Financial Review of 2019 Q4
2020.4.8
Disclaimer
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1
Summary
Operations Review of 2019 Q4
Financial Performance of 2019 Q4
Prospects
2
Operations Review of 2019 Q4
Operations Review of 2019 Q4
4
Notes:
Financial Performance of 2019 Q4
Operating Result
| FY ITEMS |
2019 |
2018 |
2017 |
2016 |
2015 |
| Pre-tax income (NT$ 100mn) |
8.87 |
4.88 |
4.99 |
6.91 |
6.42 |
| Net income (NT$ 100mn) |
7.74 |
4.80 |
4.52 |
6.48 |
5.91 |
| EPS after-tax (NT$ dollar) |
0.72 |
0.44 |
0.45 |
0.79 |
0.72 |
| ROA(%) (After-tax) |
0.29 |
0.18 |
0.17 |
0.25 |
0.22 |
| ROE(%) (After-tax) |
5.18 |
3.35 |
3.39 |
5.32 |
5.09 |
| FY ITEMS |
2019.12.31 |
2018.12.31 |
2017.12.31 |
2016.12.31 |
2015.12.31 |
| Assets (NT$ 100mn) |
2,707 |
2,680 |
2,634 |
2,563 |
2,631 |
| 6 |
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Notes:
Profit Trend
Unit: in NT$ 100mn
Chart
| Category |
Pre-tax income |
Net income |
EPS after-tax |
| 2015 |
6.41 |
5.91 |
0.72 |
| 2016 |
6.91 |
6.48 |
0.79 |
| 2017 |
4.99 |
4.52 |
0.45 |
| 2018 |
4.88 |
4.8 |
0.44 |
| 2019 |
8.87 |
7.74 |
0.72 |
| 61.25% |
|
|
|
Chart
| Category |
2018 |
2019 |
| Pre-tax income |
4.88 |
8.87 |
| Net income |
4.8 |
7.74 |
Chart: EPS after-tax
| Category |
EPS after-tax |
| 2018 |
0.44 |
| 2019 |
0.72 |
| FY ITEMS |
2019 |
| --- |
--- |
| Pre-tax income (in NT 100mn) |
8.87 |
| Net income (in NT 100mn) |
7.74 |
| EPS after-tax (in NT$ dollar) |
0.72 |
| Note: Due to the influence of NPLs from Ching Fu Shipbuilding Co. and needs to further the robustness of our financial structure, the allowance for uncollectible accounts was increased in 2017 and 2018, hence leading to the drastic sliding of after-tax net income and EPS during the time. |
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| 7 |
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Notes:
Net Revenue Breakdown
Chart
| Category |
Net Revenue |
Net Interest Income |
Net Fee Income |
| 2015 |
32.64 |
24.81 |
4.65 |
| 2016 |
33.1 |
25.22 |
4.84 |
| 2017 |
32.92 |
25.35 |
4.58 |
| 2018 |
35.0 |
26.32 |
5.04 |
| 2019 |
37.19 |
27.64 |
4.88 |
6.26%
Chart
| Category |
2018 |
2019 |
| Net Revenue |
35.0 |
37.19 |
| Net Interest Income |
26.32 |
27.64 |
| Net Fee Income |
5.04 |
4.88 |
| -3.17% |
|
|
| FY ITEMS |
2019 |
2018 |
2017 |
2016 |
2015 |
| Net Revenue |
37.19 |
35.00 |
32.92 |
33.10 |
32.64 |
| Net Interest Income |
27.64 |
26.32 |
25.35 |
25.22 |
24.81 |
| Net Fee Income |
4.88 |
5.04 |
4.58 |
4.84 |
4.65 |
| 8 |
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Stockholders’ Equity
Unit: in NT$ 100mn
6.82%
Chart
| Category |
Stockholders’ Equity |
Common Stock |
BVPS |
| 2015.12.31 |
119.02 |
77.89 |
15.28 |
| 2016.12.31 |
124.65 |
82.32 |
15.14 |
| 2017.12.31 |
141.87 |
100.32 |
14.14 |
| 2017.12.31 |
144.45 |
104.03 |
13.88 |
| 2018.12.31 |
154.3 |
108.09 |
14.27 |
Chart
| Category |
2018.12.31 |
2019.12.31 |
| Stockholders’ Equity |
144.45 |
154.3 |
| Common Stock |
104.03 |
108.09 |
Chart: BVPS(in NT$ dollar)
| Category |
BVPS |
| 2018.12.31 |
13.88 |
| 2019.12.31 |
14.27 |
| FY ITEMS |
2019.12.31 |
| --- |
--- |
| Stockholders’ Equity |
154.30 |
| Common Stock |
108.09 |
| BVPS (in NT$ dollar) |
14.27 |
| Note: Capital increased by 1.8 billion in cash and shares increased by 180 million in March 2017, resulting in the reduction of book value per share on December 31, 2017 and 2018. |
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| 9 |
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Notes:
Capital Adequacy Ratio
Unit:%
Chart
| Category |
資本適足率（BIS）(%) |
第一類資本比率(%) |
| 2015.12.31 |
10.11 |
7.04 |
| 2016.12.31 |
9.74 |
7.25 |
| 2017.12.31 |
10.61 |
8.45 |
| 2018.12.31 |
11.05 |
8.51 |
| 2019.12.31 |
12.11 |
10.04 |
Notes:
Assets、Liabilities and Stockholders’ Equity
Unit: in NT$ 100mn
Stockholders’ Equity
Liabilities
Assets
Chart
| Category |
|
| Deposits and remittances |
2258.0 |
| Due to Central Bank and other banks |
88.0 |
| Financial debentures |
75.0 |
| Financial liabilities |
89.0 |
| Other liabilities |
42.0 |
Chart
| Category |
|
| Loans |
1752.0 |
| Due from Central Bank and other banks |
134.0 |
| Cash and cash equivalents |
28.0 |
| Premises and equipment |
28.0 |
| Financial assets |
743.0 |
| Other assets |
22.0 |
Chart
| Category |
|
| Common stock |
108.0 |
| Legal reserve |
22.0 |
| Capital reserve |
12.0 |
| Other items in equity |
12.0 |
Notes:
Net Revenue Breakdown
Unit: in NT$ 100mn
Net Revenue
Net Income
Chart
| Category |
|
| Net Interest Income |
27.64 |
| Net Fee Income |
4.88 |
| Net Income from Financial Instruments |
4.5 |
| Other Income |
0.17 |
Chart
| Category |
|
| Operating Expenses |
24.18 |
| Provisions |
4.14 |
| Pre-tax Income |
8.87 |
| 37.19 |
|
| 100% |
|
12
Notes:
Fee Income Breakdown
Chart
| Category |
2018 |
2019 |
| Trust |
1.52 |
1.35 |
| Guarantee |
0.39 |
0.43 |
| FX |
0.22 |
0.22 |
| Loan |
1.01 |
0.89 |
| Agency |
2.04 |
2.09 |
| Deposit etc. |
0.37 |
0.42 |
| 2019 Fee income |
|
|
Chart
| Category |
2019 |
| Trust |
1.35 |
| Guarantee |
0.43 |
| FX |
0.22 |
| Loan |
0.89 |
| Agency |
2.09 |
| Deposit etc. |
0.42 |
| -11.18% |
|
| -11.88% |
|
| 10.26% |
|
| 13.51% |
|
| 0% |
|
| FY ITEMS |
2019 |
2018 |
| Trust |
1.35 |
1.52 |
| Guarantee |
0.43 |
0.39 |
| FX |
0.22 |
0.22 |
| Loan |
0.89 |
1.01 |
| Agency |
2.09 |
2.04 |
| Deposit etc. |
0.42 |
0.37 |
| Total |
5.40 |
5.55 |
| 13 |
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Notes:
Operating Expenses
Unit: in NT$ 100mn
Chart
| Category |
Net Revenue |
Operating Expenses |
Percentage(%) |
| 2015 |
32.64 |
22.52 |
69.0 |
| 2016 |
33.1 |
22.54 |
68.1 |
| 2017 |
32.92 |
22.03 |
66.92 |
| 2018 |
35.0 |
22.94 |
65.54 |
| 2019 |
37.19 |
24.18 |
65.02 |
Chart
| Category |
2018 |
2019 |
| Net Revenue |
35.0 |
37.19 |
| Operating Expenses |
22.94 |
24.18 |
Chart
| Category |
Percentage(%) |
| 2018 |
65.54 |
| 2019 |
65.02 |
| FY ITEMS |
2019 |
| --- |
--- |
| Net Revenue |
37.19 |
| Operating Expenses |
24.18 |
| Percentage(%) |
65.02 |
| 14 |
|
Loan、Deposit and FX Volumes
Unit: in NT$ 100mn
Chart
| Category |
2018.12.31 |
2019.12.31 |
| Loans |
1834.55 |
1772.0 |
| Deposits |
2232.86 |
2258.0 |
Chart
| Category |
Loans |
Deposits |
FX Volumes |
| 2015.12.31 |
1679.63 |
2298.44 |
53.65 |
| 2016.12.31 |
1776.5 |
2255.77 |
53.21 |
| 2017.12.31 |
1783.22 |
2297.47 |
65.51 |
| 2018.12.31 |
1834.55 |
2232.86 |
87.8 |
| 2019.12.31 |
1772.0 |
2258.0 |
77.0 |
| Unit: in US$ 100mn |
|
|
|
Chart
| Category |
FX Volumes |
| 2018 |
87.8 |
| 2019 |
77.0 |
| FY ITEMS |
2019.12.31 |
| --- |
--- |
| Loans |
1,772 |
| Deposits |
2,258 |
| FX Volumes |
77 |
| 15 |
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Notes:
Loan Breakdown
Chart: By currency
| Category |
2018.12.31 |
2019.12.31 |
| NTD Loans |
1602.75 |
1550.0 |
| FCY Loans |
231.8 |
222.0 |
Chart: By customer
| Category |
2018.12.31 |
2019.12.31 |
| Government |
224.65 |
208.0 |
| Corporates |
979.07 |
968.0 |
| Consumers |
630.83 |
596.0 |
Chart: 2019.12.31
| Category |
2019.12.31 |
| Government |
208.0 |
| Corporates |
968.0 |
| Consumers |
596.0 |
Chart: 2019.12.31
| Category |
2019.12.31 |
| NTD Loans |
1550.0 |
| FCY Loans |
222.0 |
Notes:
Deposit Breakdown
By currency
Chart
| Category |
2018.12.31 |
2019.12.31 |
| NTD Deposits |
1922.0 |
1928.0 |
| FCY Deposits |
311.0 |
330.0 |
Chart: By time
| Category |
2018.12.31 |
2019.12.31 |
| Demand Deposits |
960.0 |
1025.0 |
| Time Deposits |
1273.0 |
1233.0 |
| Demand Deposits Ratio |
42.99149126735334 |
45.39415411868911 |
| Unit: in NTS 100mn |
|
|
Chart: 2019.12.31
| Category |
2019.12.31 |
| NTD Deposits |
1928.0 |
| FCY Deposits |
330.0 |
Chart: 2019.12.31
| Category |
2019.12.31 |
| Demand Deposits |
1025.0 |
| Time Deposits |
1233.0 |
Notes:
Interest Spread and NIM
Chart
| Category |
存放款利差 (%) |
淨利差 (%) |
| 2015 |
1.43 |
0.97 |
| 2016 |
1.4 |
1.02 |
| 2017 |
1.39 |
1.03 |
| 2018 |
1.4 |
0.99 |
| 2019 |
1.44 |
1.06 |
Assets Quality
Chart
| Category |
逾期放款餘額(億元) |
逾放比率(%) |
備抵呆帳覆蓋率(%) |
| 2015.12.31 |
8.08 |
0.48 |
249.73 |
| 2016.12.31 |
8.02 |
0.45 |
253.64 |
| 2017.12.31 |
9.08 |
0.51 |
270.97 |
| 2018.12.31 |
14.95 |
0.81 |
147.92 |
| 2019.12.31 |
8.51 |
0.48 |
245.53 |
| NPL |
|
|
|
| NPL Ratio |
|
|
|
| FY ITEMS |
2019.12.31 |
2018.12.31 |
2017.12.31 |
2016.12.31 |
2015.12.31 |
| NPL(in NT$ 100mn) |
8.51 |
14.95 |
9.08 |
8.02 |
8.08 |
| NPL Ratio(%) |
0.48 |
0.81 |
0.51 |
0.45 |
0.48 |
| Coverage Ratio(%) |
245.53 |
147.92 |
270.97 |
253.64 |
249.73 |
| Note: The increment of NPL ratio and decrement of coverage ratio are again due to the impact of the NPLs from Ching Fu Shipbuilding Co., Ltd. in 2018. |
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| 19 |
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Credit Ratings
| Fitch |
National Long-Term |
National Short-Term |
Outlook |
| 2018 |
AA-(twn) |
F1+(twn) |
Stable |
| 2019.03 |
AA-(twn) |
F1+(twn) |
Stable |
| 2019.10 |
AA-(twn) |
F1+(twn) |
Stable |
|
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|
| Fitch |
Long-Term IDR |
Short-Term IDR |
Outlook |
| 2018 |
BBB+ |
F2 |
Stable |
| 2019.03 |
BBB+ |
F2 |
Stable |
| 2019.10 |
BBB+ |
F1 |
Stable |
20
After-tax EPS and Dividend Policy
Chart
| Category |
每股稅後盈餘 |
每股股利 |
| 2015 |
0.72 |
0.55 |
| 2016 |
0.79 |
0.6 |
| 2017 |
0.45 |
0.5 |
| 2018 |
0.44 |
0.5 |
| 2019 |
0.72 |
0.6 |
Chart
| Category |
Cash dividend |
Stock dividend |
| 2015 |
0.03 |
0.52 |
| 2016 |
0.6 |
0.0 |
| 2017 |
0.13 |
0.37 |
| 2018 |
0.11 |
0.39 |
| 2019 |
0.15 |
0.45 |
| EPS After-Tax |
|
|
| Dividend per share |
|
|
| FY ITEMS |
2019 |
2018 |
2017 |
2016 |
2015 |
| EPS After-Tax |
0.72 |
0.44 |
0.45 |
0.79 |
0.72 |
| Dividend per share |
0.60 |
0.50 |
0.50 |
0.60 |
0.55 |
| Cash dividend |
0.15 |
0.11 |
0.13 |
0.60 |
0.03 |
| Stock dividend |
0.45 |
0.39 |
0.37 |
0.00 |
0.52 |
| 21 |
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Prospects
Prospects
23
Thanks for Listening