First Financial Holding Co. Ltd. · TWSE:2892
First Financial — Q1 2009 Earnings Presentation
36 slides from First Financial's earnings presentation, Jun 3, 2009
Slide 1: First Financial Holding 1Q 2009 Earning Results
First Financial Holding 1Q 2009 Earning Results - audited Jun. 3, 2009
Slide 2: Disclaimer
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 inform
Slide 3: Contents
Contents - Financial Highlight - Asset Quality Review - Operating Result - Appendix 3
Slide 4: 1Q 2009 Financial Highlight
1Q 2009 Financial Highlight -audited
Slide 5: 1Q 2009 Financial Highlight
1Q 2009 Financial Highlight Net Income Total Asset (in NT$ mn) (in NT$ mn) -53.3% 9.8% 1,597 1,857,062 1Q08: 3,426 1Q08: 1,691,008 EPS ROAE (in NT$) -51.8% -49.8% 0.27 6.36% 1Q08: 0.56 1Q08: 12.68% 5
Slide 6: 1Q 2009 Key Figures
1Q 2009 Key Figures 1Q09 Earnings Breakdown1 ( in NT$ mn) Key Figures ( in NT$ dollar, NT$ mn, mn shares or %) Insurance 1Q08 1Q09 QoQ % NT$(104); -6.5% Net Income 3,426 1,5971 ª 53.4% Investment Trust Others NT$20; 1.25% NT$(56); -3.5% Total Assets 1,691,008 1,857,062 © 9.8% EPS 0.56 0.27 ª 51.8% B
Slide 7: 1Q 2009 Asset Quality Review
1Q 2009 Asset Quality Review -FB
Slide 8: FB 1Q09 Asset Quality
FB 1Q09 Asset Quality NPL Amount, Reserve, Coverage (in NT$ mn or % ) Coverage Ratio NPL Ratio NPL NPL Reserve 1.65% 1.63% 1.64% 1.55% 1.50% 1.49% 1.55% 1.40% 1.45% 1.36% 52.15% 50.66% 52.82% 51.38% 53.84% 54.18% 54.67% 55.00% 55.36% 54.47% 16,137 15,956 17,080 16,234 16,916 17,665 15,406 15,761 15,
Slide 9: NPL Migration by Sectors
NPL Migration by Sectors 1Q08 2Q08 3Q08 4Q08 1Q09 Individual 1.52% 1.42% 1.44% 1.47% 1.59% 1 Mortgage 1.28% 1.24% 1.26% 1.30% 1.43% Large Corp. 1.66% 1.82% 1.60% 1.54% 1.66% SME 2.12% 2.00% 2.00% 2.00% 2.31% Domestic 1.63% 1.54% 1.47% 1.43% 1.58% Overseas 0.54% 0.51% 0.75% 1.53% 1.36% Total 1.49% 1.
Slide 10: New NPL Influx Breakdown
New NPL Influx Breakdown NPL (in NT$ mn Item 1Q08 1Q09 Item 1Q08 1Q09 New NPL Influx 446 2,200 Quarter-begin. NPL 16,234 16,916 Bal. Total Loan 1,060,028 1,141,339 Write-off 919 1,451 Ratio 0.04% 0.19% Quarter-end NPL Bal. 15,761 17,665 New NPL Influx ( in NT$ mn or %) Write-off New NPL Influx New N
Slide 11: 1Q 2009 Operating Results
1Q 2009 Operating Results - audited
Slide 12: 1Q 2009 Operating Results
1Q 2009 Operating Results 1Q 2009 Consolidated Income & Loss (in NT$ mn) 8,067 (3,886) (2,216) 1,597 (368) Net Revenue Operating Provision Income Tax Net Income Expenses Bank 1,726 Insurance 490 1Q 2008 Consolidated Income & Loss (in NT$ mn) 10,094 (4,191) (1,372) (1,105) 3,426 Net Revenue Operating
Slide 13: Profitability-After Tax
Profitability-After Tax 1Q 2009 FFHC & Major Subsidiaries FFHC Net Income (in NT$ mn ) FB Net Income (in NT$ mn) Total Asset: 1,857,062 Total Equity: 102,183 Total Asset: 1,822,563 Total Equity: 91,487 ROAE1 7.16% ROAE1 6.36% -53.39% -54.25% 3,426 3,530 1,597 1,615 1Q08 1Q09 1Q08 1Q09 1. Annualized
Slide 14: Profitability-After Tax
Profitability-After Tax 1Q2009 FFHC & Major Subsidiaries First Sec Net (in NT$ mn ) First Securities Net (in NT$ mn ) FSITC Net (in NT$ mn ) First-Aviva3 Net (in NT$ mn ) Brokerage Mkt Share: 1.67% AUM: 103,445 Total Asset: 13,532 Total Equity: 6,416 AUM Ranking: 8 1 ROAE (31.40%) 1 ROAE 7.68 % 1 RO
Slide 15: FFHC Profitability-After Tax
FFHC Profitability-After Tax Quarterly Net Income (in NT$ mn) Net Income 4,418 3,479 2,955 3,426 2,618 2,494 2,689 2,036 (1,074) 1,597 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q09 Annualized ROAE ( % ) Cumulative Net Income Annualized ROAE 12.83% 12.68% 11.53% 12.05% 12.34% 11.08% 10.8
Slide 16: FB Profitability-After Tax
FB Profitability-After Tax Quarterly Net Income (in NT$ mn ) Net Income 3,306 2,701 3,064 3,614 2,617 3,530 3,418 2,074 1,615 (57) 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Annualized ROAE ( % ) Cumulative Net Income Annualized ROAE 15.37% 15.90% 15.37%% 13.32% 12.23% 13.60% 13.39% 10.01% 12
Slide 17: FB 1Q 2009 Revenue
FB 1Q 2009 Revenue 1Q 2009 Cumulative Net Revenue (in NT$ mn or %) % of Cumulative Net Revenue Item 1Q08 1Q09 Change NII 65.3% 62.6% -2.7% 7,106 Net Fee 14.0% 11.4% - 2.6% -22.6% Recovery 4.7% 9.6% +4.9% 9,177 Gain on other fin. pr.1 6.9% 13.9% +7.0% Others 4.1% 2.3% -1.8% Gain on LT stock invest.1
Slide 18: FB 1Q 2009 Loan Book Mix
FB 1Q 2009 Loan Book Mix 1Q 2009 Loan Book1 (in NT$ bn or %) % of Loan Book1 Item 1Q08 1Q09 Change 1,095.2 Consumer 30.7% 29.0% - 1.7% +8.8% Mortgage 29.8% 28.4% - 1.4% 1,006.8 Other Consumer Loan 0.9% 0.6% - 0.3% Corporate Banking 69.3% 71.0% + 1.7% Commercial Loan 43.9% 41.7% - 2.2% F/X Loan 14.7%
Slide 19: Major Exposures to Specific Industries
Major Exposures to Specific Industries End of 1Q 2009 - % of Loan to industries Total Domestic Loan Bal.1: NT$1,010.7 bn Wholesale Manufacturing & Retail Loan: 27.90% 9.00% Tech. Tech. Petro-chemical Real Estate Loan: 7.82% TFT-LCD DRAM 5.91% 2.88% 2.31% 1.47% Petro-chemical Loan: 5.90% Construction
Slide 20: NPL Ratios by Specific Industries
NPL Ratios by Specific Industries End of 1Q 2009 - NPL ratios to industries End of 1Q 2009 NPL ratio: 1.55% Wholesale Manufacturing & Retail 1.83% 3.35% Tech. Tech. Petro-chemical 3.06% Real Estate Finished Components 5.91% Goods 0.86% 2.49% Petro-chemical 5.36% 0.82% Construction 2.72% 1. OBU and o
Slide 21: FB 1Q 2009 Total Loan & NIM
FB 1Q 2009 Total Loan & NIM Total Loan & LDR (in NT$ bn or % ) Total Loan1 LDR2 84.68% 84.54% 78.18% 82.34% 83.89% 82.35% 83.81% 78.94% 80.73% 78.25% 1,079.9 1,169.5 1,141.3 980.1 992.4 1,030.5 1,042.3 1,060.0 1,092.4 1,147.4 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Quarterly NII / Spread /
Slide 22: FB 1Q 2009 Fee Income Breakdown
FB 1Q 2009 Fee Income Breakdown 1Q 2009 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee Item 1Q08 1Q09 Change WM1 54.0% 31.5% - 22.5% 807 1,289 F/X 18.5% 21.9% +3.4% -37.4% Other 13.9% 24.3% +10.4% Loan-related 9.0% 17.1% +8.1% Credit card 4.6% 5.2% +0.6% 1Q08 1Q09 Net Fee Income
Slide 23: FB 1Q 2009 Cost-to-Income Ratio
FB 1Q 2009 Cost-to-Income Ratio 1H08 Operating Expense (in NT$ mn ) 1Q 2009 Cumulative Operating Expense (in NT$ mn ) % of Cumulative Cost-to-Income Ratio 3,393 Item 1Q08 1Q09 Change Net Revenue 100.0% 100.0% -7.67% 3,675 Operating Expense - 40.0% - 47.7% +7.7% Provision - 9.3% - 24.3% +15.0% Income
Slide 24: FFHC CAR & Credit Rating
FFHC CAR & Credit Rating 1 CAR & Credit Rating FFHC Group CAR & Credit Rating1 S & P: BBB- / A-3/ Stable Twn Ratings: twA+/twA-1/Stable Moody’s: Baa1 122.05% 119.35% 117.59% CAR 113.77% 120.19% 109.54% 107.81% 103.60% statutory CAR 100% 1H 05 2H 05 1H 06 2H 06 1H 07 2H 07 1H 08 2H08 FB CAR & Credit
Slide 25: Appendix
Appendix
Slide 26: FFHC consolidated Income Statement
FFHC consolidated Income Statement FFHC's Financial Results Summary FFHC Consolidated Income Statement Summary in NT$ million, NT$, or % Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Interest income 37,979 43,428 49,354 50,080 12,728 8,385 -34.12% Less: Inter
Slide 27: FFHC Non-consolidated Income Statement
FFHC Non-consolidated Income Statement FFHC's Financial Results Summary FFHC Non-consolidated Income Statement Summary in NT$ million, NT$, or % Full Year Results Quarter- over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Operating revenues Income from long-term investment 9,209 10,904 12
Slide 28: FFHC Balance Sheet
FFHC Balance Sheet FFHC Balance Sheet Summary in NT$ million or million shares Full Year Results Quarter- over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Non-consolidated Balance Sheet Data Long-term investment 87,542 98,224 99,502 97,985 103,678 100,184 -3.37% Total non-consolidated as
Slide 29: FFHC Key Ratios
FFHC Key Ratios FFHC Key Ratios Full Year Results Quarter- over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change After-tax ROAA (Annualized ratio) 0.93% 0.68% 0.76% 0.41% 0.80% 0.36% -55.00% After-tax ROAE (Annualized ratio) 16.73% 11.08% 12.05% 6.86% 12.68% 6.36% -49.84% 1 Double leverage 95
Slide 30: FB Income Statement
FB Income Statement FB Income Statement Summary in NT$ million or % Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Net revenue Net interest income 19,612 20,381 21,941 23,954 6,002 4,445 -25.94% Net fee income 3,759 4,495 6,884 5,041 1,288 807 -37.34% Net gain
Slide 31: FB Balance Sheet
FB Balance Sheet FB Balance Sheet Summary in NT$ million or % Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Assets Cash/due from banks 157,635 178,988 165,118 179,084 169,775 213,400 25.70% Fin. Assets measured 37,418 42,795 37,202 53,304 37,856 52,072 37.55%
Slide 32: FB Key Ratios
FB Key Ratios FB's Financial Results Summary FB Key Ratios Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Loan to deposit spread 2.22% 2.04% 1.98% 1.91% 2.02% 1.32% -0.70% Net Interest Margin 1.51% 1.51% 1.50% 1.55% 1.61% 1.09% -0.52% 1 Cost to income ratio 44
Slide 33: FB Loan Quality
FB Loan Quality FB NPL Migration in NT$ million or % Full Year Results Quarterr-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change NPL- beginning 18,597 15,482 15,406 16,234 16,234 16,916 4.20% Net new NPL influx 769 3,557 5,738 6,420 446 2,200 393.27% Net write-offs (3,884) (3,633) (4,910
Slide 34: First Sec Operating Report
First Sec Operating Report First Sec Financial Results Summary in NT$ million or % Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change First Sec Income Statement Summary Total operating income Brokerage commission 758 943 1,294 731 235 144 -38.72% Net interest inco
Slide 35: FSITC Operating Report
FSITC Operating Report FSITC Income Statement Summary in NT$ million or % Full Year Results Quarter-over-Quarter Comparison 2005 2006 2007 2008 1Q08 1Q09 Change Total operating income Management fee 522 553 600 444 136 84 -38.24% Sales service fee 6 9 13 4 1 0 -100.00% Total operating income 528 562
Slide 36: First-Aviva Operating Report
First –Aviva Operating Report First-Aviva Financial Results Summary in NT$ million or % 2008 Quarterly Quarter-over-Quarter Comparison Q1 Q2 Q3 Q4 total 1Q08 1Q09 Change Income Statement Summary Operating Revenue 908 3,596 4,368 2,778 11,650 908 520 -42.7% Premium income 935 3,554 4,374 2,744 11,607
First Financial Holding — Q1 2009 Earnings Presentation on 6ix