other represents network service fee, including overseas branches

24

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FB 2018 Cost-to-Income Ratio

18,466
19,863
2017
2018
Operating Expense
Cumulative Operating Expense (in NT$ mn )
7.6%		 Cost-to-Income Ratio Analysis( in NT$ mn) Cost-to-Income Ratio Analysis( in NT$ mn) Cost-to-Income Ratio Analysis( in NT$ mn)
2018
Item
2017
2018
Net Revenue
42,914
45,991
Operating Expense
(18,466)		 (19,863)
Provision(Net)
(6,839)		 (5,463)
Income Tax
(2,467)		 (3,134)
Net Income
15,142
17,531

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

Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cumulated Cost-to-Income Ratio
43.55% 43.03% 43.19%
42.09% 42.20% 41.85%
12,330
11,447 10,580 11,049 11,684 10,928
4,739 4,385 4,650 4,944 5,080 5,189
3Q17 4Q17 1Q18 2Q18 3Q18 2018
----- End of picture text -----

25

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FB 2018 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)
498.44% 500.09%
389.64%
358.56%
321.54% 342.89%
297.73%
1.38%
1.25%
1.20% 1.20% 1.19% 1.20% 1.21%
NPL Ratio NPL NPL Reserve
0.40%
0.38% 0.37%
0.35%
0.32%
0.24% 0.24%
18,561 18,762 21,922 19,030 19,626 20,030 21,229
6,114 6,392 6,104 5,841 5,449
3,724 3,752
6M17 9M17 2017 3M18 6M18 9M18 2018
----- End of picture text -----

  • NTD 2,141 mn was recategorized from “allowance for loan losses” to “reserve for loan commitments” and other provision referring to IFRS9 since 2018.

26

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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
0.39% SME
0.32% 0.70%
0.75%
0.36% 0.22% 0.22% 0.56% 0.60% 0.57%
0.29% 0.18%(Individual) 0.52%
0.21% 0.22% 0.48% 0.36%
0.16%(Mortgage) 0.37% 0.34%
4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18
Domestic NPL Ratio (in %) Overseas NPL Ratio (in %)
Domestic Overseas
0.46% 0.47%
0.45%
0.38%
0.34%
0.22% 0.23%
0.05% 0.07% 0.08%
4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18
----- End of picture text -----

  1. Individual: mortgage and non-mortgage loan included

  2. bad-debt recovery not included.

27

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FB New NPL Influx Breakdown
Breakdown of New NPL Influx (in NT$ mn）
Quarterly
NPL Influx
1Q18
2Q18
3Q18
4Q18
--- Domestic
2,660
1,444
742
548
--- Overseas
162
38
463
41
Total NPL Influx
2,822
1,482
1,205
589
ChingFu Ship.
1,589
138*		 Quarterly Recovery Mix (in NT$ mn)
Quarterly
Recovery
1Q18
2Q18
3Q18
4Q18
--- Domestic
636
788
574
897
--- Overseas
33
13
12
15
--- Credit Card
12
12
12
13
Total Recovery
681
813
598
925
Quarterly
NPL Influx
1Q18
2Q18
3Q18
4Q18
--- Domestic
2,660
1,444
742
548
--- Overseas
162
38
463
41		 Quarterly
Recovery
1Q18
2Q18
3Q18
4Q18
--- Domestic
636
788
574
897
--- Overseas
33
13
12
15
--- Credit Card
12
12
12
13
Total NPL Influx
2,822
1,482
1,205
589
ChingFu Ship.
1,589
138*		 Total Recovery
681
813
598
925
988
1,040
880
876
2,544
1,770
1,468
981
1,379
2,822
1,350
1,205
589
1,482
918
908
1,700
3,238
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
Quarterly New NPL Influx & Write-offs ( in NT$ mn)
Write-off
New NPL Influx
  • 2018 total new NPL influx was NT$ 6,098 mn, and Ching-Fu Shipbuilding occupied NT$ 1,727 mn. Excluding one-off Ching-Fu Shipbuilding NPL, other new NPL influx would be NT$ 4,371 mn.

28

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FB 2018 Overseas Profits

2018 FB Overseas Pre-Tax Profit Mix ( in NT$ mn or %)

2018 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)

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

Total Pre-Tax
10.94%
39.00%
Profit
11.04% $20,665 mn
OBU Taiwan Domestic Market;
2018 HK 55.66%
Overseas China
14.77% $9,163 mn North America
Asean
10.66% Others
13.59% Other Overseas ; Greater China (including OBU) ;
15.98% 28.36%
----- End of picture text -----

==> picture [636 x 223] intentionally omitted <==

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

Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
35.88% 36.77% 48.36% 40.15% 43.83% 44.34%
31.57%
5,984 5,965 5,420 5,720
5,106 4,419
630
2,134 2,292 2,272 1,612 2,614 2,894 2,043
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
----- End of picture text -----

29

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CAR & Core Capital

==> picture [628 x 397] intentionally omitted <==

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

FFHC Group CAR(in %)
Re-cap.
153.43%
139.14% CAR
132.75% 131.84% 131.31% 131.70%
121.35%
115.66%
statutory CAR 100%
FB CAR & Core Capital(in %)
Re-cap. CAR
13.67% 13.46% 13.27% 12.82% 13.42% 13.21% 13.57%
12.27%
Tier 1
10.93% 10.86% 10.95% 10.64% 11.25% 11.08% 11.58%
9.45%
1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18
1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18
----- End of picture text -----

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

30

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Shareholder Return

2014
2015
2016
2017
2018
Cash dividend
0.70
0.95
1.20
0.90
1.00
Stock dividend
0.65
0.45
0.20
0.10
0.10
Total dividend
1.35
1.40
1.40
1.00
1.10
CASH Payout
ratio
49.0%
64.2%
84.5%
72.0%
71.4%
1.35
1.40
1.40
1.00
1.10
1.43
1.25
1.48
1.42
1.401
2014
2015
2016
2017
2018
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend
FFHC Dividend History( in NT$ dollar )
2
2014
2015
2016
2017
2018
2
Cash dividend
0.70
0.95
1.20
0.90
1.00
Stock dividend
0.65
0.45
0.20
0.10
0.10
Total dividend
1.35
1.40
1.40
1.00
1.10
CASH Payout
ratio
49.0%
64.2%
84.5%
72.0%
71.4%

  1. EPS is adjusted retroactively for stock dividends

  2. 2018’s dividend proposal is subject to final approval at 2019 AGM meeting on June 21.

31

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Appendix

==> picture [720 x 27] intentionally omitted <==

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FFHC Consolidated Statement of Comprehensive Income

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

~~2015~~
~~2016~~
~~2017~~
Full Year Results		 ~~2017~~
~~2018~~
~~Ch~~
Year-over-Year Comparison		 ~~2017~~
~~2018~~
~~Ch~~
Year-over-Year Comparison		 ~~2017~~
~~2018~~
~~Ch~~
Year-over-Year Comparison		 ~~2017~~
~~2018~~
~~Ch~~
Year-over-Year Comparison
~~2017~~ ~~2018~~ ~~Ch~~
Net interest income
28,452
28,801
29,993
Net service fee & commission
8,502
8,723
8,341
Net Insurance revenue
121
1,351
5,130
Gain on financial assets meas.
1,152
2,569
5,550
at fair value through P/L
Real estate investment gain
146
163
93
Gain on AFS financial assets
541
951
1,052
Gain on financial assets at fair value
through other compre. income
Income from equity invest.
(588)
(75)
138
Excluding gain on fin. assets measured at amort.cost
Net gain on F/X
1,707
935
(170)
Assets impairment loss
(10)
(39)
(46)
Others
825
1,712
746
Net Revenue
40,848
45,091
50,827
Net Provision for credit losses
(518)
(2,244)
(6,772)
Recovered(provided) for insurance res.
540
(871)
(4,560)
Operating Expense
(21,893)
(21,779)
(21,347)
Income from continued op. before tax
18,976
20,197
18,148
Income tax expenses
(3,014)
(2,913)
(2,716)
Consolidated net income
15,962
17,284
15,432
Other Items
413
(2,354)
(1,038)
ComprehensiveIncome
16,375
14,930
14,394
Net Income attributed to:
Parent
16,006
17,356
15,483
Minorityinterests
(44)
(72)
(51)
Comprehensive Income attributed to:
Parent
16,461
15,023
14,380
Minorityinterests
(86)
(93)
14
EPS1(NT$)
1.48
1.42
1.25		 ~~ange~~
29,993
8,341
5,130
5,550
93
1,052
0
138
0
(170)
(46)
746
50,827
(6,772)
(4,560)
(21,347)
18,148
(2,716)
15,432		 30,268
8,526
11,733
4,880
117
0
1,566
110
22
2,499
(90)
618
60,249
(5,486)
(11,153)
(22,906)
20,703
(3,370)
17,332		 0.9%
2.2%
128.7%
-12.1%
25.8%
-100.0%
#DIV/0!
#DIV/0!
-20.3%
#DIV/0!
-1570.0%
95.7%
-17.2%
18.5%
-19.0%
144.6%
7.3%
14.1%
24.1%
12.3%
Other Items
ComprehensiveIncome		 (1,038)
14,394		 417
17,749		 -140.2%
23.3%
Net Income attributed to:
Parent
Minorityinterests		 15,483
(51)		 17,332
0		 11.9%
-100.0%
Comprehensive Income attributed to:
Parent
Minorityinterests		 14,380
14		 17,749
0		 23.4%
EPS1(NT$)
1.25 1.40 12.0%

33

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FFHC Non-consolidated Income Statement

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

in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2015 2016 2017 2017 **2018 ** Change
Operating revenues
Income from long-term investment 16,431 17,857 15,693 15,693 17,904 14.1%
Other income1 213 242 246 246 227 -7.7%
Total revenues 16,644 18,099 15,939 15,939 18,131 13.8%
Loss from long-term investment (114) (304) (53) (53) (321) 505.7%
Operating expenses (373) (338) (334) (334) (356) 6.6%
Other expenses and losses (192) (145) (118) (118) (110) -6.8%
Income from continued op. before tax 15,965 17,312 15,434 15,434 17,344 12.4%
Income from continued op. after tax 16,006 17,356 15,483 15,483 17,332 11.9%
Income from discontinued op., net of tax 0 0 0 0 0 --
Net income 16,006 17,356 15,483 15,483 17,332 11.9%
EPS2(NT$) 1.48 1.42 1.25 1.25 1.40 12.0%

  1. Including income other than long-term investment

  2. EPS is adjusted retroactively for stock dividends

34

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FFHC Balance Sheet

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

Full Years Result Full Years Result Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2015 2016 2017 2017 **2018 ** Change
Non-consolidated Balance Sheet Data
Long-term investment 197,454 203,834 205,970 205,970 217,409 5.6%
Total non-consolidated assets 201,923 205,165 208,951 208,951 224,661 7.5%
Total liabilities 14,283 13,390 17,168 17,168 19,358 12.8%
Total shareholders' equity 187,640 191,775 191,783 191,783 205,303 7.0%
Conolidated Balance Sheet Data
Total consolidated assets 2,500,096 2,541,156 2,634,059 2,634,059 2,935,204 11.4%
Total liabilities 2,312,109 2,349,127 2,442,008 2,442,008 2,729,901 11.8%
Total shareholders' equity 187,987 192,029 192,051 192,051 205,303 6.9%
Parent's shareholders' equity 187,640 191,775 191,783 191,783 205,303 7.0%
Minority interests 347 254 268 268 0 -100.0%
Current shares outstanding** 114,611 119,769 122,164 122,164 123,386 1.0%

*figures may not match due to rounding

35

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FFHC Key Ratios

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

FFHC Key Ratios

FFHC Key Ratios
Full Year Results
2015
2016
2017
0.66%
0.69%
0.60%
9.32%
9.10%
8.04%
16.37
16.01
15.70
114,611
119,769
122,164
105.23%
106.29%
107.40%
153.43%
139.14%
131.31%
7.07%
6.53%
8.24%		 Year-over-Year Comparison
2017 **2018 ** Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR2
Debt Ratio3		 0.60%
8.04%
15.70
122,164
107.40%
131.31%
8.24%		 0.62%
8.58%
16.64
123,386
105.90%
131.70%
8.62%		 3.3%
6.7%
6.0%
1.0%
-1.4%
0.3%
4.6%

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

  2. Updated semi-annually.

  3. Non-consolidated basis.

36

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FB Income Statement

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

FB Income Statement
~~FB Comprehensive Income Statement Summary(Standalone)~~
bject to final Reviewed

in NT$ million or %
2015
2016
2017
2017
2018
Change
Net interest income
27,496
27,797
28,843
28,843
28,669
-0.6%
Net fee income
7,790
8,035
7,457
7,457
7,563
1.4%
Net gain on ST invest.
(49)
274
398
398
98
-75.4%
Net gain on LT invest.
177
433
719
719
834
16.0%
Net gain on other fin. products
2,823
4,344
5,256
5,256
8,396
59.7%
Other net income
349
654
241
241
431
78.8%
Net revenue
38,586
41,537
42,914
42,914
45,991
7.2%
Operating expenses
(18,997)
(18,963)
(18,466)
(18,466)
(19,863)
7.6%
Pre-provisiion pre-tax profit
19,589
22,574
24,448
24,448
26,128
6.9%
Provision expense
(3,027)
(4,396)
(9,621)
(9,621)
(8,480)
-11.9%
Adjustment: bad-debt recovery
2,554
2,346
2,782
2,782
3,017
8.4%
Income before tax
19,115
20,524
17,609
17,609
20,665
17.4%
Income tax
(3,015)
(2,825)
(2,467)
(2,467)
(3,134)
27.0%
Net income
16,100
17,699
15,142
15,142
17,531
15.8%
Other items
995
(2,100)
(1,214)
(1,214)
513
-142.3%
Comprehensive income
17,095
15,599
13,928
13,928
18,044
29.6%
EPS
1.93
1.99
1.70
1.70
1.97
0.16
Full Year Results
Year-over-Year Comparison

37

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FB Key Ratios

FB Key Ratios FB Key Ratios FB Key Ratios
FB K Rti
ey aos Full Year Results Year-over-Year Comarison
p
2015
2016
2017
1.63%
1.65%
1.65%
1.26%
1.26%
1.26%
45.53%
45.65%
43.03%
79.04%
79.04%
79.28%
0.19%
0.20%
0.38%
1.19%
1.16%
1.29%
1.40%
1.22%
1.38%
751.03%
625.14%
358.56%
13.67%
13.27%
13.42%
10.93%
10.95%
11.25%
0.69%
0.72%
0.60%
9.56%
9.46%
7.91%
total deposit		 2017 2018
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
CAR
Tier-1
ROAA2
ROAE2
1. Loan to depoist ratio = total loan /
2. Annualized figures.		 1.65%
1.26%
43.03%
79.28%
0.38%
1.29%
1.38%
358.56%
13.42%
11.25%
0.60%
7.91%		 1.64%
1.18%
43.19%
78.71%
0.32%
1.18%
1.25%
389.64%
13.57%
11.58%
0.65%
8.71%

38

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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 NPL Migration
NT$ million or %
in
2016
2017
2,761
3,035
6,166
7,225
4,611
6,744
1,555
481
(5,892)
(4,146)
3,035
6,114
20,738
18,973
4,238
7,429
(5,892)
(4,146)
(111)
(334)
18,973
21,922
2,346
2,782
2,075
2,533
214
197
57
52
Full Year Results		 Q1
Q2
Q3
Q4
2017
2018
Change
6,114
6,392
6,104
5,841
3,035
6,114
101.4%
2,822
1,482
1,205
589
7,225
6,098
-15.6%
2,660
1,444
742
548
6,744
5,394
-20.0%
162
38
463
41
481
704
46.4%
(2,544)
(1,770)
(1,468)
(981)
(4,146)
(6,763)
63.1%
6,392
6,104
5,841
5,449
6,114
5,449
-10.9%
19,781
19,030
19,626
20,030
18,973
19,781
4.3%
1,832
2,020
1,892
2,175
7,429
7,919
6.6%
(2,544)
(1,770)
(1,468)
(981)
(4,146)
(6,763)
63.1%
(39)
346
(20)
5
(334)
292
--
19,030
19,626
20,030
21,229
21,922
21,229
-3.2%
681
813
598
925
2,782
3,017
8.4%
636
788
574
897
2,533
2895
14.3%
33
13
12
15
197
73
-62.9%
12
12
12
13
52
49
-5.8%
Year-over-Year Comparison
2018 Quarterly
2018 Change

NPL
N


N
NPL
Allo
P
N
O
Allo
Rec


 - beginning
et new NPL influx
Domestic
Overseas
et write-offs
- ending balance
wance for loan loss- beginning
rovisions for loan loss
et write-offs
thers
wance for loan loss- ending
overy from bad debt
Domestic
Overseas
Credit card		 6,114
6,098
5,394
704
(6,763)
5,449
19,781*
7,919
(6,763)
292
21,229
3,017
2895
73
49		 101.4%
-15.6%
-20.0%
46.4%
63.1%
-10.9%
4.3%
6.6%
63.1%
--
-3.2%
8.4%
14.3%
-62.9%
-5.8%


A


1. N
* N		 on-consolidated basis
TD 2,141 mn was recategorized from “allowance for loan losses” to “reserve for loan commitments” and other provision referring to IFRS9 since 2018

1. Non-consolidated basis

  • NTD 2,141 mn was recategorized from “allowance for loan losses” to “reserve for loan commitments” and other provision referring to IFRS9 since 2018

39

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First Sec. Operating Report

First Sec Income Statement Summary

in NT$ million or %

2015
2016
2017
2017
2018
Change
Full Year Results
Year-over-Year Comparison		 2015
2016
2017
2017
2018
Change
Full Year Results
Year-over-Year Comparison		 2015
2016
2017
2017
2018
Change
Full Year Results
Year-over-Year Comparison
2018 Change
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
849
849
315
292
306
306
53
23
38
38
217
(12)
227
227
125
93
107
107
1463
1,041
1,527
1,527
(1,363)
(1,288)
(1,301)
(1,301)
64
42
72
72
164
(205)
298
298
10
(24)
(26)
(26)		 899
293
97
29
34
1,352
(1,260)
77
169
(55)
Cummulative effect of change in
accounting principles		 0
0
0
0		 0
Net income 174
(229)
272
272		 114
First Sec Key Ratios
ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share		 2.65%
-3.65%
4.41%
4.41%
0.92%
-1.30%
1.55%
1.55%
1.58%
1.45%
1.53%
1.53%
2.64%
2.99%
2.94%
2.94%		 1.82%
0.61%
1.42%
2.53%

40

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FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

2018 Change
640
13
653
(540)
12
125
(24)
101
0		 27.7%
85.7%
28.5%
22.7%
-20.0%
52.4%
100.0%
44.3%
#DIV/0!
Net income
102
64
70
70		 101 44.3%
y
FSITC Key Ratios
AUM
97,016
94,461
101,095
101,095
AUM Ranking
8
8
8
8		 85,558 -15.4%
9
  1. Non-consolidated basis

41

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First Life Operating Report

First Life Financial Results Summary in NT$ million or %

in NT$ million or %

2018
17,513
18,333
312
(1,132)
17,029
49
8,746
7,122
930
182
(638)
(164)
(474)
0
Profit/Loss of Operation
(89)
(150)
(129)
(129)
Non-Operating Profit
0
0
0
0		 (154)
0
Profit/Loss Before Tax
(89)
(150)
(129)
(129)
Income tax
(1)
3
26
26
Net Income after tax
(90)
(147)
(103)
(103)
Key Ratios
ROAE(Annualized ratio)
-11.26%
-23.91%
-19.39%
-19.39%
ROAA(Annualized ratio)
-0.28%
-0.45%
-0.30%
-0.30%
* FFHC claims 51% of First-Aviva operating results in 2015,2016, and 2017.		 (154)
13
(141)
-12.94%
-0.34%

42

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==> picture [375 x 44] intentionally omitted <==

Q&A

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

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