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First Financial Holding Co. Ltd. Interim / Quarterly Report 2024

Sep 10, 2024

52222_rns_2024-09-10_d3b972d3-c882-49f6-9f80-4a7f2a124bfd.pdf

Interim / Quarterly Report

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First Securities Investor Conference FFHC 1H’24 Earnings Result Sep. 10, 2024 Internet

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Disclaimer

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

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

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

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Contents

  • At a Glance

  • Financial Highlights

  • Operating Results

  • Appendix

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At a Glance

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Elevated Midyear Profits

Group’s half-year results notched up by 4.3% YoY

First half net income reached new high of NT$13,729 mn, or NT$ 0.98 per share, driven by bank’s record profits of NT$ 12,799 mn and earnings growth from other arms. Booming housing and equity markets featured 2Q scene with elevated concerns over risks. After TW central bank tightened credit, eyes are on US Fed’s rate cut.

Bank’s bottom line rose from continued progress in fee income and benign credit cost :

Year to June, net revenue was NT$30,984 mm, up by 2.8% YoY, with resilient fee income which helped to ease lower NII and treasury gains. As CRE losses faded, subdued credit costs helped net income up by 4.4% YoY.

Loan demand remained robust in mortgage and large corp., albeit slow growth in SME and FX lending:

Total loan book was up by 8.1% YoY, buoyed by strong demand from mortgage and large corp. SME sector sees bumpier road back to normalcy but is picking up whereas FX loan demand stays lukewarm on back of high US interest rates.

Group-wide net zero targets validated by SBTi this June

To reduce GHG emissions by 2035 from 2022 baseline, with scope 1&2 down by 63% and scope 3 financed emissions targets covering 17% of total lending and investment. More is at https://csr.firstholding.com.tw/en/, including 2023 TCFD Report and Sustainability Report.

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Financial Highlights

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FFHC Key Figures

Banking
NT$12,799; 93.2%
Securities
NT$686; 5.0%
Investment Trust
NT$76; 0.6 %
Others
-NT$79; -0.6%
Life
NT$175; 1.3%
Net Income Breakdown1 ( in NT$ mn)
AMC
NT$72; 0.5%		 Key Figures( in NT$ dollar, NT$ mn )
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
2
ROAA
2
Group CAR3
Double Leverage4
1H24
13,729
17,469
4,619,024
0.98
18.13
140,287
10.92%
0.60%
122.45%
112.43%
YoY %
+4.3%
-20.3%
+8.4%
+4.3%
+4.9%
+3.0%
-4.7%
-3.2%
-4.4%
+1.2%
1H23
13,158
21,914
4,259,284
0.94
17.29
136,201
11.46%
0.62%
128.09%
111.06%

  1. Consolidated figures with eliminated entries.

  2. Annualized figures.

  3. Updated semi-annually.

  4. Double Leverage = Equity Investment / Shareholder Equity

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FFHC Net Income & Comprehensive Income

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1H24 Consolidated Net Income & Comprehensive Income (in NT$ mn)
1H23 Consolidated Net Income & Comprehensive Income (in NT$ mn)
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Net Income Breakdown by Subsidiaries*

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1H24 Net Income By Subsidiaries (in NT$ mn)
↑ 4.3%
↑ 4.4%
13,729
12,799
↑ 3.3%
↑ 33.3% ↓ 27.1%
686 76 175 72
First Bank First Securities FSITC First Life First AMC FFHC
1H23 Net Income By Subsidiaries (in NT$ mn)
13,158
12,256
664 57 240 80
First Bank First Securities FSITC First Life First AMC FFHC
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  • Major 5 subsidiaries were listed.

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Operating Results

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FFHC’S & First Bank’s Profitability

-After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.36% 9.91% 9.18% 11.52% 11.46% 10.88% 9.51% 11.04% 10.92%
1
10,236 16,428 20,596 6,630 13,15815377,9369,293,8764,13378,16808,5029,10913, 19,027 22,461 7,015 13,729
8
6M22 9M22 2022 3M23 6M23 9M23 2023 3M24 6M24
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.16% 9.53% 8.95% 10.72% 10.38% 10.04% 8.89% 10.04% 9.92%
20,328 21,526
18,016
16,023
12,256 12,799
10,123
6,320 6,493
6M22 9M22 2022 3M23 6M23 9M23 2023 3M24 6M24
1 9 2 1
9 M 6 M
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FB Pre-tax Profits Breakdown
Cumulative Net Revenue(in NT$ mn or %) % of Net Revenue (in %)
Item 1H23 1H24 Change
30,984 NII 48.0% 45.7% -2.3%
Net Fee 14.6% 19.6% +5.0%
Gain on ST Invest. 2.0% 0.9% -1.1%
30,151 +2.8% Gain on LT invest. 1.2% 0.9% -0.3%
Gain on fin. Products 32.3% 30.2% -2.1%
Others 1.9% 2.7% +0.8%
1H23
1H24
Total Net Revenue 100.0% 100.0%
Cumulative Net Revenue z
Provision Expense (net)		 -8.0% -5.2% +2.8%
Operating Expense -42.0% -44.2% -2.2%
Pre-tax Profit Breakdown(in NT$ mn ) Income Before Tax 50.0% 50.6% +0.6%
↓2.2% ↑8.1%
14,486 14,162 ↑37.8%
4,414
6,083		 10,689 ↓7.2%
↓14.1%

3,779
9,916
3,248		 1,377
1,629
↑18.3%		 12,668 13,688
1H23 1H24 1H23 1H24 1H23 1H24
1H23 1H24		 1H23 1H24 1H23 1H24
Net Interest Income Net Fee Income Gains on Fin.
Gross		 Recovery Operating Expense
Products
Provision

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FB Loan Book Mix

Loan Book1 (in NT$ bn)
2,340.3
2,529.7
1H23
1H24
Loan Book1
+8.1%		 Item
1H23
1H24
Change
Consumer
28.8%
30.2%
+1.4%
Mortgage
25.4%
26.7%
+1.3%
Other Consumer Loan
3.4%
3.5%
+0.1%
Corporate Banking
71.2%
69.8%
-1.4%
Large Corp. Loan
11.6%
12.9%
+1.3%
SME Loan2
39.6%
38.0%
-1.6%
F/X/ Loan
18.0%
16.9%
-1.1%
--- Overseas
12.6%
12.2%
-0.4%
Gov./ SOE Loan
2.0%
2.0%
0.0%
Loan Book1
100.0%
100.0%
% of Loan Book1 Mix
Loan Book1 Mix (in NT$ bn )
Mortgage
Large Corp. Loan
F/X Loan
Others3
SME Loan2
593.3
271.3
926.4
421.7
127.6
674.3
325.3
962.1
428.6
139.4
1H231H24
1H231H24
1H231H24
1H231H24
1H231H24
↑13.7%
↑19.9%
↑3.9%
↑1.6 %
other
consumer
loan
89.9 bn
Overseas
295.0
↑4.2%
Overseas
307.5

  1. Loan Book does not include NALs

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

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

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FB Loan Book Mix n -QoQ Compariso

QoQ Loan Book Mix (in NT$ bn) QoQ Loan Book Mix (in NT$ bn) QoQ Loan Book Mix (in NT$ bn)
QoQ%
2,340.3
2,402.7		 2,413.3 2,492.2 2,529.7 ↑1.5%
593.3 604.6 626.5 646.1 674.3 Mortgage ↑4.4%
926.5 930.7 925.8 927.9 962.1 ↑3.7%
SME
Large Corp.
↑5.1%
421.7
271.3		 431.7
295.5		 401.4
317.1		 418.3
309.4		 428.6
325.3		 F/X ↑2.5%
127.6 140.2 142.5 190.5 139.4 Others
2Q23 3Q23 4Q23 1Q24 2Q24

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FB LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
73.00% NTD 79.8%
70.60% 69.99% 69.60% 70.24% 69.08% 69.79% 69.59% F/X 42.5%
2,271.5 2,322.6 2,373.9 2,344.4 2,406.7 2,417.5 2,497.2 2,534.4
3Q22 2022 1Q23 2Q23 3Q23 2023 1Q24 2Q24
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.46% 1.48%
1.36% 1.34% 1.36% 1.34%
1.21% 1.20%
1.02%
0.99%
0.77% 0.76% 0.76% 0.76%
0.70% 0.70%
3Q22 2022 1Q23 2Q23 3Q23 2023 1Q24 2Q24
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB Loan Yields, Costs & Spreads

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NTD Yields & Costs Overview ( in % ) Deposit Rate (NTD) Lending Rate (NTD) Interest Spread (NTD)
1.35% 1.34%
1.31%
1.30%
1.28%
2.26% 2.27% 2.26% 2.25% 2.36%
0.91% 0.93% 0.95% 0.97% 1.06%
2Q23 3Q23 4Q23 1Q24 2Q24
FX Yields & Costs Overview ( in % )
Deposit Rate (FX) Lending Rate (FX) Interest Spread (FX)
2.90%
2.77%
2.72%
2.58% 2.50%
6.12% 6.45% 6.51% 6.40% 6.47%
3.35% 3.55% 3.79% 3.82% 3.97%
2Q23 3Q23 4Q23 1Q24 2Q24
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*All rates are quarterly average rates.

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FB Deposit Mix

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Deposit Mix (in NT$ bn ) NTD CASA Rate (in %)
NTD Deposit F/X deposit NTD CASA rate
1,008.4
+8.7%
927.8
△
Total
68.05%
Deposit
64.09% 62.62% 63.31%
$3,641.8 bn
+8.1% YoY
2,440.7 +7.9% 2,633.4 2022 1H23 2023 1H24
1H23 1H24
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Major Exposures to Specific Industries

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% of Loan to Industries
Manufacturing (23.10%) Non-Manufacturing (76.90%)
4.09% Petro. Construction 2.91%
Wholesale/Retail 9.86%
5.42% Metal
Real Estate 12.29%
4.56% Tech.
Transportation &
2.45%
3.90% Machinery Warehousing
Banking &
5.66%
Insurance
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FB Mortgage Book Mix

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Mortgage Yield & LTV Ratio (in %) % of Mortgage by Location (in %)
Loan-to-value ratio of new mortgage Mortgage NPL: 0.06%
Avg. loan-to-value ratio Mortgage Yield
Taipei
Area
East Area
43%
3%
2.30%
2.20% 2.19% 2.18% 2.18%
Kaohsiung Taoyuan
Area Area
64.40% 64.42% 64.53% 64.67% 64.79% 11% 20%
46.63% 46.78% 47.26% 47.66% 48.24%
Tainan Area
10%
Taichung Area
2Q23 3Q23 4Q23 1Q24 2Q24
13%
↑4.3%
Monthly New Mortgage Lending (in NT$mn)
Monthly New Mortgage Lending
44,282 53,503
31,771
16,527 16,175 [19,319 18,009 ]
12,595 10,968 11,960 10,266 11,990 [14,482 14,992 15,451 17,480 ] 10,275
8,208
4M23 5M23 6M23 7M23 8M23 9M23 10M23 11M23 12M23 1M24 2M24 3M24 4M24 5M24 6M24
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FB Fee Income Breakdown
Cumulative Net Fee Income (in NT$ mn or %) % of Net Fee Income
Item 1H23 1H24 Change
6,083 WM1 56.1% 57.6% +1.5%
Loan-related 24.0% 28.7% +4.7%
+37.8% F/X 7.7% 5.6% -2.1%
4,414 Credit Card 3.9% 3.0% -0.9%
1H23 1H24 Other2 8.3% 5.1% -3.2%
Cumulative Net
Fee Income Net Fee Income 100.0% 100.0%
Cumulative Net Fee Breakdown ( in NT$ mn )
↑41.5%
2,475 3,503 1,058
340
1,742
↑64.7%
342		 174
183		 367 313
1H23
1H24
1H23		 1H24
1H23
1H24		 1H231H24 1H231H24
WM Fee1 Loan-related F/X Credit Card Others2

  1. WM Fee = Fund Sales + Bancassurance + Custodian

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

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FB Fee Income Breakdown

-QoQ Comparison

Wealth
MGT.*		 2,383
2,259
2,246
3,263
2,820
595
586
498
752
767
691
551
711
837
858
122
142
136
139
150
538
555
499
1,132
610
177
166
179
161
181
101
77
81
89
94
159
182
142
153
160
2Q23
3Q23
4Q23
1Q24
2Q24
Loan Related
Credit Card
QoQ Fee Income Breakdown (in NT$ mn)
F/X Related
Quarterly
fee income
Others
*
Mutual Fund
Custodian

Bancassurance
↓13.6%
Fund Sales
↑2.0%
Banca.
↑2.5%
QoQ**

*WM Fee = Fund Sales + Bancassurance + Custodian

*Channel fees charged by branches (overseas branches included)

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FB Cost-to-Income Ratio

12,668
13,688
Cumulative Operating
Expense
Cumulative Operating Expense(in NT$ mn )
+8.1%
1H23
1H24		 Item
1H23
1H24
Net Revenue
30,151
30,984
Operating Expense
(12,668)
(13,688)
Provision(Net)
(2,402)
(1,619)
Income Tax
(2,825)
(2,878)
Net Income
12,256
12,799
Cost-to-Income( in NT$ mn)

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Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cumulated Cost-to-Income Ratio
44.44% 44.84% 44.18%
43.24%
42.02% 42.06%
40.87%
14,935 15,220 14,931 14,608 13,961 15,595 15,389
7,129
6,907 6,220 6,449 6,685 6,976 6,559
2022 1Q23 2Q23 3Q23 2023 1Q24 2Q24
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FB Asset Quality

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NPL, NPL Reserve, Coverage Ratio, NPL Ratio (in NT$ mn or % )
Coverage Ratio NPL Ratio NPL NPL Reserve
826.96%
797.04%
709.24% 731.12% 735.70% 742.13% 745.24%
0.18% 0.18% 0.18% 0.18% 0.18%
0.17%
0.17%
29,226 30,536 30,681 31,856 33,897 32,848 33,473
4,121 4,177 4,170 3,997 4,099 4,426 4,492
2022 3M23 6M23 9M23 2023 3M24 6M24
1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual Mortgage Large Corp. SME
0.20% 0.21%
0.11% 0.10% 0.17% 0.17% 0.17%
0.08% 0.08%
0.07%
0.07% 0.07% 0.06% 0.06% 0.06% 0.16% 0.00% 0.00% 0.00% 0.00%
2Q23 3Q23 4Q23 1Q24 2Q'24 2Q23 3Q23 4Q23 1Q24 2Q24
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  1. Individual: mortgage and non-mortgage loan included

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FB Overseas Profits

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Overseas Pre-Tax Profits Mix ( in NT$ mn or %) FB Total Pre-Tax Profits Mix ( in NT$ mn or %)
19.99% 1H24 Total pre-tax profits NT$15,677 mn
OBU/Greater China
North America Others
1H24
12%
Overseas 50.06% Asean Domesti
$3,757 mn c Market
18.63%
Others
76%
OBU/Greater China
12%
11.32%
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Quarterly Overseas & Total PTP (in NT$ mn or %)
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Overseas Total Cumulative Overseas PTP to FB Total PTP
23.61% 20.63% 19.54% 18.91% 23.97%
9.49%
7,804
7,849 7,873
7,232 7,002
4,545
3,010
1,853 1,258 1,205 720 747
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24
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CAR & Core Capital

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FFHC Group CAR (in %)
Group CAR Statutory CAR
130.35% 130.05%
128.09%
124.07% 125.16% 122.45%
100%
2H21 1H22 2H22 1H23 2H23 1H24
FB CAR & Core Capital (in %)
FB CAR Tier 1
14.21% 13.71% 13.76% 14.26% 14.56% 13.87%
12.48% 11.69% 11.80% 12.32% 12.61% 11.96%
2H21 1H22 2H22 1H23 2H23 1H24
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Appendix

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FFHC Consolidated Income Statement

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

FFHC Consolidated Income FFHC Consolidated Income FFHC Consolidated Income FFHC Consolidated Income FFHC Consolidated Income
FFHC Consolidated Income Statement Summary (in NT$ million or %)
Year-over-Year Comparison
2020
2021
2022
2023		 1H23 1H24 Change
Net interest income
30,483
34,588
37,969
32,525
Net service fee & commission
8,853
10,383
9,409
10,187
Net Insurance revenue
10,992
9,525
8,980
3,147
Gain on financial assets meas.
5,928
3,356
3,271
19,205
at fair value through P/L
Real estate investment gain
211
185
190
212		 16,066
5,018
1,965
9,562
107		 15,825
6,215
2,345
8,951
412		 -1.5%
23.9%
19.3%
-6.4%
285.0%
Gain on financial assets at fair value
2,673
3,176
1,984
584		 810 379 -53.2%
through other compre. income
Income from equity invest.
137
100
76
155		 77 75 -2.6%
Excluding gain on fin. assets measured at amort.cost
63
(10)
(68)
(409)		 (6) (36) 500.0%
Reserve of overlay approach
39
(43)
237
(235)		 (147) (840) 471.4%
Net gain on F/X
243
877
5,300
1,158
Assets impairment loss
(42)
67
(6)
(50)
Others
(12)
400
414
776
Net Revenue
59,568
62,604
67,756
67,255
Net Provision for credit losses
(4,511)
(3,621)
(6,577)
(5,818)
Recovered(provided) for insurance res.
(10,707)
(9,275)
(8,906)
(2,793)
Operating Expense
(24,730)
(26,275)
(27,786)
(30,382)
Income from continued op. before tax
19,620
23,433
24,487
28,262
Income tax expenses
(2,812)
(3,694)
(3,891)
(5,801)
Consolidated net income
16,808
19,739
20,596
22,461		 1,056
(38)
687
35,157
(2,436)
(1,806)
(14,633)
16,282
(3,124)
13,158		 2,458
(77)
348
36,055
(1,626)
(1,640)
(15,957)
16,832
(3,103)
13,729		 132.8%
102.6%
-49.3%
2.6%
-33.3%
-9.2%
9.0%
3.4%
-0.7%
4.3%
Other Items
(2,248)
(4,847)
(8,056)
12,440
Comprehensive Income
14,559
14,892
12,540
34,901		 8,756
21,914		 3,740
17,469		 -57.3%
-20.3%
EPS1(NT$)
1.30
1.49
1.51
1.65		 0.94 0.98 4.3%
1. EPS is adjusted retroactively for stock dividends paid the next year.
  1. EPS is adjusted retroactively for stock dividends paid the next year.

27

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FFHC Non-consolidated Income Statement

FFHC Non-Consolidated Income Statement Summary in NT$ million, NT$, or %

Full Year Results Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020 2021 2022 2023 1H23 **1H24 ** Change
Operating revenues 17,333 20,333 21,270 23,514 13,554 14,229 5.0%
Income from long-term investment 17,146 20,163 21,094 23,318 13,404 14,051 4.8%
Other income 187 170 176 196 150 178 18.7%
Operating expenses (378) (403) (413) (440) (225) (242) 7.6%
Other expenses and losses (201) (184) (267) (381) (180) (208) 15.6%
Income from continued op. before tax 16,753 19,747 20,590 22,693 13,149 13,779 4.8%
Net income 16,808 19,739 20,596 22,461 13,158 13,729 4.3%
EPS1(NT$) 1.30 1.49 1.51 1.65 0.94 0.98 4.3%
  1. EPS is adjusted retroactively for stock dividends paid the next year.

28

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FFHC Balance Sheet

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

Full Years Result Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020
2021
2022
2023		 1H23 1H24 Change
N
Lo
T
T
T
C
T
T
T
C		 on-consolidated Balance Sheet Data
ng-term investment
otal non-consolidated assets
otal liabilities
otal shareholders' equity
onolidated Balance Sheet Data
otal consolidated assets
otal liabilities
otal shareholders' equity
urrent shares outstanding		 234,703
241,171
244,673
271,903
243,926
248,995
251,732
280,569
22,719
24,449
27,609
32,125
221,207
224,547
224,123
248,444
3,494,502
3,739,594
4,157,196
4,429,410
3,273,295
3,515,047
3,933,073
4,180,966
221,207
224,547
224,123
248,444
128,358
129,642
132,234
136,201		 258,472
273,299
37,841
235,458
4,259,284
4,023,826
235,458
136,201		 282,729
295,869
41,533
254,336
4,619,024
4,364,688
254,336
140,287		 9.4%
8.3%
9.8%
8.0%
8.4%
8.5%
8.0%
3.0%

29

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

FFHC Key Ratios

FFHC Key Ratios

F H H H H H H
2020
2021
2022
2023
0.50%
0.55%
0.52%
0.52%
7.62%
8.86%
9.18%
9.51%
17.23
17.32
16.95
18.24
128,358
129,642
132,234
136,201
107.55%
108.75%
110.38%
110.73%
125.21%
130.35%
125.16%
130.05%
9.31%
9.82%
10.97%
11.45%
Full Year Results		 Year-over-Year Comparison
1H23 **1H24 ** Change
A
A
B
C
D
G
D		 ft
ft
o
a
o
r
e		 er
er
ok
pi
u
ou
bt		 -tax ROAA (Annualized ratio)
-tax ROAE (Annualized ratio)
Per Share
tal Stock
ble Leverage1
p CAR
Ratio2		 0.62%
11.46%
17.29
136,201
111.06%
128.09%
13.85%		 0.60%
10.92%
18.13
140,287
112.43%
122.45%
14.04%		 -3.2%
-4.7%
4.9%
3.0%
1.2%
-4.4%
1.4%
.
 D
  1. Double leverage ratio = Long-term investment / Equity 2. Non-consolidated basis

30

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FB Non-consolidated Income Statement

FB Non-Consolidated Income Statement Summary in NT$ million or %

==> picture [642 x 314] intentionally omitted <==

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

Full Year Results Year-over-Year Comparison
2020 2021 2022 2023 1H23 1H24 Change
Net interest income 28,534 32,263 35,001 29,245 14,486 14,162 -2.2%
Net fee income 7,328 7,969 8,103 8,919 4,414 6,083 37.8%
Net gain on ST invest. 655 1,014 1,411 1,228 597 263 -55.9%
Net gain on LT invest. 826 763 1,062 1,104 351 287 -18.2%
Net gain on other fin. products 6,710 4,516 8,518 17,684 9,741 9,366 -3.8%
Other net income 81 337 389 540 562 823 46.4%
Net revenue 44,134 46,862 54,484 58,720 30,151 30,984 2.8%
Operating expenses (21,350) (22,379) (24,210) (26,329) (12,668) (13,688) 8.1%
Pre-provisiion pre-tax profit 22,785 24,483 30,274 32,391 17,483 17,296 -1.1%
Provision expense (7,900) (6,578) (9,025) (11,305) (3,779) (3,248) -14.1%
Adjustment: bad-debt recovery 3,471 3,013 2,539 5,542 1,377 1,629 18.3%
Income before tax 18,356 20,918 23,788 26,628 15,081 15,677 4.0%
Income tax (2,673) (3,266) (3,460) (5,102) (2,825) (2,878) 1.9%
Net income 15,683 17,652 20,328 21,526 12,256 12,799 4.4%
Other items (1,974) (4,425) (3,946) 8,526 5,516 2,707 -50.9%
Comprehensive income 13,709 13,227 16,382 30,052 17,772 15,506 -12.8%
EPS(NT$) 1.73 1.86 1.99 2.11 1.11 1.16 4.5%
----- End of picture text -----

31

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FB Key Ratios

~~FB Key Ratios~~

FB Key Ratios
~~B Key Ratios~~
2020
2021
2022
2023
1H23
1H24
Change
an to deposit spread
1.40%
1.41%
1.48%
1.34%
1.34%
1.20%
-10.4%
t Interest Margin
1.00%
1.01%
0.99%
0.76%
0.76%
0.70%
-7.9%
ost to income ratio
48.38%
47.76%
44.44%
44.84%
42.02%
44.18%
5.1%
an to deposit ratio
71.04%
69.55%
70.60%
69.08%
69.60%
69.59%
0.0%
L ratio
0.24%
0.20%
0.18%
0.17%
0.18%
0.18%
0.0%
omestic NPL ratio
0.24%
0.19%
0.19%
0.14%
0.17%
0.11%
-35.3%
verseas NPL ratio
0.20%
0.24%
0.10%
0.35%
0.24%
0.52%
116.7%
overage ratio
527.32%
620.31%
709.24%
826.96%
735.70%
745.24%
1.3%
AR
13.63%
14.21%
13.76%
14.56%
14.26%
13.87%
-2.7%
er-1
11.66%
12.48%
11.80%
12.61%
12.32%
11.96%
-2.9%
OAA (Annualized)
0.49%
0.51%
0.53%
0.52%
0.60%
0.58%
-3.3%
OAE (Annualized)
7.16%
7.97%
8.95%
8.89%
10.38%
9.92%
-4.4%
Year-over-Year Comparison
Full Year Results

32

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

FB Loan Quality

FB NPL Migration in NT$ million or %

2022
2023
4,033
4,121
4,443
6,522
3,281
1,191
1,162
5,331
(4,355)
(6,544)
4,121
4,099
25,014
29,226
8,226
11,378
(4,355)
(6,544)
341
(163)
29,226
33,897
2,540
5,542
2,463
3,405
31
2,083
46
54
Full Year Results		 Q1
Q2
1H23
1H24
Change
4,099
4,426
4,121
4,099
-0.5%
3,502
1,073
2,879
4,575
58.9%
531
985
644
1,516
135.4%
2,971
88
2,235
3,059
36.9%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
4,426
4,492
4,170
4,492
7.7%
33,897
32,848
29,226
33,897
16.0%
1,963
1,578
4,240
3,541
-16.5%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
163
54
45
217
382.2%
32,848
33,473
30,681
33,473
9.1%
446
1,183
1,377
1,629
18.3%
404
404
1,197
809
-32.4%
29
762
153
792
417.6%
13
15
27
28
3.7%
Year-over-Year Comparison
2024 Quarterly		 Q1
Q2
1H23
1H24
Change
4,099
4,426
4,121
4,099
-0.5%
3,502
1,073
2,879
4,575
58.9%
531
985
644
1,516
135.4%
2,971
88
2,235
3,059
36.9%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
4,426
4,492
4,170
4,492
7.7%
33,897
32,848
29,226
33,897
16.0%
1,963
1,578
4,240
3,541
-16.5%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
163
54
45
217
382.2%
32,848
33,473
30,681
33,473
9.1%
446
1,183
1,377
1,629
18.3%
404
404
1,197
809
-32.4%
29
762
153
792
417.6%
13
15
27
28
3.7%
Year-over-Year Comparison
2024 Quarterly		 Q1
Q2
1H23
1H24
Change
4,099
4,426
4,121
4,099
-0.5%
3,502
1,073
2,879
4,575
58.9%
531
985
644
1,516
135.4%
2,971
88
2,235
3,059
36.9%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
4,426
4,492
4,170
4,492
7.7%
33,897
32,848
29,226
33,897
16.0%
1,963
1,578
4,240
3,541
-16.5%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
163
54
45
217
382.2%
32,848
33,473
30,681
33,473
9.1%
446
1,183
1,377
1,629
18.3%
404
404
1,197
809
-32.4%
29
762
153
792
417.6%
13
15
27
28
3.7%
Year-over-Year Comparison
2024 Quarterly		 Q1
Q2
1H23
1H24
Change
4,099
4,426
4,121
4,099
-0.5%
3,502
1,073
2,879
4,575
58.9%
531
985
644
1,516
135.4%
2,971
88
2,235
3,059
36.9%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
4,426
4,492
4,170
4,492
7.7%
33,897
32,848
29,226
33,897
16.0%
1,963
1,578
4,240
3,541
-16.5%
(3,175)
(1,007)
(2,830)
(4,182)
47.8%
163
54
45
217
382.2%
32,848
33,473
30,681
33,473
9.1%
446
1,183
1,377
1,629
18.3%
404
404
1,197
809
-32.4%
29
762
153
792
417.6%
13
15
27
28
3.7%
Year-over-Year Comparison
2024 Quarterly
1H23 1H24 Change
N


N
A
A
R


 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		 4,121
2,879
644
2,235
(2,830)
4,170
29,226
4,240
(2,830)
45
30,681
1,377
1,197
153
27		 4,099
4,575
1,516
3,059
(4,182)
4,492
33,897
3,541
(4,182)
217
33,473
1,629
809
792
28		 -0.5%
58.9%
135.4%
36.9%
47.8%
7.7%
16.0%
-16.5%
47.8%
382.2%
9.1%
18.3%
-32.4%
417.6%
3.7%
  1. Non-consolidated basis

33

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

First Sec. Operating Results

First Sec. Income Statement Summary in NT$ million or %

2020
2021
2022
2023
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
1H23 1H24 Change
6.7%
55.8%
47.1%
182.4%
-41.0%
-45.9%
12.4%
5.8%
0.3%
-18.7%
3.3%
To
B
N
U
T
O
To
No
Inc
Inc
Ne		 tal operating income
rokerage commission
et interest income
nderwriting commission
ransaction gains through F/V, net
ther operating income
tal operating expenses
n-operating income
ome before tax
ome tax
t income		 2,273
3,508
1,929
2,745
1,351
2,255
1,382
1,499
242
383
286
196
77
132
78
54
476
555
(63)
687
127
183
246
309
(1,489)
(1,879)
(1,488)
(1,714)
80
83
74
114
864
1,712
515
1,145
(120)
(216)
(112)
(167)
744
1,496
403
978		 1,576
668
85
17
634
172
(857)
52
771
(107)
664		 1,681
1,041
125
48
374
93
(963)
55
773
(87)
686
Fi rst Sec Key Ratios -10.8%
-5.7%
-7.9%
-7.0%
R
R		 OAE (Annualized)
OAA (Annualized)		 11.05%
19.79%
5.22%
12.26%
2.81%
4.18%
1.19%
3.01%		 17.28%
3.48%		 15.42%
3.28%
Br
Ma		 okerage market share
rgin loan market share		 1.46%
1.43%
1.38%
1.34%
2.40%
2.30%
2.35%
2.29%		 1.39%
2.30%		 1.28%
2.14%

1. Non-consolidated basis

34

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

FSITC Operating Results

FSITC Income Statement Summary in NT$ million or %

in NT$ million or %
Full Yeart Results Year-over-Year Comparison
2020 2021 2022 2023 1H23 1H24 Change
Total operating income 617 682 649 707 343 384 12.0%
Management fee 584 656 629 692 335 369 10.1%
Sales service fee 33 26 20 15 8 15 87.5%
Operating expenses (532) (564) (552) (571) (275) (293) 6.5%
Non-operating income 8 12 (1) 7 3 3 0.0%
Income before tax 93 130 96 143 71 94 32.4%
Income tax (18) (24) (20) (28) (14) (18) 28.6%
Net income 76 105 76 115 57 76 33.3%
FSITC Key Ratios
AUM 108,605 112,979 100,051 125,552 100,436 127,092 26.5%
AUM Ranking 11 13 15 14 14 14
1. Non-consolidated basis

35

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

First Life Operating Results

First Life Income Statement Summary in NT$ million or %


First Life Income Statement Summary
in NT$ million or %
First Life Income Statement Summary
in NT$ million or %
First Life Income Statement Summary
in NT$ million or %
First Life Income Statement Summary
in NT$ million or %
First Life Income Statement Summary
in NT$ million or %
First Life Income Statement Summary
in NT$ million or %
Full Year Result Year-over-Year Comparison
2020
2021
2022
2023		 1H23 1H24 Change
Operating Revenue
Premium Income
Other Insurance Income
Net Investment Income
Operating Cost
Reinsurance Commission
Reserves
Claims
Commission
Others
Operating Expenses
Profit/Loss Before Tax
Income Tax
Net Income after tax		 14,865
14,401
16,689
13,400
13,330
12,429
14,911
11,304
256
252
208
203
1,279
1,720
1,570
1,893
13,743
13,047
15,761
12,101
68
78
94
118
10,745
9,312
8,980
2,845
2,210
2,769
5,740
7,967
720
888
945
1,170
0
0
2
1
(730)
(752)
(783)
(898)
392
601
145
401
94
(1)
(83)
35
485
600
62
436		 6,772
5,720
98
954
6,072
60
1,845
3,647
520
0
(421)
279
(39)
240		 7,987
6,590
105
1,292
7,355
61
1,651
4,160
1,483
0
(523)
109
66
175		 17.9%
15.2%
7.1%
35.4%
21.1%
1.7%
-10.5%
14.1%
185.2%
--
24.2%
-60.9%
--
-27.1%
Key Ratios
ROAE(Annualized ratio)
ROAA(Annualized ratio)		 14.02%
13.85%
1.91%
12.92%
0.76%
0.82%
0.08%
0.50%		 15.26%
0.56%		 6.10%
0.38%		 -60.0%
-32.1%

36

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

Q&A

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