First Financial Holding
First Half 2024 Earnings Results
August 30, 2024
Contents
- At a Glance
- Financial Highlights
- Operating Results
- Appendix
At a Glance
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$30,984 mm, up by 2.8% YoY, with resilient fee income which helped to ease lower NII and treasury gains. As CRE losses faded, subdued credit costs helped net income up by 4.4% YoY.
- Loan demand remained robust in mortgage and large corp., albeit slow growth in SME and FX lending:
Total loan book was up by 8.1% YoY, buoyed by strong demand from mortgage and large corp. SME sector sees bumpier road back to normalcy but is picking up whereas FX loan demand stays lukewarm on back of high US interest rates.
- Group-widenet zero targets validated by SBTi this June
To reduce GHG emissions by 2035 from 2022 baseline, with scope 1&2 down by 63% and scope 3 financed emissions targets covering 17% of total lending and investment. More is at https://csr.firstholding.com.tw/en/, including 2023 TCFD Report and Sustainability Report.
5
Financial Highlights
FFHC Key Figures
Net Income Breakdown1 ( in NT$ mn)
Life | AMC | |||
NT$175; 1.3% | NT$72; 0.5% | |||
Investment Trust | Others | |||
-NT$79;-0.6% | ||||
NT$76; 0.6 % | ||||
Securities | Banking | |
NT$686; 5.0% | NT$12,799; 93.2% |
Key Figures ( in NT$ dollar, NT$ mn )
1H23 | 1H24 | YoY % | ||
Consolidated Net Income1 | 13,158 | 13,729 | +4.3% | |
Comprehensive Income | 21,914 | 17,469 | -20.3% | |
Total Assets | 4,259,284 | 4,619,024 | +8.4% | |
EPS | 0.94 | 0.98 | +4.3% | |
Book per share | 17.29 | 18.13 | +4.9% | |
Capital Stock | 136,201 | 140,287 | +3.0% | |
ROAE2 | 11.46% | 10.92% | -4.7% | |
ROAA2 | 0.62% | 0.60% | -3.2% | |
Group CAR3 | 128.09% | 122.45% | -4.4% | |
Double Leverage4 | 111.06% | 112.43% | +1.2% |
- Consolidated figures with eliminated entries.
- Annualized figures.
- Updated semi-annually.
- Double Leverage = Equity Investment / Shareholder Equity
7
FFHC Net Income & Comprehensive Income
1H24 Consolidated Net Income & Comprehensive Income (in NT$ mn)
1H23 Consolidated Net Income & Comprehensive Income (in NT$ mn)
8
Net Income Breakdown by Subsidiaries*
1H24 Net Income By Subsidiaries (in NT$ mn)
↑4.3%
↑4.4%
12,799 | 13,729 | ||||
↑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)
12,256 | 13,158 |
664 | 57 | 240 | 80 | ||
First Bank | First Securities | FSITC | First Life | First AMC | FFHC |
* Major 5 subsidiaries were listed.
9
Operating Results
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