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FFHC Earnings Release 2021

Mar 21, 2022

52222_rns_2022-03-21_afcd96ca-f5c7-4446-a7e1-795a1d91edaa.pdf

Earnings Release

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First Financial Holding 2021 Full Year Earnings Result -Preliminary March 2, 2022, Taipei

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Disclaimer

This presentation is provided by First Financial Holding Co., Ltd. (“FFHC”). The information contained within is not reviewed or reviewed by any accountant or any independent third party. Users should read this material in conjunction with all other public financial and operational information filed to the competent authorities by FFHC. While we endeavor to provide accurate, complete and consistent information herein, FFHC makes no guarantee or warranties as to the accuracy or correctness of all the material contained. After this presentation is released to the public, we undertake no obligation to update any relevant data to reflect any change hereafter.

Users should also notice that this presentation may contain forward-looking statements. Statements that are not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements. By their nature, forward-looking statements involve uncertainties, risks, assumptions and other factors that could cause actual developments and results to differ materially from our statement in this presentation. These factors include, but not limited to, regulatory developments, competitive conditions, technological developments, general economic conditions and management changes.

The information, statements or opinions in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation respect to such securities or other financial instruments. First Group and all its affiliates representatives, no matter for their negligence or any other reasons, should not be liable for any loss or damages arising from the use of or interpretation by others of information contained within this presentation or any matter related to this document.

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Contents

  • At a Glance

  • Financial Highlight

  • Operating Results

  • Appendix

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At a Glance

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Group Net Income Trend (in NT$ mn )
Consolidated Net Income
Re-cap. 1.6 bn
shares
+17.4%
19,739
19,369
17,284 15,432 17,332 16,808
15,962
2015 2016 2017 2018 2019 2020 2021
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Record-High earnings for 2021 post pandemic:

FFHC reported a NT$19,739 mn earnings (+17.4 % YoY), a strong rebound back to pre-pandemic level since inception, whereas Bank’s fostering will accelerate in 2022 to embrace the rate normalizing cycle.

  • Non-Bank contribution weighted to above 10%, a milestone for the group:

Bank posted NT$17,652 mn (+12.6% YoY);Securities delivered NT$1,496 mn (+101.1%, YoY); Life reported NT$ 600 mn (+23.7%, YoY), non-bank subsidiaries reached the target of diversifying the group’s earnings after experiencing historically 3-level alert period in 2021.

  • Demands aided by supply chain transformation and labor shortage

gap drove lending momentum through 2022:

Escalating inflation and labor shortage continued to boost the borrowers’ needs of capital; import and export also underpinned domestic F/X lending, re-opening country borders and loosening travel & business policies will help to restore the business norms.

  • WM business targeting on normalized rates in 2022:

Market yield-move expectations will drive WM demands, F/X related product is one of the icons to take the Fed’s rate-hike advantage.

  • FCB(USA) San Mateo Branch G. Opening in Feb. 2022, capturing overseas mid-to-long term growth potential.

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2021 Financial Highlight

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2021 Key Figures

Banking
NT$17,652; 89.4%
Securities
NT$1,496;7.6%
Investment Trust
NT105; 0.5 %
Others
NT$(252); -1.2
Insurance
NT$600; 3.0%
2021 Net Income Breakdown1 ( in NT$ mn)
AMC
NT$138; 0~~.~~		 %
Key Figures( in NT$ dollar, NT$ mn, mn shares or %)
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
3
ROAA
3
Group CAR4
Double Leverage5
~~7%~~
2021
19,7391
14,892
3,739,5942
1.52
17.32
129,642
8.86%
0.55%
130.38%
107.40%
YoY %
+17.4%
+2.3%
+7.0%
+16.9%
+0.5%
+1.0%
+16.3%
+10.0%
+4.1%
+1.2%
2020
16,8081
14,559
3,494,5022
1.30
17.23
128,358
7.62%
0.50%
125.21%
106.10%

  1. Based on the classification of specific company’s business units, financial information by business segments should be listed individually.

  2. Adjusted proactively due to net receivables/payables offset.

  3. Annualized figures. . 4. Preliminary data.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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2021 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↑ 5.1%
62,604 (3,621)
(9,275)
(26,275)
↑ 17.4%
(3,694)
19,739
14,892
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
2020 Consolidated Net Income & Comprehensive Income (in NT$ mn)
(4,511)
59,568
(10,707)
(24,730)
(2,812)
16,808 14,559
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
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Net Income Breakdown by Subsidiaries*

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2021 FFHC Net Income Breakdown (in NT$ mn)
↑ 17.4%
↑ 12.6%
19,739
17,652
↑ 101.1% ↑ 38.2%
↑ 23.7% ↑ 16.0%
1,496 105 600 138
First Bank First Securities FSITC First Life AMC FFHC
2020 FFHC Net Income Breakdown (in NT$ mn)
16,808
15,683
744 76 485 119
First Bank First Securities FSITC First Life AMC FFHC
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  • Major 5 subsidiaries were listed.

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2021 Operating Results

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FFHC & First Bank Profitability -After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.11% 8.12% 8.19% 7.62% 9.04% 9.70% 9.92% 8.86%
5.40%
19,369 19,739
16,808 16,521
13,378
10,913
8,764
5,029
2,938
2019 3M20 6M20 9M20 2020 3M21 6M21 9M21 2021
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
8.97% 7.88% 7.75% 7.16% 7.96% 8.70% 8.92% 7.97%
6.08%
19,035
17,652
15,683 14,779
12,605
9,491
8,483
4,402
3,316
2019 3M20 6M20 9M20 2020 1Q21 2Q21 3Q21 2021
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FB 2021 Pre-tax Profit

2021 Cumulative Net Revenue(in NT$ mn or %) 2021 Cumulative Net Revenue(in NT$ mn or %) 2021 Cumulative Net Revenue(in NT$ mn or %) 2021 Cumulative Net Revenue(in NT$ mn or %) 2021 Cumulative Net Revenue(in NT$ mn or %) 2021 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue (in %)
z
Item
2020
2021
Change
NII
64.7%
68.8%
+4.2%
Net Fee
16.6%
17.0%
+0.4%
Gain on ST Invest.
1.5%
2.2%
+0.7%
Gain on LT invest.
1.9%
1.6%
-0.3%
Gain on fin. Products
15.2%
9.6%
-5.6%
Others
0.1%
0.8%
+0.7%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-10.1%
-7.6%
-2.5%
Operating Expense
-48.3%
-47.8%
-0.5%
Income Before Tax
41.6%
44.6%
+3.0%
Cumulative Net Revenue
+6.2%
44,134
46,862
2020
2021
Item
2020		 2021 Change
NII
64.7%		 68.8% +4.2%
Net Fee
16.6%		 17.0% +0.4%
Gain on ST Invest.
1.5%		 2.2% +0.7%
Gain on LT invest.
1.9%		 1.6% -0.3%
Gain on fin. Products
15.2%		 9.6% -5.6%
Others
0.1%		 0.8% +0.7%
z
Total Revenue
100.0%		 100.0%
Provision Expense (net)
-10.1%		 -7.6% -2.5%
Operating Expense
-48.3%		 -47.8% -0.5%
FB Revenue/Expense Comparison(in NT$ mn ) Income Before Tax
41.6%		 44.6% +3.0%
  1. Gross Provision expense.

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FB 2021 Loan Book Mix

2021 Loan Book1 (in NT$ bn or 2021 Loan Book1 (in NT$ bn or 2021 Loan Book1 (in NT$ bn or 2021 Loan Book1 (in NT$ bn or 2021 Loan Book1 (in NT$ bn or 2021 Loan Book1 (in NT$ bn or %) % of Loan Book1 % of Loan Book1
Item 2020 2021 Change
Consumer 29.1% 29.2% +0.1%
2,041.1 Mortgage 26.0% 25.6% -0.4%
Other Consumer Loan 3.1% 3.6% +0.5%
Corporate Banking 70.9% 70.8% -0.1%
1,910.2 +6.9% Large Corp. Loan 8.1% 8.7% +0.6%
SME Loan2 41.4% 42.5% +1.1%
F/X/ Loan 19.6% 18.9% -0.7%
2020 2021 --- Overseas 12.4% 11.5% -0.9%
Loan Book1 Gov./ SOE Loan 1.8% 0.7% -1.1%
Loan Book1 100.0% 100.0%
2021 Loan **Book1 ** Breakdown (in NT$ bn ) 866.5
↑9.5%
791.0
↑5.5% F/X↑3.0%
495.8 522.9
374.2 385.4
177.2
155.4
↑14.0%		 Overseas Overseas 93.8
Overseas↓		 89.1
0.5%
236.7 235.4 other consumer
loan 74.3 bn
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
Mortgage Large Corp. Loan F/X
SME Loan2		 Loan Others3

  1. Loan Book does not include NALs

  2. SME as defined by the “Act for Development of Small & Medium Enterprises; both NTD & Foreign currency loan included

  3. Others included other consumer loan and Gov./SOE loan.

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FB Loan Breakdown

-QoQ Comparison

93.8
133.6
154.5
107.1
89.1
374.2
381.9
379.2
398.0
385.4
155.4
146.3
154.3
168.7
177.2
791.0
793.6
818.2
848.4
866.5
495.8
492.5
500.3
506.4
522.9
4Q20
1Q21
2Q21
3Q21
4Q21
FB Loan Growth (in NT$ bn)
1,910.2
1,947.9
2,006.5
2,028.6
2,041.1
QoQ%
↑0.6%
Mortgage↑3.3%
SME↑2.1%
Large Corp.↑5.0%
F/X↓3.2%
SME
Mortgage
F/X loan
Total loan
Large Corp.
Others		 93.8
133.6
154.5
107.1
89.1
374.2
381.9
379.2
398.0
385.4
155.4
146.3
154.3
168.7
177.2
791.0
793.6
818.2
848.4
866.5
495.8
492.5
500.3
506.4
522.9
4Q20
1Q21
2Q21
3Q21
4Q21
1,910.2
1,947.9
2,006.5
2,028.6
2,041.1
QoQ%
↑0.6%
Mortgage↑3.3%
SME↑2.1%
Large Corp.↑5.0%
F/X↓3.2%

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FB 2021 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
76.56%
74.04% 73.14%
71.04% 70.76% 71.89% 71.66% NTD 80.1%
69.55%
F/X 44.2%
1,806.2 1,840.8 1,884.6 1,914.4 1,952.1 2,010.5 2,032.5 2,045.2
1Q20 2Q20 3Q20 2020 1Q21 2Q21 3Q21 2021
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.51%
1.44%
1.41% 1.40% 1.39% 1.40% 1.40% 1.41%
1.01% 0.99% 0.99% 1.00% 0.98% 0.99% 1.00% 1.01%
1Q20 2Q20 3Q20 2020 1Q21 2Q21 3Q21 2021
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB 2021 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Deposit Rate (NTD) Lending Rate (NTD)
Interest Spread (NTD)
1.27% 1.27%
1.25% 1.25% 1.24%
1.55% 1.53% 1.51% 1.53% 1.53%
0.30% 0.28% 0.27% 0.26% 0.26%
4Q20 1Q21 2Q21 3Q21 4Q21
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
Interest Spread (FX)
2.07%
1.98% 2.01% 2.01%
1.92%
2.40% 2.36% 2.38% 2.29% 2.28%
0.48% 0.38% 0.31% 0.28% 0.27%
4Q20 1Q21 2Q21 3Q21 4Q21
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  • All rates are QUARTERLY* average rates.

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FB 2021 Deposit Mix

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FB Deposit Structure (in NT$ bn ) FB Deposit CASA Rate (in %)
NTD Deposit F/X deposit
NTD CASA rate
+26.8% 872.9
688.6
△
2021 Total
Deposit
$2,940.7 bn
73.39%
+9.1% YoY 71.56%
2,006.2 2,067.8 67.42% 69.13%
+3.1%
1H20 2020 1H21 2021
2020 2021
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Major Exposures to Specific Industries

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End of 2021 - % of Loan to Industries
Non-Manufacturing (75.68%)
Total Loan Bal. [1] : NT$2,172.5bn
Manufacturing (24.32%) Hotel& Restaurant 2.17%
4.27% Petro. Construction 3.13%
Wholesale/Retail 10.86%
6.00% Metal
Real Estate 11.29%
4.43% Tech.
Transportation &
3.26%
Warehousing
4.12% Machinery
Banking & Insurance 4.90%
Other
5.50% Others(mortgage
Manufacturing 40.07%
included)
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  1. Total exposures does not includes NALs and investment.

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FB 2021 Mortgage Book

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Mortgage Yield & LTV Ratio (in %) Mortgage by Location (in %)
Mortgage NPL: 0.10% (4Q21)
Loan-to-value ratio of new mortgage 45% TPE Metro.
Avg. loan-to-value ratio Mortgage Yield
East Area
4%
1.46% 1.46% 1.46% 1.45% 1.44%
10%
64.87% 64.82% 64.80% 64.74% 64.66%
Kaohsiung
45.96% 45.66% 45.74% 45.74% 46.03%
19%
10%
Tainan Taoyuan,
2020 1Q21 2Q21 3Q21 2021
Hsinchu,
Taichung 12% Mioli
Monthly New Mortgage Lending↑4.3% (in NT$mn) Monthly New Mortgage Lending
37,471
25,132
22,038
15,803
7,802 7,312 6,924 5,601 6,530 7,148 10,708 9,945 8,223 7,963 8,946 10,697 10,971
4,529
10M20 11M20 12M20 1M21 2M21 3M21 4M21 5M21 6M21 7M21 8M21 9M21 10M21 11M21 12M21
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FB 2021 Fee Income Breakdown

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2021 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee
Item 2020 2021 Change
7,969 WM [1 ] 54.2% 54.9% +0.7%
7,328 Loan-related 21.7% 22.1% +0.4%
F/X 9.7% 9.3% -0.4%
+8.7%
Credit Card 4.4% 4.4% 0.0%
Other [2] 10.0% 9.3% -0.7%
2020 2021
Net Fee Income Cumulative Net Fee 100.0% 100.0%
2021 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 10.1%
4,373
3,971
↑ 10.8%
1,592 1,764
↑ 8.7%
713 739 731 744
321 349
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
WM Fee [1] Loan-related F/X Credit Card Other [2]
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  1. WM Fee = Custodian Fee + Trust-related Fee + Bancassurance Fee

  2. Other represents network service fee, including overseas branches

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FB Fee Income Breakdown

-QoQ Comparison

Wealt
MGT.*		 Fee Income (in NT$ mn) Fee Income (in NT$ mn)
1,900
1,808
1,964
2,004
2,193
326
287
424
395
468
118
122
125
126
128
411
362
430
460
511
184
175
182
195
102
78
72
90
110
195
169
171
185
218
615
564
563
566
553
189
4Q20
1Q21
2Q21
3Q21
4Q21
Loan Related
Credit Card
F/X Related
Quarterly
fee income
Others
*
Mutual Fund
Custodian
h

Bancassurance
↑9.4
Mutual Fund
↓0.5%
Banca.
↑18.5%
QoQ
QoQ**
  • Wealth Management Fee = Fund sales + Bancassurance + Custodian

*Other represents network service fee, including overseas branches

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FB 2021 Cost-to-Income Ratio

21,350
22,379
2020
2021
Operating Expense
2021 Cumulative Operating Expense(in NT$ mn )
+4.8%		 21,350
22,379
2020
2021
Operating Expense
2021 Cumulative Operating Expense(in NT$ mn )
+4.8%		 Item
2020
2021
Net Revenue
44,134
46,862
Operating Expense
(21,350)
(22,379)
Provision(Net)
(4,429)
(3,566)
Income Tax
(2,673)
(3,266)
Net Income
15,683
17,652
Cost-to-Income Ratio Analysis( in NT$ mn)
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Operating Expense
Cumulated Cost-to-Income Ratio
Net Revenue
11,262
10,654
11,302
11,594
12,282
11,684
5,394
6,058
5,094
5,293
5,552
6,440
3Q20
2020
1Q21
2Q21
3Q21
2021
45.68%
48.38%
45.07%
45.37%
45.31%
47.76%

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FB 2021 Asset Quality

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NPL Amount, Reserve, Coverage (in NT$ mn or % ) Coverage Ratio NPL Ratio NPL NPL Reserve
595.90% 601.74% 620.31%
515.07% 527.32% 527.30%
404.20%
0.29%
0.23% 0.23%
0.20% 0.21% 0.20%
0.24%
21,512 21,927 23,728 23,907 24,381 25,086 25,014
5,322 4,257 4,500 4,534 4,092 4,169 4,033
6M20 9M20 2020 3M21 6M21 9M21 2021
1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual
Large Corp.
Mortgage
SME
0.35% 0.35% 0.33%
0.25% 0.25%
0.20% 0.18% 0.17%
0.14%
0.12% 0.28% 0.27% 0.25%
0.21%
0.19%
0.15%
0.13% 0.12% 0.12% 0.10%
4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21
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  1. Individual: mortgage and non-mortgage loan included

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FB 2021 Overseas Profits

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2021 FB Overseas Pre-Tax Profit Mix ( in NT$ mn or %) 2021 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)
Total Pre-Tax
20.77%
49.28% Profit
Taiwan Domestic Market; $20,918 mn
OBU/Greater China 67.1%
2021
North America
Overseas
Asean
19.38% $6,883 mn
Others
Other Overseas ; Greater China (including OBU) ;
10.57% 16.7% 16.2%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
40.50% 43.64%
34.74% 35.63% 32.90%
26.78%
5,998 6,075
5,347
4,744
3,585 3,498
2,032 2,509 2,266
1,402 1,432 676
3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
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CAR & Core Capital

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FFHC Group CAR (in %)
CAR
135.13%
131.70% 130.38%
123.18% 125.21%
120.82%
118.70%
statutory CAR 100%
FB CAR & Core Capital (in %)
13.57% 13.22% 13.00% 13.43% 13.63% 14.14% 14.21% CAR
12.28% 12.48% Tier 1
11.58% 11.22% 11.11% 11.44% 11.66%
2H18 1H19 2H19 1H20 2H20 1H21 2H21
2H18 1H19 2H19 1H20 2H20 1H21 2H21
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•New LTV method adopted from June, 30 2021, which mainly linked to Mortgage and ADC RWA calculations.

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Appendix

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FFHC Consolidated Statement of Comprehensive Income FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)

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FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)
Year-over-Year Comparison
2017
2018
2019
2020		 2020 2021 Change
Net interest income
29,993
30,268
29,604
30,483
Net service fee & commission
8,341
8,526
8,676
8,853
Net Insurance revenue
5,130
11,733
11,729
10,992
Gain on financial assets meas.
5,550
4,880
9,072
5,928
at fair value through P/L
Real estate investment gain
93
117
138
211
Gain on AFS financial assets
1,052
0
0
0		 30,483
8,853
10,992
5,928
211
0		 34,588
10,383
9,525
3,356
185
0		 13.5%
17.3%
-13.3%
-43.4%
-12.3%
--
18.8%
-27.0%
-115.9%
--
260.9%
-259.5%
-3433.3%
5.1%
-19.7%
-13.4%
6.2%
19.4%
31.4%
17.4%
115.6%
2.3%
17.4%
-
2.3%
-
16.9%
Gain on financial assets at fair value
through other compre. income
0
1,566
1,505
2,673		 2,673 3,176
Income from equity invest.
138
110
125
137		 137 100
Excluding gain on fin. assets measuredat amort.c
0
22
40
63		 63 (10)
Reserve of overlay approach 0
0
(22)
39		 39 (43)
Net gain on F/X
Assets impairment loss
Others
Net Revenue
Net Provision for credit losses
Recovered(provided) for insurance res.
Operating Expense
Income from continued op. before tax
Income tax expenses
Consolidated net income		 (170)
2,499
1,147
243
(46)
(90)
(18)
(42)
746
618
322
(12)
50,827
60,249
62,318
59,568
(6,772)
(5,486)
(3,852)
(4,511)
(4,560)
(11,153)
(11,256)
(10,707)
(21,347)
(22,906)
(23,901)
(24,730)
18,148
20,703
23,309
19,620
(2,716)
(3,370)
(3,940)
(2,812)
15,432
17,332
19,369
16,808		 243
(42)
(12)
59,568
(4,511)
(10,707)
(24,730)
19,620
(2,812)
16,808		 877
67
400
62,604
(3,621)
(9,275)
(26,275)
23,433
(3,694)
19,739
Other Items
Comprehensive Income		 (1,038)
417
7,399
(2,248)
14,394
17,749
26,768
14,559		 (2,248)
14,559		 (4,847)
14,892
Net Income attributed to:
Parent
Minorityinterests		 15,483
17,332
19,369
16,808
(51)
0
0
0		 16,808
0		 19,739
0
Comprehensive Income attributed to:
Parent
Minorityinterests		 14,380
17,749
26,768
14,559
14
0
0
0		 14,559
0		 14,892
0
EPS1(NT$)
1.24
1.35
1.51
1.30		 1.30 1.52

28

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FFHC Non-consolidated Income Statement

FFHC Standalone Income Statement Summary in NT$ million, NT$, or %

in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2017 2018 2019 2020 2020 **2021 ** Change
Operating revenues
Income from long-term investment 15,693 17,904 19,835 17,146 17,146 20,163 17.6%
Other income1 246 227 190 187 187 170 -9.1%
Total revenues 15,939 18,131 20,025 17,333 17,333 20,333 17.3%
Loss from long-term investment (53) (321) 0 0 0 0 -
Operating expenses (334) (356) (389) (378) (378) (403) 6.6%
Other expenses and losses (118) (110) (202) (201) (201) (184) -8.5%
Income from continued op. before tax 15,434 17,344 19,434 16,753 16,753 19,747 17.9%
Income from continued op. after tax 15,483 17,332 19,369 16,808 16,808 19,739 17.4%
Income from discontinued op., net of tax 0 0 0 0 0 0 --
Net income 15,483 17,332 19,369 16,808 16,808 19,739 17.4%
EPS2(NT$) 1.24 1.35 1.51 1.30 1.30 1.52 16.9%

  1. Including income other than long-term investment

  2. EPS is adjusted retroactively for stock dividends

29

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FFHC Balance Sheet

FFHC Balance Sheet Summary in NT$ million or million shares

Full Years Result Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020 **2021 ** Change
Long-term investment
205,970
217,409
232,876
234,703
Total non-consolidated assets
208,951
224,661
241,223
243,926
Total liabilities
17,168
19,358
21,490
22,719
Total shareholders' equity
191,783
205,303
219,733
221,207
Conolidated Balance Sheet Data
Total consolidated assets
2,634,059
2,935,204
3,206,767
3,494,502
Total liabilities
2,442,008
2,729,901
2,987,034
3,273,295
Total shareholders' equity
192,051
205,303
219,733
221,207
Parent's shareholders' equity
191,783
205,303
219,733
221,207
Minority interests
268
0
0
0
Current shares outstanding**
122,164
123,386
124,619
128,358		 234,703
243,926
22,719
221,207
3,494,502
3,273,295
221,207
221,207
0
128,358		 241,171
248,995
24,449
224,547
3,739,594
3,515,047
224,547
224,547
0
129,642		 2.8%
2.1%
7.6%
1.5%
7.0%
7.4%
1.5%
1.5%
--
1.0%

*figures may not match due to rounding

30

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FFHC Key Ratios

==> picture [36 x 242] intentionally omitted <==

FFHC Key Ratios

2017
2018
2019
2020
0.60%
0.62%
0.63%
0.50%
8.04%
8.58%
9.11%
7.62%
15.70
16.64
17.63
17.23
122,164
123,386
124,619
128,358
107.40%
105.90%
105.98%
106.10%
131.31%
131.70%
118.70%
125.21%
8.24%
8.62%
8.91%
9.31%
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020 **2021 ** Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR2
Debt Ratio3		 0.50%
7.62%
17.23
128,358
106.10%
125.21%
9.31%		 0.55%
8.86%
17.32
129,642
107.40%
130.38%
9.82%		 10.0%
16.3%
0.5%
1.0%
1.2%
4.1%
5.5%

  1. Double leverage ratio = Long-term investment / Equity

  2. Updated semi-annually.

  3. Unconsolidated basis

31

==> picture [181 x 31] intentionally omitted <==

FB Income Statement
Su FB Comprehensive Income Statement Summary(Standalone)
in NT$ million or %
Full Year Results Year-over-Year Comparison
2017
2018
2019
2020		 2020 2021 Change
Net interest income
28,843
28,669
27,832
28,534
Net fee income
7,457
7,563
7,858
7,328
Net gain on ST invest.
398
98
515
655
Net gain on LT invest.
719
834
903
826
Net gain on other fin. products
5,256
8,396
9,932
6,710
Other net income
241
462
273
81
Net revenue
42,914
46,022
47,313
44,134
Operating expenses
(18,466)
(19,863)
(20,834)
(21,350)
Pre-provisiion pre-tax profit
24,448
26,159
26,479
22,785
Provision expense
(9,621)
(8,480)
(6,655)
(7,900)
Adjustment: bad-debt recovery
2,782
3,017
2,898
3,471
Income before tax
17,609
20,696
22,722
18,356
Income tax
(2,467)
(3,134)
(3,688)
(2,673)
Netincome
15,142
17,562
19,035
15,683
Other items
(1,214)
503
6,450
(1,974)
Comprehensiveincome
13,928
18,065
25,485
13,709
EPS
1.70
1.97
2.14
1.73		 28,534
7,328
655
826
6,710
81
44,134
(21,350)
22,785
(7,900)
3,471
18,356
(2,673)
15,683		 32,263
7,969
1,014
763
4,516
337
46,862
(22,379)
24,483
(6,578)
3,013
20,918
(3,266)
17,652		 13.1%
8.7%
54.8%
-7.6%
-32.7%
316.0%
6.2%
4.8%
7.5%
-16.7%
-13.2%
14.0%
22.2%
12.6%
(1,974)
13,709		 (4,425)
13,227		 124.2%
-3.5%
1.73 1.94 0.12
bject to final Reviewed

32

==> picture [181 x 31] intentionally omitted <==

FB Key Ratios
FB Key Ratios
Full Year Results Year-over-Year Comparison
2017
2018
2019
2020
1.65%
1.64%
1.59%
1.40%
1.26%
1.18%
1.06%
1.00%
43.03%
43.19%
44.02%
48.38%
79.28%
78.71%
74.29%
71.04%
0.38%
0.32%
0.24%
0.24%
0.46%
0.34%
0.28%
0.24%
0.05%
0.23%
0.08%
0.20%
1.38%
1.25%
1.27%
1.26%
358.56%
389.64%
527.52%
527.32%		 2020 2021
Loan to deposit spread
Net Interest Margin
Cost to income ratio3
Loan to deposit ratio1
NPL ratio
Domestic NPL ratio
Overseas NPL ratio
LLR ratio (excluding gov. loan)
Coverage ratio		 1.40%
1.00%
48.38%
71.04%
0.24%
0.24%
0.20%
1.26%
527.32%		 1.41%
1.01%
47.76%
69.55%
0.20%
0.19%
0.24%
1.23%
620.31%
CAR
Tier-1		 13.42%
13.57%
13.00%
13.63%
11.25%
11.58%
11.11%
11.66%		 13.63%
11.66%		 14.21%
12.48%
ROAA2
ROAE2
1. Loan to depoist ratio = total loan /
2. Annualized figures.		 0.60%
0.65%
0.64%
0.49%
7.91%
8.71%
8.97%
7.16%
total deposit		 0.49%
7.16%		 0.51%
7.97%

33

==> picture [181 x 31] intentionally omitted <==

FB Loan Quality

FB NPL Migration in NT$ million or %

FB NPL Migration
in NT$ million or %
2019
2020
Q1
Q2
Q3
Q4
2020
2021
Change
NPL- beginning
5,449
4,249
4,500
4,534
4,092
4,169
4,249
4,500
5.9%
Net new NPL influx
4,132
6,408
1,404
177
565
1,819
6,408
3,965
-38.1%
Domestic
3,210
4,866
162
462
82
272
4,866
978
-79.9%
Overseas
922
1,542
1,242
(285)
483
1,547
1,542
2,987
93.7%
Net write-offs
(5,332)
(6,157)
(1,370)
(619)
(488)
(1,955)
(6,157)
(4,432)
-28.0%
NPL- ending balance
4,249
4,500
4,534
4,092
4,169
4,033
4,500
4,033
-10.4%
Allowance for loan loss- beginning
21,229
22,414
23,728
23,907
24,381
25,086
22,414
23,728
7.3%
Provisions for loan loss
6,439
7,666
1,483
1,162
1,228
1,910
7,666
5,783
-24.6%
Net write-offs
(5,332)
(6,157)
(1,370)
(619)
(488)
(1,955)
(6,157)
(4,432)
-28.0%
Others
78
(195)
66
(69)
(35)
(27)
(195)
(65)
-66.7%
Allowance for loan loss- ending
22,414
23,728
23,907
24,381
25,086
25,014
23,728
25,014
5.4%
Recovery from bad debt
2,897
3,471
691
1,148
662
511
3,471
3,012
-13.2%
Domestic
2,684
3,414
669
1,067
647
493
3,414
2,876
-15.8%
Overseas
164
8
10
72
4
6
8
92
1050.0%
Credit card
49
49
12
9
11
12
49
44
-10.2%
1. Non-consolidated basis
Year-over-Year Comparison
2021 Quarterly
Full Year Results
  1. Non-consolidated basis

34

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First Sec. Operating Report

First Sec Income Statement Summary

in NT$ million or %

2017
2018
2019
2020
Full Year Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020 2021 Change
66.9%
58.3%
71.4%
16.6%
44.1%
54.3%
26.2%
3.8%
98.1%
80.0%
#DIV/0!
101.1%
79.1%
48.8%
-2.1%
-4.2%
Brokerage commission
Net interest income
Underwriting commission
Transaction gains through F/V, net
Other operating income
Total operating income
Total operating expenses
Non-operating income
Income before tax
Income tax		 849
899
777
1,351
306
293
220
242
38
97
45
77
227
29
270
476
107
34
89
127
1,527
1,352
1,401
2,273
(1,301)
(1,260)
(1,172)
(1,489)
72
77
86
80
298
169
315
864
(26)
(55)
(43)
(120)		 1,351
242
77
476
127
2,273
(1,489)
80
864
(120)		 2,255
383
132
555
183
3,508
(1,879)
83
1,712
(216)
Cummulative effect of change in
accounting principles		 0
0
0
0		 0 0
Netincome 272
114
272
744		 744 1,496
First Sec Key Ratios
ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share		 4.41%
1.81%
4.28% 11.05%
1.55%
0.61%
1.32%
2.81%
1.53%
1.42%
1.39%
1.46%
2.94%
2.53%
2.29%
2.40%		 11.05%
2.81%
1.46%
2.40%		 19.79%
4.18%
1.43%
2.30%

35

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FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

2017
2018
2019
2020
Full Yeart Results		 2017
2018
2019
2020
Full Yeart Results		 Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2020 2021 Change
Total operating income
Management fee
501
640
615
584
Sales service fee
7
13
28
33
Total operating income
508
653
643
617
Operating expenses
(440)
(540)
(559)
(532)
Non-operating income
15
12
21
8
Income before tax
82
125
105
93
Income tax
(12)
(24)
(19)
(18)
Income after tax
70
101
86
76
Cummulative effect of change in accounting principles
0
0
0
0		 584
33
617
(532)
8
93
(18)
76
0		 656
26
682
(564)
12
130
(24)
105
0		 12.3%
-21.2%
10.5%
6.0%
50.0%
39.8%
33.3%
38.2%
#DIV/0!
Netincome
70
101
86
76		 76 105 38.2%
y
FSITC Key Ratios

AUM
101,095
85,558
105,042
108,605
AUM Ranking
8
9
10
11		 108,605
11		 112,979
13		 4.0%
1. Non-consolidated basis

36

==> picture [181 x 31] intentionally omitted <==

First Life Operating Report

~~First Life Financial Results Summary~~ in NT$ million or %

FirstLifeOperating Report FirstLifeOperating Report
~~First Life Financial Results Summary~~

in NT$ million or %
2017
2018
2019
2020
2020
2021
Change
Income Statement Summary
Operating Revenue
13,298
13,506
14,435
14,865
14,865
14,401
-3.1%
Premium Income
11,684
12,698
13,193
13,330
13,330
12,429
-6.8%
Other insurance income
277
312
272
256
256
252
-1.6%
Net Investment Income
1,337
496
970
1,279
1,279
1,720
34.5%
Operating Cost
12,861
13,022
13,565
13,743
13,743
13,047
-5.1%
Reinsurance commission
40
49
59
68
68
78
14.7%
Reserves
4,566
11,192
11,304
10,745
10,745
9,312
-13.3%
Claims
7,419
851
1,329
2,210
2,210
2,769
25.3%
Commission
711
930
873
720
720
888
23.3%
Others
125
0
0
0
0
0 --
Operating Expenses
(566)
(638)
(655)
(730)
(730)
(752)
3.0%
Profit/Loss of Operation
(129)
(154)
215
392
392
601
53.3%
Non-Operating Profit
0
0
0
0
0
0
--
Profit/Loss Before Tax
(129)
(154)
215
392
392
601
53.3%
Income tax
26
13
29
94
94
(1)
-101.1%
Net Income after tax
(103)
(141)
244
485
485
600
23.7%
Key Ratios
ROAE(Annualized ratio)
-19.39%
-13.46%
10.44%
14.02%
14.02%
13.85%
-1.2%
ROAA(Annualized ratio)
-0.30%
-0.34%
0.47%
0.76%
0.76%
0.82%
7.9%
FFHC claims 51% of First-Aviva operating results in 2017.
Year-over-Year Comparison
Full Year Result*
  • FFHC claims 51% of First-Aviva operating results in 2017.

37

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Q&A

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