First Financial Holding
3Q25 Earnings Results
December 3, 2025
Contents
At a Glance
Financial Highlights
Operating Results
Appendix
At a Glance
Higher Profits Growth
-
FFHC and subsidiary First Bank both reported record profits
For the first three quarters of 2025, amidst changing environments, FFHC's net income reached NT$ 21,699 mn, together with subsidiary First Bank's record earnings and other non-bank subsidiaries' contributions.
-
Profits drivers at Bank were extended NII and robust wealth income
Yearly growth rates of NII and net fee were 9%, close to double-digit increase. On the base of rising core business of loan and deposit, given high net worth individuals were in focus, pushing up wealth income, particularly bancassurance, for the first three quarters reaching 23.7% growth.
-
Asset quality remained sound while navigating for gains
Net provisioning lowered 13.1% YoY, NPL ratio maintained low level of 0.17% and coverage ratio rose to 847.89%, demonstrating rigorous credit risk mgmt. capabilities.
- Into 2026, aim for another successful year in volatile markets
Given the high base effect, Directorate General of Budget's Taiwan GDP forecast for 2026 is relatively lower at 2.81%. Facing cooling demands, Bank is to adjust loan portfolio by penetrating business opportunities in syndication loans and Taiwan companies' overseas investments, to develop private banking business, and to apply AI technology that enhances efficiency. Also, Group is keen to promote the competitive edges of securities and life insurance subsidiaries as supplementary profits engines.
Financial Highlights
FFHC Key Figures
Net Income Breakdown (in NT$ mn)
Key Figures (in NT$, NT$ mn)
Lifer NT$684; 3.2% Securities NT$756; 3.5% Others -NT$586; -2.7% Investment Trust NT$132; 0.6 %3Q24 | 3Q25 | YoY % | |
Consolidated Net Income | 20,808 | 21,699 | +4.3% |
Comprehensive Income | 28,293 | 27,748 | -1.9% |
Total Assets | 4,647,219 | 4,919,623 | +5.9% |
EPS | 1.45 | 1.51 | +4.1% |
Book Per Share 18.90 Capital Stock 140,287 | 19.61 143,795 | +3.8% +2.5% | |
ROAE1 | 10.80% | 10.52% | -2.6% |
ROAA1 | 0.61% | 0.60% | -1.6% |
Group CAR | 128.50% | 132.50% | +3.1% |
Double Leverage2 | 112.00% | 114.39% | +2.1% |
Annualized figures
Double leverage = equity investment / shareholder equity
FFHC Net Income & Comprehensive Income
3Q25 Consolidated Net Income & Comprehensive Income (in NT$ mn) | ||||||||
↑4.6% | ↓11.7% | ↑45.1% | ↑4.3% | ↓1.9% | ||||
3Q24 Consolidated Net Income & Comprehensive Income (in NT$ mn) | |||||
Net Income Breakdown by Subsidiaries*
3Q25 Net Income By Subsidiaries (in NT$ mn) | |||||
↑5.7% | ↑4.3% | ||||
20,551 | 21,699 | ||||
↓ 18.8% | ↑44.6% | ||||
756 | 132 | 684 | 162 | ||
First Bank | First Securities | FSITC | First Life | First AMC | FFHC |
3Q24 Net Income By Subsidiaries (in NT$ mn) | |||||
19,443 First Bank | 931 First Securities | 112 FSITC | 473 First Life | 124 First AMC | 20,808 FFHC |
* Major 5 subsidiaries were listed.
Operating Results
FFHC'S & First Bank's Profitability
-After Tax
FFHC Net Income & ROAE (in NT$ mn)
10.88%
9.51%
Annualized ROAE
11.04% 10.92% 10.80%
9.82%
10.60% 10.52% 10.52%
22,461
1
9
1 25,359
21,699
19,027
7,015
13,729
136
61
5
20,808393081
8
89
71
653
240
92
39
8
7380
77
7,206
13,946
9M 19
6M 21
9M23 2023 3M24 6M24 9M24 2024 3M25 6M25 9M25
First Bank Net Income & ROAE (in NT$ mn)
Cumulative Net Income Annualized ROAE
10.04% 8.89% 10.04% 9.92% 9.84% 8.99% 9.68% 9.92% 9.55%
18,016
21,526
6,493
12,799
19,443 23,806
6,778
13,807
20,551
9M23 2023 3M24 6M24 9M24 2024 3M25 6M25 9M25
FB Pre-tax Profits Breakdown
Cumulative Net Revenue (in NT$ mn)
% of Net Revenue
48,445
+3.4%
50,075
z
3Q24 3Q25
Cumulative Net Revenue
Pre-tax Profit Breakdown (in NT$ mn )
↑ 9.2%
Item | 3Q24 | 3Q25 | Change |
NII | 43.1% | 45.5% | +2.4% |
Net Fee | 18.3% | 19.3% | +1.0% |
Gain on ST Invest. | 2.2% | 2.2% | 0.0% |
Gain on LT invest. | 2.5% | 2.6% | +0.1% |
Gain on Fin. Products | 32.3% | 29.1% | -3.2% |
Others | 1.6% | 1.3% | -0.3% |
Total Net Revenue | 100.0% | 100.0% | |
Provision Expense (net) | -8.6% | -7.2% | +1.4% |
Operating Expense | -42.5% | -43.0% | -0.5% |
Income Before Tax | 48.9% | 49.8% | +0.9% |
↑4.5%
20,875
22,789
8,879
↑9.1%
9,684
17,906
↓ 5.2%
16,972
6,351
↓4.7%
6,054
2,196
2,445
20,616
21,537
3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25
Net Interest Income
Net Fee Income Gains on Fin.
Products
Gross Provision
Recovery
Operating Expense
% of Loan Book Mix | |||
Item 3Q24 | 3Q25 | Change | |
Consumer 30.9% | 31.6% | +0.7% | |
Mortgage 27.2% | 27.4% | +0.2% | |
Other Consumer Loan 3.7% | 4.2% | +0.5% | |
Corporate Banking 69.1% | 68.4% | -0.7% | |
Large Corp. Loan 13.2% | 13.7% | +0.5% | |
SME Loan2 36.9% | 36.2% | -0.7% | |
F/X Loan 16.7% | 16.6% | -0.1% | |
--- Overseas 12.1% | 11.7% | -0.4% | |
Gov./ SOE Loan 2.3% | 1.9% | -0.4% | |
Loan Book1 100.0% | 100.0% | ||
FB Loan Book Mix
Loan Book (in NT$ bn)
2,570.0
+6.8%
2,744.1
3Q24 3Q25
Loan Book1
Loan Book Mix (in | NT$ | bn ) | ||
↑ 4.7% | ||||
↑7.2% | 947.8 992.8 | |||
699.8 750.4 | ↑10.6% | ↑ 6.8% | ||
339.7 375.7 | 427.6 456.7 | |||
↑3.6% 155.1 168.5 | ||||
Overseas Overseas | ||||
309.9 321.2 | ||||
3Q24 3Q25 | 3Q24 3Q25 | 3Q24 3Q25 | 3Q24 3Q25 3Q24 3Q25 | |
Mortgage | Large Corp. Loan | SME Loan2 | F/X Loan Others 3 | |
Loan book does not include NALs
SME is defined by the "Standards for Identifying Small and Medium-sized Enterprises"
FB Loan Book Mix
-QoQ Comparison
QoQ Loan Book Mix (in NT$ bn) | |
QoQ 2,570.0 2,642.9 2,671.3 2,655.4 2,744.1 ↑ 3.3% 720.6 731.6 741.4 750.4 699.8 Mortgage ↑1.2% 960.6 954.8 978.3 992.8 SME ↑1.5% 947.8 Large Corp. ↑7.4% 339.7 349.3 342.8 349.7 375.7 F/X ↑ 9.3% 427.6 443.3 458.4 417.8 456.7 155.1 169.1 183.7 168.2 168.5 Others 3Q24 4Q24 1Q25 2Q25 3Q25 | |
FB LDR, SPREAD &NIM
Loan-Deposit Spread / NIM
Total Loan & LDR (in NT$ | bn) | Tota | l Loan1 | LDR | ||||||||||||
69.08% | 69.79% | 69.59% | 71.02% | 71.11% | 70.68% | 70.03% | 70.34% | NTD 82.8% | ||||||||
F/X 43.0% | ||||||||||||||||
2,417.5 | 2,497.2 | 2,534.4 | 2,574.5 | 2,647.2 | 2,676.0 | 2,659.5 | 2,749.2 | |||||||||
2023 | 1Q24 | 2Q24 | 3Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | |||||||||
△
Spread2
NIM2
1.34%
1.11%
1.21% 1.20% 1.18% 1.17% 1.11% 1.13%
0.76% 0.70% 0.70% 0.68% 0.67% 0.67% 0.71% 0.71%
2023 1Q24 2Q24 3Q24 2024 1Q25 2Q25 3Q25
Total Loan = loan + import/export negotiation + NALs
Annual cumulative average spread and NIM
FB Loan Yields, Costs & Spreads
NTD Rates & Spreads | Overview | Deposit Rate (NTD) | Lending Rate (NTD) | Interest Spread (NTD) |
1.30% | 1.29% | 1.26% | 1.26% | 1.28% |
2.37% | 2.36% | 2.35% | 2.36% | 2.37% |
1.07% | 1.07% | 1.09% | 1.10% | 1.09% |
3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
FX Rates & Spreads | Overview | Deposit Rate (FX) | Lending Rate (FX) | Interest Spread (FX) | |||||
2.35% | 2.21% | 2.08% | 2.06% | 2.06% | |||||
6.33% | 5.93% | ||||||||
5.57% | 5.41% | 5.30% | |||||||
3.98% | 3.72% | 3.49% | 3.35% | 3.24% | |||||
3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
*All rates are quarterly average rates.
FB Deposit Mix
NTD CASA Rate
Deposit Mix (in | NT$ bn) | ||
NTD Deposit | F/X deposit | ||
1,061.5 | |||
1,032.5 | +2.8% | ||
Total | |||
Deposit | |||
3,823.7 bn | |||
2,592.4 | +6.5% | 2,762.2 | +5.5% YoY |
3Q24 | 3Q25 | ||
NTD CASA rate
63.31%
62.75%
61.82% 62.08%
1H24 2024 1H25 3Q25
Major Exposures to Specific Industries
% of Loan to Industries | |||
Manufacturing (24.08%) Non-Manufacturing (75.92%) 4.20% Petro. Construction 3.06% 5.21% Metal Wholesale/Retail 9.53% 5.74% Tech. Real Estate 11.02% Transportation & 2.71% 4.01% Machinery Warehousing Financial & 4.91% Insurance | |||
FB Mortgage Book Mix
Mortgage Yield & LTV Ratio | ||||||
Loan-to-value ratio of new mortgage | ||||||
Avg. loan-to-value ratio | ||||||
2.29% 2.28% 2.28% 2.30% | 2.30% | |||||
64.82% 64.86% 64.87% 64.84% | 64.79% | |||||
48.61% 48.84% 48.83% 48.86% | 48.80% | |||||
3Q24 4Q24 1Q25 2Q25 | 3Q25 |
% of Mortgage by Location | |
Mortgage NPL: 0.11% Taipei East Area Area 2.9% 43.4% Kaohsiung Area Taoyuan 11.2% Area 19.8% Tainan Area 10.0% Taichung Area 12.7% | |
Monthly New Mortgage Lending (in NT$ mn) | Monthly New Mortgage Lending | |||||||||||||
49,867 | ||||||||||||||
18,976 | 16,811 | 14,080 | 13,452 | 13,885 | 12,480 | 11,514 | 11,918 | 9,035 | 10,226 | 29,628 10,417 | 8,985 | 11,445 | 28,575 9,512 | 7,618 |
7M24 | 8M24 | 9M24 | 10M24 | 11M24 | 12M24 | 1M25 | 2M25 | 3M25 | 4M25 | 5M25 | 6M25 | 7M25 | 8M25 | 9M25 |
Item | 3Q24 | 3Q25 | Change |
WM Fee1 | 59.4% | 67.4% | +8.0% |
Loan-related | 25.8% | 19.1% | -6.7% |
F/X | 5.8% | 5.3% | -0.5% |
Credit Card | 3.1% | 3.4% | +0.3% |
Other2 | 5.9% | 4.8% | -1.1% |
Net Fee Income | 100.0% | 100.0% |
FB Fee Income Breakdown
Cumulative Net Fee Income (in NT$ mn)
Net Fee Income Breakdown
8,879
+9.1%
9,684
3Q24 3Q25
Cumulative Net Fee Income
Cumulative Net Fee Breakdown ( in NT$ mn )
5,278
↑23.7%
6,528
2,290
↓ 19.1%
1,852
514
514
278
332
519
458
3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25
WM Fee 1Loan-related F/X Credit Card
WM Fee = fund Sales + bancassurance + custodian
Channel fees charged by branches (overseas branches included)
Others 2
FB Fee Income Breakdown
-QoQ Comparison
QoQ Fee Income Breakdown (in NT$ mn) | |
QoQ 3,083 3,323 3,174 3,187 Quarterly 2,797 ↑0.4% fee income 132 87 149 177 208 167 119 126 120 180 167 207 186 650 95 172 577 625 Others 1 565 166 Credit Card 548 169 173 F/X Related 168 Loan Related 167 1,219 Bancassurance 1,150 1,024 1,121 ↓11.0% Wealth 857 Management2 Custodian Bancassurance 902 830 895 751 715 Mutual Fund Mutual Fund ↑7.8% 3Q24 4Q24 1Q25 2Q25 3Q25 | |
Channel fees charged by branches (overseas branches included)
WM Fee = fund sales + bancassurance + custodian
Item | 3Q24 | 3Q25 |
Net Revenue | 48,445 | 50,075 |
Operating Expense | (20,616) | (21,537) |
Provision(Net) | (4,155) | (3,609) |
Income Tax | (4,231) | (4,378) |
Net Income | 19,443 | 20,551 |
FB Cost-to-Income Ratio
Cumulative Operating Expense (in NT$ mn)
Cost-to-Income (in NT$ mn)
20,616
+4.5%
21,537
3Q24 3Q25
Cumulative Operating Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio (in NT$ mn) | |||||||
Net Revenue | Operating Expense | ||||||
42.06% | 44.18% 42.56% 44.38% 45.35% | 43.98% | 43.01% | ||||
17,461 | 17,149 | 17,331 | |||||
15,595 | 15,389 14,485 15,595 | ||||||
6,559 | 7,129 6,928 7,310 7,072 | 7,328 | 7,137 | ||||
1Q24 | 2Q24 3Q24 4Q24 1Q25 | 2Q25 | 3Q25 | ||||
FB Asset Quality
NPL, NPL Reserve, Coverage Ratio, NPL Ratio (in NT$ mn ) | ||||||||||
NPL NPL Reserve | ||||||||||
742.13% | 745.24% | 801.27% | 843.19% | 847.89% | ||||||
0.18% | 0.18% | 0.18% 0.17% | 0.17% | 0.16% | 0.17% | |||||
32,848 | 33,473 | 35,170 36,727 | 37,033 | 36,911 | 39,092 | |||||
4,426 | 4,492 | 4,569 4,480 | 4,622 | 4,378 | 4,610 | |||||
1Q24 | 2Q24 | 3Q24 2024 | 1Q25 | 2Q25 | 3Q25 | |||||
Individual1& Mortgage NPL Ratios | ||||
Individual | Mortgage | |||
0.15% | ||||
0.08% | 0.10% 0.10% | 0.12% 0.11% | 0.12% 0.11% | |
0.07% | 0.08% | |||
3Q24 | 2024 1Q25 | 2Q25 | 3Q25 | |
Large Corp. & SME NPL Ratios | |||
Large Corp. | SME | ||
0.16% 0.17% | 0.18% | 0.14% | 0.17% |
0.02% 0.00% | 0.01% | 0.00% | 0.00% |
3Q24 2024 | 1Q25 | 2Q25 | 3Q25 |
1. Individual: mortgage and non-mortgage loan included
FB Overseas Profits
Overseas Pre-Tax Profits Mix | FB Total Pre-Tax Profits Mix | |||
25.54% | 3Q25 Total Pre-Tax Profits : NT$ 24,929 mn Others, Domestic 15.47% Market, 71.34% OBU/Greater China, 13.19% | |||
OBU/Greater China | ||||
3Q25 Overseas NT$ 7,145mn 10.00% | 46.01% | North America As ean Others | ||
18.45% | ||||
Quarterly Overseas & Total PTP (in NT$ mn)
Overseas
Total
Cumulative Overseas PTP to FB Total PTP
23.97% 22.93% 27.67% 26.73% 26.93% 28.66%
7,804 7,997
5,569
8,455 8,573 7,901
3,010
1,672
2,662
2,260
2,326
2,559
2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
CAR & Core Capital
FFHC Group CAR | |||||||||||
128.09% | 130.05% | 129.83% | 132.50% | ||||||||
122.45% | 126.05% | ||||||||||
100% | |||||||||||
1H23 | 2H23 | 1H24 | 2H24 | 1H25 | 3Q25 | ||||||
FB CAR & Core Capital | ||||||||||||||||
Tier 1 | ||||||||||||||||
15.64% | ||||||||||||||||
14.26% | 14.56% | 13.87% | 14.45% | 15.38% | ||||||||||||
12.32% | 12.61% | 11.96% | 12.29% | 13.14% | 13.38% | |||||||||||
1H23 | 2H23 | 1H24 | 2H24 | 1H25 | 3Q25 | |||||||||||
Appendix
FFHC Consolidated Income Statement
FFHC Consolidated Income Statement Summary (in NT$ million)
Full Year Results Year-over-Year Comparison
2021 | 2022 | 2023 | 2024 | 3Q24 | 3Q25 | Change | |
Net interest income | 34,588 | 37,969 | 32,525 | 31,234 | 23,388 | 25,249 | 8.0% |
Net service fee & commission | 10,383 | 9,409 | 10,187 | 12,782 | 9,309 | 9,993 | 7.3% |
Net Insurance revenue | 9,525 | 8,980 | 3,147 | 3,671 | 2,733 | 3,722 | 36.2% |
Gain on financial assets meas. | 3,356 | 3,271 | 19,205 | 19,237 | 15,365 | 15,579 | 1.4% |
at fair value through P/L | |||||||
Real estate investment gain | 185 | 190 | 212 | 540 | 469 | 165 | -64.8% |
Gain on financial assets at fair value | 3,176 | 1,984 | 584 | 1,672 | 2,043 | 2,787 | 36.4% |
through other compre. income | |||||||
Income from equity invest. | 100 | 76 | 155 | 127 | 103 | 42 | -59.2% |
Excluding gain on fin. assets measured at amort.cost | (10) | (68) | (409) | (537) | (207) | (294) | 42.0% |
Reserve of overlay approach | (43) | 237 | (235) | (441) | (365) | 721 | - |
Net gain on F/X | 877 | 5,300 | 1,158 | 3,535 | 2,162 | (805) | - |
Assets impairment loss | 67 | (6) | (50) | (155) | (143) | 130 | - |
Others | 400 | 414 | 776 | 454 | 524 | 645 | 23.1% |
Net Revenue | 62,604 | 67,756 | 67,255 | 72,119 | 55,381 | 57,934 | 4.6% |
Net Provision for credit losses | (3,621) | (6,577) | (5,818) | (5,763) | (4,165) | (3,679) | -11.7% |
Recovered(provided) for insurance res. | (9,275) | (8,906) | (2,793) | (2,614) | (1,812) | (2,629) | 45.1% |
Operating Expense | (26,275) | (27,786) | (30,382) | (32,505) | (24,043) | (25,081) | 4.3% |
Income from continued op. before tax | 23,433 | 24,487 | 28,262 | 31,237 | 25,361 | 26,545 | 4.7% |
Income tax expenses | (3,694) | (3,891) | (5,801) | (5,878) | (4,553) | (4,846) | 6.4% |
Consolidated net income | 19,739 | 20,596 | 22,461 | 25,359 | 20,808 | 21,699 | 4.3% |
Other Items | (4,847) | (8,056) | 12,440 | 5,659 | 7,485 | 6,049 | -19.2% |
Comprehensive Income | 14,892 | 12,540 | 34,901 | 31,018 | 28,293 | 27,748 | -1.9% |
EPS1(NT$) | 1.49 | 1.51 | 1.60 | 1.81 | 1.45 | 1.51 | 4.1% |
1. EPS is adjusted retroactively for stock dividends paid the next year
FFHC Non-consolidated Income Statement
FFHC Non-Cons olidated Income Statement Summary
in NT$ million
Full Year Results Year-over-Year Comparison
2021 | 2022 | 2023 | 2024 | |
Operating revenues | 20,333 | 21,270 | 23,514 | 26,359 |
Income from long-term investment | 20,163 | 21,094 | 23,318 | 26,124 |
Other income | 170 | 176 | 196 | 235 |
Operating expenses | (403) | (413) | (440) | (485) |
Other expenses and losses | (184) | (267) | (381) | (465) |
Income from continued op. before tax | 19,747 | 20,590 | 22,693 | 25,409 |
Net income | 19,739 | 20,596 | 22,461 | 25,359 |
EPS1(NT$) | 1.49 | 1.51 | 1.60 | 1.81 |
3Q24 | 3Q25 | Change |
21,561 | 22,768 | 5.6% |
21,330 | 22,557 | 5.8% |
231 | 211 | -8.7% |
(375) | (399) | 6.4% |
(328) | (413) | 25.9% |
20,858 | 21,956 | 5.3% |
20,808 | 21,699 | 4.3% |
1.45 | 1.51 | 4.1% |
1. EPS is adjusted retroactively for stock dividends paid the next year.
FFHC Balance Sheet
FFHC Balance Sheet Summary in NT$ million or million shares
Full Years Results
2021 2022 2023 2024
Year-over-Year Comparison
3Q24 | 3Q25 | Change |
293,710 | 319,188 | 8.7% |
301,541 | 327,399 | 8.6% |
36,381 | 45,354 | 24.7% |
265,160 | 282,045 | 6.4% |
4,647,219 | 4,919,623 | 5.9% |
4,382,059 | 4,637,578 | 5.8% |
265,160 | 282,045 | 6.4% |
140,287 | 143,795 | 2.5% |
Non-consolidated Balance Sheet Data
Long-term investment 241,171 244,673 271,903 296,683
Total non-consolidated assets 248,995 251,732 280,569 303,714
Total liabilities 24,449 27,609 32,125 35,828
Total shareholders' equity 224,547 224,123 248,444 267,886
Conolidated Balance Sheet Data
Total consolidated assets 3,739,594 4,157,196 4,429,410 4,704,422
Total liabilities 3,515,047 3,933,073 4,180,966 4,436,536
Total shareholders' equity 224,547 224,123 248,444 267,886
Current shares outstanding 129,642 132,234 136,201 140,287
FFHC Key Ratios
FFHC Key Ratios
Full Year Results Year-over-Year Comparison
2021 | 2022 | 2023 | 2024 | |
After-tax ROAA (Annualized ratio) | 0.55% | 0.52% | 0.52% | 0.56% |
After-tax ROAE (Annualized ratio) | 8.86% | 9.18% | 9.51% | 9.82% |
Book Per Share (NT$) | 17.32 | 16.95 | 18.24 | 19.10 |
Capital Stock (NT$ million) | 129,642 | 132,234 | 136,201 | 140,287 |
Double leverage | 108.75% | 110.38% | 110.73% | 111.97% |
Group CAR | 130.35% | 125.16% | 130.05% | 126.05% |
Debt Ratio1 | 9.82% | 10.97% | 11.45% | 11.80% |
1. Non-consolidated basis |
3Q24 | 3Q25 | Change |
0.61% | 0.60% | -1.6% |
10.80% | 10.52% | -2.6% |
18.90 | 19.61 | 3.8% |
140,287 | 143,795 | 2.5% |
112.00% | 114.39% | 2.1% |
128.50% | 132.50% | 3.1% |
12.07% | 13.85% | 14.7% |
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |