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First Financial Holding Co. Ltd. — Interim / Quarterly Report 2024
Jun 11, 2024
52222_rns_2024-06-11_cbfe0e93-2000-4aa9-b64e-5339188be262.pdf
Interim / Quarterly Report
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GS Asia Financials Corporate Day FFHC 1Q’24 Earnings Result
Jun. 12, 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
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Overview
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At a Glance
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Financial Highlights
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Operating Results
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Appendix
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Overview
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Overview of First Financial Holding
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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.
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First Financial, formed in 2003, with First Bank as its flagship entity .
- Strong deposit franchise and distribution channels – low funding cost & top SME player
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2024/3 (Source: Banking Bureau)
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Deposit mkt share 6.45%
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Loan mkt share 6.30%
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FHC asset size Top 9
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SME Lending Top 1 (9.26%)
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Bank channels 187 domestic
47 overseas
- With Security, Asset management and Life Insurance subsidiary business, First Financial Holding remain keen for further expansion.
(Banking 43, Securities 1, Leasing 3)
Financial Summary
| $mn, except per share amounts |
2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Total Revenues | 59,568 | 62,604 | 67,756 | 67,255 |
| Net Income | 16,808 | 19,739 | 20,596 | 22,461 |
| EPS | 1.30 | 1.49 | 1.51 | 1.65 |
| ROAE (annualized) | 7.62% | 8.86% | 9.18% | 9.51% |
2023 Financial Summary
| in NT$ mn | ||
|---|---|---|
| First Commercial Bank | Net Income | 21,526 |
| First Securities | Net Income | 978 |
| First Life Insurance | Net Income | 436 |
| First Sec. Investment Trust | Net Income | 115 |
FFHC Ownership Profile
Government (Direct 18.94%; Indirect: 4.75%) 23.69% Other Investors: 52.96% Foreign Institution: 23.35% Data as of 2024/4/23 (Source: Annual Report) 5
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At a Glance
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A Stable Opening Quarter to 2024
Group’s earnings trajectory stayed upward:
Against the backdrop of normalizing economic activities, yield-seeking environments and cautious sentiments about high stock prices, overall results from Group remained intact, posting NT$7,015 mn 1Q24 with a 5.8% YoY growth rate.
Profits at Bank supported by strong fee, though offset by a shortfall in treasury gains:
Driven by WM momentum, 1Q24 net fee income surged by 60.7% YoY to NT$3,263 mn, makeup for a 20.2% decrease from treasury gains.
Loan growth by 5.2% YoY from mortgage and large corp. lending:
Despite flattish growth in SME and FX lending, loan expansion should continue along with stable recovery of exports and expectation of US Fed’s rate cuts. As Taiwan Central Bank hiked rate by 12.5 bps in late March 24, the change could positively translate to net interest income.
Declared dividend per share at NT$0.85 cash and NT$0.30 stock, subject to 2024 AGM’s approval
Cash dividend payout ratio maintained firm at 51.5% to meet additional capital requirements at Bank, as a D-SIB bank, and at Lifer, in transition to IFRS 17 and ICS.
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Financial Highlights
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FFHC Key Figures
| Banking NT$6,493; 92.5% Securities NT$313; 4.5% Investment Trust NT$42; 0.6 % Others NT$55; 0.8% Insurance NT$71; 1.0% 1Q’24 Net Income Breakdown1 ( in NT$ mn) AMC NT$41; 0.6% |
1Q’24 Key Figures( in NT$ dollar, NT$ mn ) Consolidated Net Income1 Comprehensive Income Total Assets EPS Book per share Capital Stock ROAE 2 ROAA 2 Group CAR3 Double Leverage4 1Q’24 7,015 10,911 4,548,915 0.52 19.04 136,201 11.04% 0.64% 129.95% 110.33% YoY % +5.8% -11.6% +6.8% +6.1% +6.5% +3.0% -4.2% 0.0% +0.8% +0.4% 1Q’23 6,630 12,349 4,258,760 0.49 17.88 132,234 11.52% 0.64% 128.98% 109.92% |
|
|---|---|---|
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Consolidated figures with eliminated entries.
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Annualized figures.
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Updated semi-annually.
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Double Leverage = Equity Investment / Shareholder Equity
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FFHC Net Income & Comprehensive Income
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1Q’24 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↑ 5.6%
18,727 (1,166) ↓ 11.6%
(1,460)
(7,675)
↑ 5.8%
10,911
(1,411)
7,015
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
1Q’23 Consolidated Net Income & Comprehensive Income (in NT$ mn)
17,741
(1,167) (1,099)
(7,175)
12,349
(1,670)
6,630
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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1Q’24 Net Income By Subsidiaries (in NT$ mn)
↑ 5.8%
↑ 2.7%
7,015
6,493
↓ 5.4% ↑ 50.0% ↑ 47.9%
313 42 71 41
First Bank First Securities FSITC First Life AMC FFHC
1Q’23 Net Income By Subsidiaries (in NT$ mn)
6,630
6,320
331 28 48 41
First Bank First Securities FSITC First Life 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
11.52% 11.46% 10.88% 11.04%
8.68% 9.36% 9.91% 9.18% 9.51%
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
8.48% 9.16% 9.53% 8.95% 10.72% 10.38% 10.04% 8.89% 10.04%
21,526
20,328
18,016
16,023
12,256
10,123
6,320 6,493
4,817
3M22 6M22 9M22 2022 3M23 6M23 9M23 2023 3M24
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FB Pre-tax Profits Breakdown
| 1Q’23 1Q’24 1Q’23 1Q’24 1Q’23 1Q’24 1Q’23 1Q’24 1Q’23 1Q’24 1Q’23 1Q’24 Cumulative Net Revenue Cumulative Net Revenue(in NT$ mn or %) % of Net Revenue (in %) z Item 1Q’23 1Q’24 Change NII 47.3% 44.7% -2.6% Net Fee 13.3% 20.9% +7.6% Gain on ST Invest. 0.6% 0.7% +0.1% Gain on LT invest. 1.1% 0.9% -0.2% Gain on fin. Products 35.4% 27.3% -8.1% Others 2.3% 5.5% +3.2% Total Net Revenue 100.0% 100.0% Provision Expense (net) -7.5% -7.4% +0.1% Operating Expense -40.9% -42.1% -1.2% Income Before Tax 51.6% 50.5% -1.1% Net Interest Income Net Fee Income Gains on Fin. Products Operating Expense Pre-tax Profit Breakdown(in NT$ mn ) ↓56.8% +2.5% Gross Provision Recovery 15,220 15,595 1Q’23 1Q’24 ↓20.2% ↑5.5% ↓26.3% ↓3.1% ↑60.7% |
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FB Loan Book Mix
| Loan Book1 (in NT$ bn) 2,369.6 2,492.2 1Q’23 1Q’24 Loan Book1 +5.2% |
Item 1Q’23 1Q’24 Change Consumer 27.9% 29.4% +1.5% Mortgage 24.6% 25.9% +1.3% Other Consumer Loan 3.3% 3.5% +0.2% Corporate Banking 72.1% 70.6% -1.5% Large Corp. Loan 11.6% 12.4% +0.8% SME Loan2 38.5% 37.2% -1.3% F/X/ Loan 17.6% 16.8% -0.8% --- Overseas 12.0% 12.2% +0.2% Gov./ SOE Loan 4.4% 4.2% -0.2% Loan Book1 100.0% 100.0% % of Loan Book1 Mix |
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|---|---|---|
| Loan Book1 Mix (in NT$ bn ) Mortgage Large Corp. Loan F/X Loan Others3 SME Loan2 1Q’231Q’24 1Q’231Q’24 1Q’231Q’24 1Q’231Q’24 1Q’231Q’24 ↑10.6% ↑12.6%↑1.7%↑0.6 %other consumer loan 86.4 bn Overseas 284.3 ↑7.0%Overseas 304.3 |
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Loan Book does not include NALs
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SME is defined by the “Standards for Identifying Small and Medium-sized Enterprises”
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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% ↑ 3.3% ↑ 3.1% ↑ 0.2% ↓ 2.4% ↑ 4.2%
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FB LDR, SPREAD &NIM
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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
NTD 79.8%
72.16% 73.00%
70.60% 69.99% 69.60% 70.24% 69.08% 69.79% F/X 42.8%
2,236.2 2,271.5 2,322.6 2,373.9 2,344.4 2,406.7 2,417.5 2,497.2
2Q'22 3Q'22 2022 1Q'23 2Q'23 3Q'23 2023 1Q'24
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.44% 1.46% 1.48%
1.36% 1.34% 1.36% 1.34%
1.21%
1.04% 1.02% 0.99%
0.77% 0.76% 0.76% 0.76%
0.70%
2Q'22 3Q'22 2022 1Q'23 2Q'23 3Q'23 2023 1Q'24
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Total Loan = loan + import/export negotiation + NALs
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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)
1.36% 1.35% 1.34%
1.31%
1.28%
2.15% 2.26% 2.27% 2.26% 2.25%
0.91% 0.93% 0.95% 0.97%
0.79%
1Q'23 2Q'23 3Q'23 4Q'23 1Q'24
FX Yields & Costs Overview ( in % )
Deposit Rate (FX) Lending Rate (FX) Interest Spread (FX)
2.90%
2.75% 2.77%
2.72%
2.58%
6.45% 6.51% 6.40%
5.77% 6.12%
3.35% 3.55% 3.79% 3.82%
3.02%
1Q'23 2Q'23 3Q'23 4Q'23 1Q'24
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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 ) CASA Rate (in %)
NTD Deposit F/X deposit NTD CASA rate
978.1
991.5
-1.4%
△
Total
Deposit
$3,578.3 bn
+5.5% YoY
2,600.2
2,400.3 +8.3%
1Q'23 1Q'24
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Major Exposures to Specific Industries
1Q’24 - % of Loan to Industries Manufacturing (22.60%) Non-Manufacturing (77.40%)
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FB Mortgage Book Mix
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Mortgage Yield & LTV Ratio (in %) % of Mortgage by Location (in %)
Loan-to-value ratio of new mortgage Mortgage NPL: 0.06% (1Q’24) Taipei-
Avg. loan-to-value ratio Mortgage Yield 43.1% Keelung
Metro. Area
East Area
2.20% 2.19% 2.18% 2.18%
2.09%
3.1%
10.6% Taoyuan
Kaohsiung
Area
Area
20.0%
Tainan
10.3%
Area
Taichung
12.9% Area
↑4.3%
Monthly New Mortgage Lending (in NT$mn)
Monthly New Mortgage Lending
30,603
44,925 44,282
17,480 16,527
14,482 14,992 15,451
9,885 12,486 12,595 10,968 11,960 10,266 11,990 10,275
8,232 8,208
1M'23 2M'23 3M'23 4M'23 5M'23 6M'23 7M'23 8M'23 9M'23 10M'23 11M'23 12M'23 1M'24 2M'24 3M'24
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FB Fee Income Breakdown
| Cumulative Net Fee Income | (in NT$ mn or %) | % of Net Fee Income | ||||||||||||||||
| Item | 1Q’23 | 1Q’24 | Change | |||||||||||||||
| 3,263 | WM1 | 52.5% | 53.0% | +0.5% | ||||||||||||||
| Loan-related | 25.6% | 34.7% | +9.1% | |||||||||||||||
| +60.7% | F/X | 8.0% | 4.9% | -3.1% | ||||||||||||||
| 2,031 | Credit Card | 3.6% | 2.7% | -0.9% | ||||||||||||||
| 1Q’23 | 1Q’24 | Other2 | 10.3% | 4.7% | -5.6% | |||||||||||||
| Cumulative Net | ||||||||||||||||||
| Fee Income | Net Fee Income | 100.0% | 100.0% | |||||||||||||||
| Cumulative Net Fee Breakdown | ( in NT$ mn ) | |||||||||||||||||
↑61.9% |
||||||||||||||||||
| 1,728 | ↑117.7% | |||||||||||||||||
| 1,067 | 1,132 | |||||||||||||||||
| 520 | ↓1.2% | |||||||||||||||||
| 163 | 161 | 72 | 89 | 209 | 153 | |||||||||||||
| 1Q’23 | 1Q’24 | 1Q’23 | 1Q’24 | 1Q’23 | 1Q’24 | 1Q’23 | 1Q’24 | 1Q’23 | 1Q’24 |
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| WM Fee1 | Loan-related | F/X | Credit Card | Others | 2 | |||||||||||||
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WM Fee = Fund Sales + Bancassurance + Custodian
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Channel fees charged by branches (overseas branches included)
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FB Fee Income Breakdown
-QoQ Comparison
| W M |
2,031 2,383 2,259 2,246 3,263 506 691 551 711 837 117 122 142 136 139 520 538 555 499 1,132 163 177 179 161 72 101 77 81 89 209 159 182 142 153 595 444 752 498 586 166 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 Loan Related Credit Card QoQ Fee Income Breakdown (in NT$ mn) F/X Related Quarterly fee income Others * Mutual Fund Custodian ealth GT. *Bancassurance ↑45.3% Fund Sales ↑51.0% Banca. ↑17.7% QoQ |
|---|---|
*WM Fee = Fund Sales + Bancassurance + Custodian
*Channel fees charged by branches (overseas branches included)
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FB Cost-to-Income Ratio
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Cumulative Operating Expense (in NT$ mn ) Cost-to-Income Ratio ( in NT$ mn)
Item 1Q’23 1Q’24
6,559
6,220 Net Revenue 15,220 15,595
+5.5% Operating Expense (6,220) (6,559)
Provision(Net) (1,151) (1,163)
Income Tax (1,529) (1,380)
1Q’23 1Q’24
Cumulative Operating Net Income 6,320 6,493
Expense
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%
43.75% 43.24%
42.02% 42.06%
40.87%
14,877 14,935 15,220 14,931 14,608 13,961 15,595
6,024 6,907 6,220 6,449 6,685 6,976 6,559
3Q'22 2022 1Q'23 2Q'23 3Q'23 2023 1Q'24
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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
797.04% 826.96%
709.24% 731.12% 735.70% 742.13%
684.02%
0.18% 0.18% 0.18% 0.18% 0.18%
0.17% 0.17%
27,527 29,226 30,536 30,681 31,856 33,897 32,848
4,024 4,121 4,177 4,170 3,997 4,099 4,426
9M'22 2022 3M'23 6M'23 9M'23 2023 3M'24
1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual
Large Corp.
Mortgage SME
0.13% 0.27%
0.11% 0.10% 0.20% 0.21%
0.08% 0.08% 0.17% 0.17%
0.09% 0.16%
0.07% 0.07% 0.06% 0.06% 0.03% 0.00% 0.00% 0.00%
1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24
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- 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 %)
1Q'24
Total Pre-tax profits
Taiwan Domestic Market; $7,873 mn
90.51%
Other Overseas ;
-3.07% Greater China (including OBU) ;
12.56%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
37.02%
23.61% 20.63% 19.54% 18.91%
9.49%
7,849 7,873
7,232 7,002
5,207 4,545
1,795 1,853 1,258 1,205 720 747
4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24
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CAR & Core Capital
FFHC Group CAR (in %)
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CAR
130.35% 128.09% 130.05% 129.95%
124.07% 125.16%
statutory CAR 100%
FB CAR & Core Capital (in %)
14.21% 14.26% 14.56% 14.54%
13.71% 13.76% CAR
12.48% 12.32% 12.61% 12.62% Tier 1
11.69% 11.80%
2H'21 1H'22 2H'22 1H'23 2H'23 1Q'24
2H'21 1H'22 2H'22 1H'23 2H'23 1Q'24
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Shareholder Return
| 2019 2020 2021 2022 2023 Cash dividend 1.05 0.90 1.00 0.80 0.85 Stock dividend 0.30 0.10 0.20 0.30 0.30 Total dividend 1.35 1.00 1.20 1.10 1.15 CASH Payout ratio 67.7% 68.7% 65.8% 51.3% 51.5% FFHC Earnings Per Share ( in NT$ dollar ) EPS Dividend FFHC Dividend History( in NT$ dollar ) 1.35 1.00 1.20 1.10 1.15 1.55 1.56 1.31 1.52 1.65 2019 2020 2021 2022 2023 |
|
|---|---|
| 2019 2020 2021 2022 2023 |
|
| Cash dividend 1.05 0.90 1.00 0.80 0.85 |
|
| Stock dividend 0.30 0.10 0.20 0.30 0.30 |
|
| Total dividend 1.35 1.00 1.20 1.10 1.15 |
|
| CASH Payout ratio 67.7% 68.7% 65.8% 51.3% 51.5% |
• EPS was not adjusted.
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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 Statement | FFHC Consolidated Income Statement | FFHC Consolidated Income Statement | |
|---|---|---|---|
| F | FHC Consolidated Income Statement Summary (in NT$ million or %) | ||
| 2020 2021 2022 2023 1Q'23 1Q'24 Change et interest income 30,483 34,588 37,969 32,525 7,973 7,798 -2.2% et service fee & commission 8,853 10,383 9,409 10,187 2,278 3,185 39.8% et Insurance revenue 10,992 9,525 8,980 3,147 1,200 1,892 57.7% ain on financial assets meas. 5,928 3,356 3,271 19,205 5,491 4,015 -26.9% at fair value through P/L eal estate investment gain 211 185 190 212 56 357 537.5% Year-over-Year Comparison Full Year Results |
|||
| 1Q'24 | Change | ||
| N N N G R |
7,798 3,185 1,892 4,015 357 |
-2.2% 39.8% 57.7% -26.9% 537.5% |
|
| G | ain on financial assets at fair value 2,673 3,176 1,984 584 128 |
68 | -46.9% |
| through other compre. income | |||
| I | ncome from equity invest. 137 100 76 155 34 |
35 | 2.9% |
| E | xcluding gain on fin. assets measured at amort.cost 63 (10) (68) (409) (6) |
-- | -- |
| R | eserve of overlay approach 39 (43) 237 (235) (66) |
(428) | -- |
| N | et gain on F/X 243 877 5,300 1,158 282 |
1,444 | 412.1% |
| A O N |
ssets impairment loss (42) 67 (6) (50) (33) thers (12) 400 414 776 404 et Revenue 59,568 62,604 67,756 67,255 17,741 Net Provision for credit losses (4,511) (3,621) (6,577) (5,818) (1,167) Recovered(provided) for insurance res. (10,707) (9,275) (8,906) (2,793) (1,099) |
(76) 437 18,727 (1,166) (1,460) |
-- 8.2% 5.6% -0.1% 32.8% |
| O I I C |
perating Expense (24,730) (26,275) (27,786) (30,382) (7,175) ncome from continued op. before tax 19,620 23,433 24,487 28,262 8,300 ncome tax expenses (2,812) (3,694) (3,891) (5,801) (1,670) onsolidated net income 16,808 19,739 20,596 22,461 6,630 |
(7,675) 8,426 (1,411) 7,015 |
7.0% 1.5% -15.5% 5.8% |
| O C |
ther Items (2,248) (4,847) (8,056) 12,440 5,719 omprehensive Income 14,559 14,892 12,540 34,901 12,349 |
3,896 10,911 |
-31.9% -11.6% |
| E | PS1(NT$) 1.30 1.49 1.51 1.65 0.49 |
0.52 | 6.1% |
| 1 | . EPS is adjusted retroactively for stock dividends paid the next year. | ||
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FFHC Non-consolidated Income Statement
FFHC Non-Consolidated Income Statement Summary in NT$ million, NT$, or %
| Full Year | Results | Year-over-Year Comparison | Year-over-Year Comparison | Year-over-Year Comparison | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 1Q'23 | **1Q'24 ** | Change | |||||
| Operating revenues | |||||||||||
| Income from long-term investment | 17,146 | 20,163 | 21,094 | 23,318 | 6,827 | 7,169 | 5.0% | ||||
| Other income | 187 | 170 | 176 | 196 | 3 | 4 | 33.3% | ||||
| Total revenues | 17,333 | 20,333 | 21,270 | 23,514 | 6,830 | 7,173 | 5.0% | ||||
| Operating expenses | (378) | (403) | (413) | (440) | (111) | (119) | 7.2% | ||||
| Other expenses and losses | (201) | (184) | (267) | (381) | (89) | (100) | 12.4% | ||||
| Income from continued op. before tax | 16,753 | 19,747 | 20,590 | 22,693 | 6,630 | 6,954 | 4.9% | ||||
| Income from continued op. after tax | 16,808 | 19,739 | 20,596 | 22,461 | 6,630 | 7,015 | 5.8% | ||||
| Net income | 16,808 | 19,739 | 20,596 | 22,461 | 6,630 | 7,015 | 5.8% | ||||
| EPS1(NT$) | 1.30 | 1.49 | 1.51 | 1.65 | 0.49 | 0.52 | 6.1% |
- EPS is adjusted retroactively for stock dividends paid the next year.�
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FFHC Balance Sheet
FFHC Balance Sheet Summary
in NT$ million or million shares
| FFHC Balance Sheet Summary | FFHC Balance Sheet Summary | FFHC Balance Sheet Summary | FFHC Balance Sheet Summary | FFHC Balance Sheet Summary | FFHC Balance Sheet Summary |
|---|---|---|---|---|---|
in NT$ million or million shares |
|||||
| Full Years Result | Year-over-Year Comparison | ||||
| 2020 2021 2022 2023 |
1Q'23 | 1Q'24 | Change | ||
| Non-consolidated Balance Sheet Data | |||||
| Long-term investment Total non-consolidated assets Total liabilities Total shareholders' equity Conolidated Balance Sheet Data Total consolidated assets Total liabilities Total shareholders' equity Current 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 |
257,124 264,802 28,330 236,472 4,258,760 4,022,288 236,472 132,234 |
282,853 291,578 32,223 259,355 4,548,915 4,289,560 259,355 136,201 |
10.0% 10.1% 13.7% 9.7% 6.8% 6.6% 9.7% 3.0% |
|
| *figures may not match due to rounding |
*figures may not match due to rounding
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FFHC Key Ratios
FFHC Key Ratios
| F | F | HC Key Ratios | HC Key Ratios | HC Key Ratios | HC Key Ratios | HC Key Ratios | HC Key Ratios |
|---|---|---|---|---|---|---|---|
| Full Year Results | Year-over-Year Comparison | ||||||
| 2020 2021 2022 2023 |
1Q'23 | **1Q'24 ** | Change | ||||
| A A B C D G D |
ft ft o a o ro e |
er-tax ROAA (Annualized ratio) er-tax ROAE (Annualized ratio) ok Per Share pital Stock uble leverage1 up CAR bt Ratio2 |
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% |
0.64% 11.52% 17.88 132,234 109.92% 128.98% 10.70% |
0.64% 11.04% 19.04 136,201 110.33% 129.95% 11.05% |
0.0% -4.2% 6.5% 3.0% 0.4% 0.8% 3.3% |
|
- Double leverage ratio = Long-term investment / Equity 2. Non-consolidated basis
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FB Non-consolidated Income Statement
FB Non-Consolidated Income Statement Summary in NT$ million or %
| FB Non-consolidated Income Statement | |||
|---|---|---|---|
| bject to final Reviewed B Non-Consolidated Income Statement Summary NT$ million or % 2020 2021 2022 2023 1Q'23 1Q'24 Change t interest income 28,534 32,263 35,001 29,245 7,198 6,975 -3.1% t fee income 7,328 7,969 8,103 8,919 2,031 3,263 60.7% t gain on ST invest. 655 1,014 1,411 1,228 85 108 27.1% t gain on LT invest. 826 763 1,062 1,104 168 138 -17.9% t gain on other fin. products 6,710 4,516 8,518 17,684 5,384 4,254 -21.0% her net income 81 337 389 540 354 857 142.1% t revenue 44,134 46,862 54,484 58,720 15,220 15,595 2.5% perating expenses (21,350) (22,379) (24,210) (26,329) (6,220) (6,559) 5.5% e-provisiion pre-tax profit 22,785 24,483 30,274 32,391 9,000 9,036 0.4% ovision expense (7,900) (6,578) (9,025) (11,305) (2,183) (1,609) -26.3% djustment: bad-debt recovery 3,471 3,013 2,539 5,542 1,032 446 -56.8% ome before tax 18,356 20,918 23,788 26,628 7,849 7,873 0.3% come tax (2,673) (3,266) (3,460) (5,102) (1,529) (1,380) -9.7% t income 15,683 17,652 20,328 21,526 6,320 6,493 2.7% ther items (1,974) (4,425) (3,946) 8,526 3,049 3,162 3.7% mprehensive income 13,709 13,227 16,382 30,052 9,369 9,655 3.1% S 1.73 1.86 1.99 2.11 0.62 0.64 3.2% Year-over-Year Comparison Full Year Results |
|||
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FB Ke Ratios y
F ~~B Key Ratios~~
| FB KeyRatios | FB KeyRatios | FB KeyRatios | FB KeyRatios | FB KeyRatios | ||
|---|---|---|---|---|---|---|
| F~~B~~ | ~~Key Ratios~~ 2020 2021 2022 2023 1Q'23 1Q'24 Change n to deposit spread 1.40% 1.41% 1.48% 1.34% 1.36% 1.21% -11.03% Interest Margin 1.00% 1.01% 0.99% 0.76% 0.77% 0.70% -9.09% t to income ratio 48.38% 47.76% 44.44% 44.84% 40.87% 42.06% 2.91% n to deposit ratio 71.04% 69.55% 70.60% 69.08% 69.99% 69.79% -0.29% L ratio 0.24% 0.20% 0.18% 0.17% 0.18% 0.18% 0.00% mestic NPL ratio 0.24% 0.19% 0.19% 0.14% 0.18% 0.11% -38.89% erseas NPL ratio 0.20% 0.24% 0.10% 0.35% 0.14% 0.52% 271.43% erage ratio 527.32% 620.31% 709.24% 826.96% 731.12% 742.13% 1.51% R 13.63% 14.21% 13.76% 14.56% 14.21% 14.54% 2.32% -1 11.66% 12.48% 11.80% 12.61% 12.30% 12.62% 2.60% AA (Annualized) 0.49% 0.51% 0.53% 0.52% 0.64% 0.60% -6.25% AE (Annualized) 7.16% 7.97% 8.95% 8.89% 10.72% 10.04% -6.34% Year-over-Year Comparison Full Year Results |
|||||
| Loa Net Cos Loa NP Do Ov Cov CA Tier RO RO |
Full Year Results | Year-over-Year Comparison | ||||
| 2020 2021 2022 2023 1.40% 1.41% 1.48% 1.34% 1.00% 1.01% 0.99% 0.76% 48.38% 47.76% 44.44% 44.84% 71.04% 69.55% 70.60% 69.08% 0.24% 0.20% 0.18% 0.17% |
1Q'23 | 1Q'24 | Change | |||
| n to deposit spread Interest Margin t to income ratio n to deposit ratio L ratio |
1.36% 0.77% 40.87% 69.99% 0.18% |
1.21% 0.70% 42.06% 69.79% 0.18% |
-11.03% -9.09% 2.91% -0.29% 0.00% |
|||
| mestic NPL ratio | 0.24% 0.19% 0.19% 0.14% |
0.18% | 0.11% | -38.89% | ||
| erseas NPL ratio | 0.20% 0.24% 0.10% 0.35% |
0.14% | 0.52% | 271.43% | ||
| erage ratio R -1 |
527.32% 620.31% 709.24% 826.96% 13.63% 14.21% 13.76% 14.56% 11.66% 12.48% 11.80% 12.61% |
731.12% 14.21% 12.30% |
742.13% 14.54% 12.62% |
1.51% 2.32% 2.60% |
||
| AA (Annualized) AE (Annualized) |
0.49% 0.51% 0.53% 0.52% 7.16% 7.97% 8.95% 8.89% |
0.64% 10.72% |
0.60% 10.04% |
-6.25% -6.34% |
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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 Q3 Q4 1Q'23 1Q'24 Change 4,121 4,177 4,170 3,997 4,121 4,099 -0.5% 1,065 1,814 1,301 2,342 1,065 3,502 228.8% 74 570 (77) 624 74 531 617.6% 991 1,244 1,378 1,718 991 2,971 199.8% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% 4,177 4,170 3,997 4,099 4,177 4,426 6.0% 29,226 30,536 30,681 31,856 29,226 33,897 16.0% 2,338 1,902 2,733 4,405 2,338 1,963 -16.0% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% (19) 64 (84) (124) (19) 163 -- 30,536 30,681 31,856 33,897 30,536 32,848 7.6% 1,032 345 1,989 2,176 1,032 446 -56.8% 875 322 1,961 247 875 404 -53.8% 145 8 14 1,916 145 29 -80.0% 12 15 14 13 12 13 8.3% Year-over-Year Comparison 2023 Quarterly |
Q1 Q2 Q3 Q4 1Q'23 1Q'24 Change 4,121 4,177 4,170 3,997 4,121 4,099 -0.5% 1,065 1,814 1,301 2,342 1,065 3,502 228.8% 74 570 (77) 624 74 531 617.6% 991 1,244 1,378 1,718 991 2,971 199.8% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% 4,177 4,170 3,997 4,099 4,177 4,426 6.0% 29,226 30,536 30,681 31,856 29,226 33,897 16.0% 2,338 1,902 2,733 4,405 2,338 1,963 -16.0% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% (19) 64 (84) (124) (19) 163 -- 30,536 30,681 31,856 33,897 30,536 32,848 7.6% 1,032 345 1,989 2,176 1,032 446 -56.8% 875 322 1,961 247 875 404 -53.8% 145 8 14 1,916 145 29 -80.0% 12 15 14 13 12 13 8.3% Year-over-Year Comparison 2023 Quarterly |
Q1 Q2 Q3 Q4 1Q'23 1Q'24 Change 4,121 4,177 4,170 3,997 4,121 4,099 -0.5% 1,065 1,814 1,301 2,342 1,065 3,502 228.8% 74 570 (77) 624 74 531 617.6% 991 1,244 1,378 1,718 991 2,971 199.8% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% 4,177 4,170 3,997 4,099 4,177 4,426 6.0% 29,226 30,536 30,681 31,856 29,226 33,897 16.0% 2,338 1,902 2,733 4,405 2,338 1,963 -16.0% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% (19) 64 (84) (124) (19) 163 -- 30,536 30,681 31,856 33,897 30,536 32,848 7.6% 1,032 345 1,989 2,176 1,032 446 -56.8% 875 322 1,961 247 875 404 -53.8% 145 8 14 1,916 145 29 -80.0% 12 15 14 13 12 13 8.3% Year-over-Year Comparison 2023 Quarterly |
Q1 Q2 Q3 Q4 1Q'23 1Q'24 Change 4,121 4,177 4,170 3,997 4,121 4,099 -0.5% 1,065 1,814 1,301 2,342 1,065 3,502 228.8% 74 570 (77) 624 74 531 617.6% 991 1,244 1,378 1,718 991 2,971 199.8% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% 4,177 4,170 3,997 4,099 4,177 4,426 6.0% 29,226 30,536 30,681 31,856 29,226 33,897 16.0% 2,338 1,902 2,733 4,405 2,338 1,963 -16.0% (1,009) (1,821) (1,474) (2,240) (1,009) (3,175) 214.7% (19) 64 (84) (124) (19) 163 -- 30,536 30,681 31,856 33,897 30,536 32,848 7.6% 1,032 345 1,989 2,176 1,032 446 -56.8% 875 322 1,961 247 875 404 -53.8% 145 8 14 1,916 145 29 -80.0% 12 15 14 13 12 13 8.3% Year-over-Year Comparison 2023 Quarterly |
||
|---|---|---|---|---|---|---|
| 1Q'23 | 1Q'24 | Change | ||||
| N N Al Al R |
PL- beginning Net new NPL influx Domestic Overseas Net write-offs PL- ending balance lowance for loan loss- beginning Provisions for loan loss Net write-offs Others lowance for loan loss- ending ecovery from bad debt Domestic Overseas Credit card |
4,121 1,065 74 991 (1,009) 4,177 29,226 2,338 (1,009) (19) 30,536 1,032 875 145 12 |
4,099 3,502 531 2,971 (3,175) 4,426 33,897 1,963 (3,175) 163 32,848 446 404 29 13 |
-0.5% 228.8% 617.6% 199.8% 214.7% 6.0% 16.0% -16.0% 214.7% -- 7.6% -56.8% -53.8% -80.0% 8.3% |
- Non-consolidated basis
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First Sec. O eratin Results p g
First Sec. Income Statement Summary in NT$ million or %
| in | NT$ million or % | |||
|---|---|---|---|---|
| 2020 2021 2022 2023 1Q'23 1Q'24 Change Full Year Results Year-over-Year Comparison |
||||
| 1Q'24 | Change | |||
| 55.0% 50.0% 114.3% -43.5% -8.3% 3.1% 11.2% 3.8% -5.5% -6.3% -5.4% |
||||
| B N U T O To To No Inc In Ne |
rokerage commission et interest income nderwriting commission ransaction gains through F/V, net ther operating income tal operating income tal operating expenses n-operating income ome before tax come tax t income |
1,351 2,255 1,382 1,499 300 242 383 286 196 40 77 132 78 54 7 476 555 (63) 687 382 127 183 246 309 36 2,273 3,508 1,929 2,745 765 (1,489) (1,879) (1,488) (1,714) (412) 80 83 74 114 26 864 1,712 515 1,145 379 (120) (216) (112) (167) (48) 744 1,496 403 978 331 |
465 60 15 216 33 789 (458) 27 358 (45) 313 |
|
| Fi | rst Sec. Key Ratios | -19.6% -35.3% -8.5% -6.1% |
||
| R R Br Ma |
OAE (Annualized) OAA (Annualized) okerage market share rgin loan market share |
11.05% 19.79% 5.22% 12.26% 17.52% 2.81% 4.18% 1.19% 3.01% 4.64% 1.46% 1.43% 1.38% 1.34% 1.41% 2.40% 2.30% 2.35% 2.29% 2.29% |
14.08% 3.00% 1.29% 2.15% |
- Non-Consolidated Basis
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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 | 1Q'23 | 1Q'24 | Change | ||||
| Total operating income | ||||||||||
| Management fee | 584 | 656 | 629 | 692 | 162 | 188 | 16.0% | |||
| Sales service fee | 33 | 26 | 20 | 15 | 3 | 7 | 133.3% | |||
| Total operating income | 617 | 682 | 649 | 707 | 165 | 195 | 18.2% | |||
| Operating expenses | (532) | (564) | (552) | (571) | (131) | (144) | 9.9% | |||
| Non-operating income | 8 | 12 | (1) | 7 | 1 | 1 | 0.0% | |||
| Income before tax | 93 | 130 | 96 | 143 | 35 | 52 | 48.6% | |||
| Income tax | (18) | (24) | (20) | (28) | (7) | (10) | 42.9% | |||
| Net income | 76 | 105 | 76 | 115 | 28 | 42 | 50.0% | |||
| y | ||||||||||
| FSITC Key Ratios | ||||||||||
| AUM | 108,605 | 112,979 | 100,051 | 125,552 | 99,692 | 125,787 | 26.2% | |||
| AUM Ranking | 11 | 13 | 15 | 14 | 15 | 14 |
- Non-consolidated basis
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First Life Operating Results
First Life Income Statement Summary in NT$ million or %
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----- Start of picture text -----
Full Year Result Year-over-Year Comparison
2020 2021 2022 2023 1Q'23 1Q'24 Change
Operating Revenue 14,865 14,401 16,689 13,400 3,412 4,418 29.5%
Premium Income 13,330 12,429 14,911 11,304 2,981 3,716 24.7%
Other insurance income 256 252 208 203 46 55 19.6%
Net Investment Income 1,279 1,720 1,570 1,893 385 647 68.1%
Operating Cost 13,743 13,047 15,761 12,101 3,149 4,101 30.2%
Reinsurance commission 68 78 94 118 28 27 -3.6%
Reserves 10,745 9,312 8,980 2,845 1,116 1,465 31.3%
Claims 2,210 2,769 5,740 7,967 1,731 1,785 3.1%
Commission 720 888 945 1,170 274 824 200.7%
Others 0 0 2 1 0 0 --
Operating Expenses (730) (752) (783) (898) (210) (277) 31.9%
Profit/Loss Before Tax 392 601 145 401 53 40 -24.5%
Income tax 94 (1) (83) 35 (5) 31 --
Net Income after tax 485 600 62 436 48 71 47.9%
Key Ratios
ROAE (Annualized) 14.02% 13.85% 1.91% 12.92% 6.40% 5.36% -16.3%
ROAA (Annualized) 0.76% 0.82% 0.08% 0.50% 0.24% 0.32% 33.3%
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