First Financial Holding
2025 Full Year Earnings Results
March 4, 2026
At a Glance
Financial Highlights
Operating Results
Appendix
At a Glance
Group Net Income Trend (in NT$ mn ) | ||||||
Consolidated Net Income | ||||||
+6.2% | ||||||
26,933 | ||||||
25,359 | ||||||
22,461 | ||||||
20,596 | ||||||
19,369 | 16,808 | 19,739 | ||||
17,332 | ||||||
2018 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
2026 Poised for Performance on 2025 Results
-
Record 2025 annual results for FFHC and flagship First Bank
FFHC posted a record net income of NT$26,933 mn in 2025, driven by subsidiary First Bank's all time high of NT$25,663 mn and a NT$2,420 mn earnings contributions from non-bank subsidiaries.
-
Strong Core Earnings offset higher provisions with resilient asset quality
2025 NII grew 12.4% YoY with loan growth of 6.3%. Net fee increased 9.2% YoY on the back of buoyant wealth mgmt. business, which saw 21.5% annual growth. Higher-than-expected credit charges factored in pre-emptive general provisioning amid macro uncertainty. NPL was 0.17% and coverage ratio inched up again to 862.04%.
-
Sound lending momentum reflects success in cross-border financing
Total loans grew 6.3%. SME loans rose 6.0%, topping NT$1 trillion to retain market leadership for the 16th year. FX and Large Corporate lending expanded by 9.0% and 8.0% respectively, demonstrating cutting edge cross-border financing business. Mortgage loans grew steadily by 5.6% .
- Banking profitability to lead growth and returns
Following tariff developments, bank subsidiary is to support business expansion for sustainable loan growth. Meanwhile, private banking for high-net-worth clients is being actively expanded in wealth mgmt. arena following deregulation. Concurrently, in order to diversity revenue streams, our efforts to enhance the profitability of securities and life insurance subsidiaries will also continue.
Financial Highlights
FFHC Key Figures
Net Income Breakdown (in NT$ mn)
Key Figures (in NT$, NT$ mn)
Lifer
NT$635; 2.3%
Securities NT$1,111; 3.9%
Others (VC+Cons ulting)
NT$305; 1.1%
Investment Trust NT$177; 0.6 %
AMC
NT$192; 0.7%
Bank
NT$25,663; 91.4%
2024 | 2025 | YoY % | |
Consolidated Net Income | 25,359 | 26,933 | +6.2% |
Comprehensive Income | 31,018 | 38,069 | +22.7% |
Total Assets | 4,704,422 | 5,041,754 | +7.2% |
EPS | 1.76 | 1.87 | +6.3% |
Book Per Share | 19.10 | 20.33 |
Capital Stock | 140,287 | 143,795 |
ROAE | 9.82% | 9.61% | -2.1% |
ROAA | 0.56% | 0.55% | -1.8% |
Group CAR | 126.05% | 130.73% | +3.7% |
Double Leverage1 | 111.97% | 114.32% | +2.1% |
1. Double leverage = equity investment / shareholder equity
FFHC Net Income & Comprehensive Income
2025 Consolidated Net Income & Comprehensive Income (in NT$ mn) | ||||
↑7.6% | ↑10.7% | ↑55.2% | ↑6.2% | |
2024 Consolidated Net Income & Comprehensive Income (in NT$ mn) | |
Net Income Breakdown by Subsidiaries*
2025 Net Income By Subsidiaries (in NT$ mn) | |||||
↑7.8% 25,663 First Bank | ↓ 6.1% 1,111 First Securities | 177 FSITC | ↑9.3% 635 First Life | 192 First AMC | ↑6.2% 26,933 FFHC |
2024 Net Income By Subsidiaries (in NT$ mn) | |||||
23,806 First Bank | 1,183 First Securities | 148 FSITC | 581 First Life | 169 First AMC | 25,359 FFHC |
* Major 5 subsidiaries were listed.
Operating Results
FFHC'S & First Bank's Profitability
-After Tax
FFHC Net Income & ROAE (in NT$ mn)
Cumulative Net IncomeAnnualized ROAE
9.51%
11.04% 10.92% 10.80%
9.82%
10.60% 10.52% 10.52%
9.61%
22,461
7,015
13,729
20,808
1
9
561
25,3591361
301
7380
787
89
71
653
240
92
39
8
938
7,206
13,946
21,699
26,933
9M 19
6M 21
2023 3M24 6M24 9M24 2024 3M25 6M25 9M25 2025
First Bank Net Income & ROAE (in NT$ mn)
Cumulative Net Income Annualized ROAE
8.89% 10.04% 9.92% 9.84% 8.99% 9.68% 9.92% 9.55% 8.79%
21,526
6,493
12,799
19,443
23,806
6,778
13,807
20,551
25,663
2023 3M24 6M24 9M24 2024 3M25 6M25 9M25 2025
FB Pre-tax Profits Breakdown
Cumulative Net Revenue (in NT$ mn)
% of Net Revenue
62,930
+5.8%
66,564
z
2024 2025
Cumulative Net Revenue
Pre-tax Profit Breakdown (in NT$ mn )
↑ 12.4%
Item | 2024 | 2025 | Change |
NII | 44.3% | 47.1% | +2.8% |
Net Fee | 19.0% | 19.6% | +0.6% |
Gain on ST Invest. | 1.8% | 1.7% | -0.1% |
Gain on LT invest. | 2.1% | 2.0% | -0.1% |
Gain on Fin. Products | 31.5% | 28.6% | -2.9% |
Others | 1.3% | 1.0% | -0.3% |
Total Net Revenue | 100.0% | 100.0% | |
Provision Expense (net) | -9.2% | -9.3% | -0.1% |
Operating Expense | -44.3% | -43.3% | +1.0% |
Income Before Tax | 46.5% | 47.4% | +0.9% |
↑3.3%
27,888
31,352
11,962
↑9.2%
13,059
22,237
↓ 3.3%
21,497
9,521
↓2.6%
9,270
3,760
3,067
27,926
28,843
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Net Interest Income
Net Fee Income Gains on Fin.
Products
Gross Provision
Recovery
Operating Expense
% of Loan Book Mix | |||
Item 2024 | 2025 | Change | |
Consumer 31.1% | 31.6% | +0.5% | |
Mortgage 27.3% | 27.1% | -0.2% | |
Other Consumer Loan 3.8% | 4.5% | +0.7% | |
Corporate Banking 68.9% | 68.4% | -0.5% | |
Large Corp. Loan 13.2% | 13.5% | +0.3% | |
SME Loan2 36.3% | 36.2% | -0.1% | |
F/X Loan 16.8% | 17.2% | +0.4% | |
--- Overseas 12.1% | 12.2% | +0.1% | |
Gov./ SOE Loan 2.6% | 1.5% | -1.1% | |
Loan Book1 100.0% | 100.0% | ||
FB Loan Book Mix
Loan Book (in NT$ bn)
2,642.9
+6.3%
2,808.3
2024 2025
Loan Book1
Loan Book Mix (in | NT$ | bn ) | ||
↑ 6.0% | ||||
↑5.6% | 960.6 1017.8 | |||
720.6 760.7 | ↑8.0% | ↑ 9.0% | ||
349.3 377.4 | 443.3 483.2 | |||
↑7.6% 169.1 169.2 | ||||
Overseas Overseas | ||||
318.6 342.8 | ||||
2024 2025 | 2024 2025 | 2024 2025 | 2024 2025 2024 2025 | |
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 2,642.9 2,671.3 2,655.4 2,744.1 2,808.3 ↑ 2.3% 750.4 760.7 720.6 731.6 741.4 Mortgage ↑1.4% 960.6 954.8 978.3 992.8 1,017.8 SME ↑2.5% Large Corp. ↑0.5% 349.3 342.8 349.7 375.7 377.4 F/X ↑ 5.8% 443.3 458.4 417.8 456.7 483.2 169.1 183.7 168.2 168.5 169.2 Others 4Q24 1Q25 2Q25 3Q25 4Q25 | |
FB LDR, SPREAD &NIM
Loan-Deposit Spread / NIM
Total Loan & LDR (in NT$ | bn) | Tota | l Loan1 | LDR | ||||
69.79% | 69.59% | 71.02% | 71.11% | 70.68% | 70.03% | 70.34% | 70.47% | NTD 81.9% |
F/X 43.9% | ||||||||
2,497.2 | 2,534.4 | 2,574.5 | 2,647.2 | 2,676.0 | 2,659.5 | 2,749.2 | 2,813.5 | |
1Q24 | 2Q24 | 3Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | 2025 | |
△
Spread2
NIM2
1.18% 1.17% 1.15%
1.21% 1.20%
1.11% 1.11% 1.13%
0.70% 0.70% 0.68% 0.67% 0.67% 0.71% 0.71% 0.72%
1Q24 2Q24 3Q24 2024 1Q25 2Q25 3Q25 2025
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) |
1.29% | 1.26% | 1.26% | 1.28% | 1.28% |
2.36% | 2.35% | 2.36% | 2.37% | 2.38% |
1.07% | 1.09% | 1.10% | 1.09% | 1.10% |
4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 |
FX Rates & Spreads Overview
Deposit Rate (FX)
Lending Rate (FX)
Interest Spread (FX)
2.21%
2.08%
2.06%
2.06%
2.06%
5.93%
5.57%
5.41%
5.30%
5.11%
3.72%
3.49%
3.35%
3.24%
3.05%
4Q24
1Q25
2Q25
3Q25
4Q25
*All rates are quarterly average rates.
FB Deposit Mix
NTD CASA Rate
Deposit Mix (in | NT$ bn) | ||
NTD Deposit | F/X deposit | ||
1,100.1 | |||
1,045.2 | +5.3% | ||
Total | |||
Deposit | |||
3,937.8 bn | |||
2,647.4 | +7.2% | 2,837.7 | +6.6% YoY |
2024 | 2025 | ||
NTD CASA rate
63.31%
62.75%
61.82% 62.13%
1H24 2024 1H25 2025
Major Exposures to Specific Industries
% of Loan to Industries | |
Manufacturing (23.45%) Non-Manufacturing (76.55%) 4.02% Petro. Construction 3.11% 5.27% Metal Wholesale/Retail 9.82% 5.35% Tech. Real Estate 11.08% Transportation & 2.73% 3.87% Machinery Warehousing Financial & 5.38% Insurance | |
FB Mortgage Book Mix
Mortgage Yield & LTV Ratio | |
|
Mortgage Yield | |
Loan-to-value ratio of new mortgage | |
Avg. loan-to-value ratio | |
2.28% 2.28% 2.30% 2.30% | 2.31% |
64.86% 64.87% 64.84% 64.79% | 64.86% |
48.84% 48.83% 48.86% 48.80% | 48.85% |
4Q24 1Q25 2Q25 3Q25 | 4Q25 |
% of Mortgage by Location | |
Mortgage NPL: 0.11% Taipei East Area Area 2.9% 43.3% Kaohsiung Area Taoyuan 11.2% Area 19.9% Tainan Area 10.0% Taichung Area 12.7% | |
Monthly New Mortgage Lending (in NT$ mn) | Monthly New Mortgage Lending | |||||||||||||
39,817 | ||||||||||||||
28,575 | 28,599 | |||||||||||||
13,452 | 13,885 | 12,480 | 11,514 | 11,918 | 11,252 | 10,648 | ||||||||
9,035 | 10,226 | 10,417 | 8,985 | 11,445 | 9,512 | 7,618 | 6,699 | |||||||
10M24 | 11M24 | 12M24 | 1M25 | 2M25 | 3M25 | 4M25 | 5M25 | 6M25 | 7M25 | 8M25 | 9M25 | 10M25 | 11M25 | 12M25 |
Item | 2024 | 2025 | Change |
WM Fee1 | 60.9% | 67.8% | +6.9% |
Loan-related | 23.9% | 18.8% | -5.1% |
F/X | 5.8% | 5.3% | -0.5% |
Credit Card | 3.3% | 3.4% | +0.1% |
Other2 | 6.1% | 4.7% | -1.4% |
Net Fee Income | 100.0% | 100.0% |
FB Fee Income Breakdown
Cumulative Net Fee Income (in NT$ mn)
Net Fee Income Breakdown
11,962
+9.2%
13,059
2024 2025
Cumulative Net Fee Income
Cumulative Net Fee Breakdown ( in NT$ mn )
7,282
↑21.5%
8,851
2,855
↓ 14.0%
2,455
699
698
397
448
729
607
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
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 3,375 Quarterly ↑5.9% fee income 132 149 87 149 177 116 208 167 119 126 184 120 180 167 186 650 603 Others 1 577 Credit Card 565 625 F/X Related 166 184 169 173 Loan Related 168 Bancassurance 1,219 1,169 ↑14.2% 1,150 1,024 Wealth 1,121 Management2 Custodian Bancassurance 902 830 895 970 Mutual Fund Mutual Fund 715 ↑8.4% 4Q24 1Q25 2Q25 3Q25 4Q25 | |
Channel fees charged by branches (overseas branches included)
WM Fee = fund sales + bancassurance + custodian
Item | 2024 | 2025 |
Net Revenue | 62,930 | 66,564 |
Operating Expense | (27,926) | (28,843) |
Provision(Net) | (5,761) | (6,203) |
Income Tax | (5,437) | (5,855) |
Net Income | 23,806 | 25,663 |
FB Cost-to-Income Ratio
Cumulative Operating Expense (in NT$ mn)
Cost-to-Income (in NT$ mn)
27,926
+3.3%
28,843
2024 2025
Cumulative Operating Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio (in NT$ mn) | ||||
Net Revenue | Operating Expense Cumulated Cost-to-Income Ratio | |||
44.18% | 42.56% 44.38% 45.35% 43.98% | 43.01% | 43.33% | |
17,461 17,149 | 17,331 | 16,489 | ||
15,389 | 14,485 15,595 | |||
7,129 | 6,928 7,310 7,072 7,328 | 7,137 | 7,306 | |
2Q24 | 3Q24 4Q24 1Q25 2Q25 | 3Q25 | 4Q25 | |
FB Asset Quality
NPL, NPL Reserve, Coverage Ratio, NPL Ratio (in NT$ mn ) | |||||
| Coverage Ratio | NPL Ratio | NPL NPL Reserve | |||
745.24% | 769.77% | 819.77% 801.27% | 843.19% | 847.89% | 862.04% |
0.18% | 0.18% | 0.17% 0.17% | 0.16% | 0.17% | 0.17% |
33,473 | 35,170 | 36,727 37,033 | 36,911 | 39,092 | 40,812 |
4,492 | 4,569 | 4,480 4,622 | 4,378 | 4,610 | 4,734 |
2Q24 | 3Q24 | 2024 1Q25 | 2Q25 | 3Q25 | 2025 |
Individual1& Mortgage NPL Ratios | ||||
Individual | Mortgage | |||
0.15% | ||||
0.10% | 0.12% | 0.12% | 0.12% | |
0.10% 0.11% | 0.11% | 0.11% | ||
0.08% | ||||
2024 | 1Q25 2Q25 | 3Q25 | 2025 | |
Large Corp. & SME NPL Ratios | |||
Large Corp. | SME | ||
0.17% 0.18% | 0.17% | 0.19% | |
0.14% | |||
0.02% 0.01% | 0.00% | 0.00% | 0.00% |
2024 1Q25 | 2Q25 | 3Q25 | 2025 |
1. Individual: mortgage and non-mortgage loan included
FB Overseas Profits
Overseas Pre-Tax Profits Mix | FB Total Pre-Tax Profits Mix | |||
24.63% | 2025 Total Pre-Tax Profits : NT$ 31,518 mn Others, Domestic 15.09% Market, 70.45% OBU/Greater China, 14.46% | |||
OBU/Greater China | ||||
2025 Overseas 9.57% NT$ 9,313mn | 48.95% | North America As ean Others | ||
16.85% | ||||
Quarterly Overseas & Total PTP (in NT$ mn)
Overseas
Total
Cumulative Overseas PTP to FB Total PTP
22.93% 27.67% 26.73% 26.93% 28.66% 29.55%
7,997
5,569
8,455 8,573 7,901
6,589
2,168
2,559
2,326
1,672
2,662
2,260
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
CAR & Core Capital
FFHC Group CAR | |||||
|
Group CAR | Statutory CAR | ||||
128.09% | 130.05% | 129.83% | 130.73% | ||
122.45% | 126.05% | ||||
100% | |||||
1H23 | 2H23 | 1H24 | 2H24 | 1H25 | 2H25 |
FB CAR & Core Capital | ||||||
|
FB CAR | Tier 1 | CET 1 | ||||
14.26% | 14.56% | 13.87% | 14.45% | 15.38% | 15.46% | |
12.32% | 12.61% | 11.96% | 12.29% | 13.14% | 13.22% | |
10.59% | 10.91% | 10.37% | 10.75% | 11.51% | 11.70% | |
1H23 | 2H23 | 1H24 | 2H24 | 1H25 | 2H25 | |
Appendix
FFHC Consolidated Income Statement
FFHC Consolidated Income Statement Summary (in NT$ million or %)
Full Year Results Year-over-Year Comparison
2021 | 2022 | 2023 | 2024 | 2024 | 2025 | Change | |
Net interest income | 34,588 | 37,969 | 32,525 | 31,234 | 31,234 | 34,681 | 11.0% |
Net service fee & commission | 10,383 | 9,409 | 10,187 | 12,782 | 12,782 | 13,817 | 8.1% |
Net Insurance revenue | 9,525 | 8,980 | 3,147 | 3,671 | 3,671 | 5,384 | 46.7% |
Gain on financial assets meas. | 3,356 | 3,271 | 19,205 | 19,237 | 19,237 | 19,664 | 2.2% |
at fair value through P/L | |||||||
Real estate investment gain | 185 | 190 | 212 | 540 | 540 | 226 | -58.1% |
Gain on financial assets at fair value | 3,176 | 1,984 | 584 | 1,672 | 1,672 | 2,808 | 67.9% |
through other compre. income | |||||||
Income from equity invest. | 100 | 76 | 155 | 127 | 127 | (22) | -- |
Excluding gain on fin. assets measured at amort.cost | (10) | (68) | (409) | (537) | (537) | (413) | -23.1% |
Reserve of overlay approach | (43) | 237 | (235) | (441) | (441) | 713 | -- |
Net gain on F/X | 877 | 5,300 | 1,158 | 3,535 | 3,535 | 418 | -88.2% |
Assets impairment loss | 67 | (6) | (50) | (155) | (155) | 120 | -- |
Others | 400 | 414 | 776 | 454 | 454 | 198 | -56.4% |
Net Revenue | 62,604 | 67,756 | 67,255 | 72,119 | 72,119 | 77,594 | 7.6% |
Net Provision for credit losses | (3,621) | (6,577) | (5,818) | (5,763) | (5,763) | (6,382) | 10.7% |
Recovered(provided) for insurance res. | (9,275) | (8,906) | (2,793) | (2,614) | (2,614) | (4,056) | 55.2% |
Operating Expense | (26,275) | (27,786) | (30,382) | (32,505) | (32,505) | (33,707) | 3.7% |
Income from continued op. before tax | 23,433 | 24,487 | 28,262 | 31,237 | 31,237 | 33,449 | 7.1% |
Income tax expenses | (3,694) | (3,891) | (5,801) | (5,878) | (5,878) | (6,516) | 10.9% |
Consolidated net income | 19,739 | 20,596 | 22,461 | 25,359 | 25,359 | 26,933 | 6.2% |
Other Items | (4,847) | (8,056) | 12,440 | 5,659 | 5,659 | 11,136 | 96.8% |
Comprehensive Income | 14,892 | 12,540 | 34,901 | 31,018 | 31,018 | 38,069 | 22.7% |
EPS1(NT$) | 1.49 | 1.51 | 1.60 | 1.76 | 1.76 | 1.87 | 6.3% |
1. EPS is adjusted retroactively for stock dividends paid the next year
FFHC Non-consolidated Income Statement
FFHC Non-consolidated Income Statement Summary
in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2021 | 2022 | 2023 | 2024 | |
Operating revenues | 20,333 | 21,270 | 23,514 | 26,359 |
Income from long-term investment | 20,163 | 21,094 | 23,318 | 26,124 |
Other income | 170 | 176 | 196 | 235 |
Operating expenses | (403) | (413) | (440) | (485) |
Other expenses and losses | (184) | (267) | (381) | (465) |
Income from continued op. before tax | 19,747 | 20,590 | 22,693 | 25,409 |
Net income | 19,739 | 20,596 | 22,461 | 25,359 |
EPS1(NT$) | 1.49 | 1.51 | 1.60 | 1.76 |
1. EPS is adjusted retroactively for stock dividends paid the next year. |
2024 | 2025 | Change |
26,359 | 28,299 | 7.4% |
26,124 | 28,084 | 7.5% |
235 | 215 | -8.5% |
(485) | (526) | 8.5% |
(465) | (583) | 25.4% |
25,409 | 27,190 | 7.0% |
25,359 | 26,933 | 6.2% |
1.76 | 1.87 | 6.3% |
FFHC Balance Sheet
FFHC Balance Sheet Summary in NT$ million or million shares
Full Years Result
2021 2022 2023 2024
Year-over-Year Comparison
2024 | 2025 | Change |
296,683 | 330,702 | 11.5% |
303,714 | 339,367 | 11.7% |
35,828 | 47,000 | 31.2% |
267,886 | 292,367 | 9.1% |
4,704,422 | 5,041,754 | 7.2% |
4,436,536 | 4,749,387 | 7.1% |
267,886 | 292,367 | 9.1% |
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
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