First Financial : FEB 2024

Monthly Fact Sheet

February 2024

Contact

Annie Lee

EVP & Spokesperson [phone]

[e-mail]

Yating Chang

Manager

[phone]

[e-mail]

Financial Highlights

Stable Outputs

In February, even there were Lunar New Year holidays and fewer calendar days affecting the number of working days, FFHC still posted a monthly net income of NTD 2,262.99 mn. Though the monthly was down by 6.1% YoY, YTD net income accumulated to NTD 4,672.33 mn, up by 7.8% YoY, or a post-tax EPS of NTD 0.34.

Bank - Dramatically Drop From Provisionings; Securities - Heating Up for Profits; Insurance - Impacted By New Business Constraints

• First Bank
  Business operation returned to fundamentals in February without one-timer fee income similar to the previous month. Revenues from various businesses maintain stable. Credit costs contracted dramatically, thank to over provisioning earlier. The monthly net income was NTD 2,073.25. Though the monthly was down by 11.3% YoY, YTD net income accumulated to NTD 4,411.15 mn, up by 9.5% YoY. In terms of asset quality, as of February end, coverage ratio was 754.78% while NPL ratio was 0.18%.
• First Securities
  Trading gains boosted monthly net to increase to NTD 102.95 mn, up by 103.8% MoM. YTD net income accumulated to NTD 153.46 mn, down by 42.0%.

Keith Ke

Asst. Project Manager [phone]

[e-mail]

• First Life
  Ballooned costs on new business constraints had sent the monthly net income lowered to NTD 0.48 mn, down by 98.5% MoM. YTD net income kept at NTD 32.16 mn, up by 162.7% YoY.

Disclaimer

This communication is issued for user's information only. As we endeavor to ensure that the data contained is correct and complete, it is not guaranteed as a complete statement of the financial results or markets referred to. The information, statements and opinions in the issue do not constitute a recommendation, offer or solicitation to buy or sell any securities or financial instruments. First FHC shall not be liable for any claims or losses arising indirectly or directly from use of this communication.

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FFHC Unaudited Summary Income & Expense Statement

February 29, 2024

In NT$ million
		Group consolidated			First Financial (Ind.)			First Bank (Ind.)			First Securities			FSITC				First Life		Others
		Feb	YTD			Feb	YTD			Feb	YTD			Feb	YTD			Feb	YTD			Feb	YTD		Feb	YTD
Net interest income	2,605.63	5,255.46	(30.71)	(63.68)	2,346.28	4,722.04	22.96	44.76	0.28	0.45	167.24	342.20	(4.40)	(9.35)
Net fee & commission	849.17	2,303.76	0.00	(0.66)	867.69	2,336.71	127.10	280.62	62.26	128.94	(192.44)	(413.72)	9.27	20.65
Net income from insurance operaiton	564.71	1,362.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	564.72	1,362.95	0.00	0.00
Net investment gain under equity method	16.98	25.24	2,269.86	4,753.00	47.66	92.72	(2.19)	(4.59)	(0.38)	(0.65)	0.00	0.00	0.42	0.42
Net gain on financial products	1,486.24	2,989.56	0.00	0.00	1,231.29	2,582.08	110.48	136.86	0.22	0.70	66.02	142.55	66.71	101.43
Net other income	65.74	296.14	0.26	0.57	99.03	382.74	10.73	20.25	0.41	0.82	(41.51)	(100.20)	24.12	49.81
Net Revenue		5,588.47	12,233.11		2,239.41	4,689.23		4,591.95	10,116.29		269.08	477.90		62.79	130.26		564.03	1,333.78		96.12	162.96
Net provision expense and reserve for guarantee	(64.59)	391.29	0.00	0.00	(65.30)	388.28	0.00	0.00	0.00	0.00	(0.01)	0.00	0.17	0.47
Recovered(provided) for insurance reserve	473.13	1,108.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	473.13	1,108.40	0.00	0.00
Operaitng expenses	2,534.23	5,154.22	37.46	77.94	2,172.37	4,419.02	143.34	289.25	48.49	96.38	101.76	205.11	15.99	32.30
Income before tax	2,645.70	5,579.20	2,201.95	4,611.29	2,484.88	5,308.99	125.74	188.65	14.30	33.88	(10.85)	20.27	79.96	130.19
Income tax expense	382.71	906.87	(61.04)	(61.04)	411.63	897.84	22.79	35.19	2.89	6.76	(11.33)	(11.89)	(1.01)	2.69
Net income	2,262.99	4,672.33		2,262.99	4,672.33		2,073.25	4,411.15		102.95	153.46		11.41	27.12		0.48	32.16		80.97	127.50
EPS	0.17	0.34	0.17	0.34	0.20	0.43	0.17	0.25	0.19	0.45	0.00	0.06

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