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FFHC Interim / Quarterly Report 2021

May 28, 2021

52222_rns_2021-05-28_ec963a97-ecf1-4ca9-b0ff-c833ed7a2561.pdf

Interim / Quarterly Report

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First Financial Holding 20211Q Earnings Result

May 31, 2021

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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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Reaping from Recovery Momentum

  • Soaring capital market and recovered loan demand helped 1Q21 growth:

Group posted 1Q21 earnings totaled NT$5,029 mn(+71.2%,YoY), mainly benefited from bank’s rosy performance, also aided by market-driven tailwinds from Security & Life subsidiaries, totaled contributing over 10% of group’s bottom-line.

  • Corporate lending accelerated by low-interest rate stimulation, whereas inflow capital attracted by historical-high TAIEX & WM business:

Bank’s deposit grew by +16.9% YoY, the extremely ample liquidity postpandemic lifted both WM and investment gains with rising risk appetites of investors, delivering a prosperous sentiment for 1Q21.

Non-Bank subsidiaries maintain its momentum:

Group’s diversified earning streams and bank’s non-interest income all rose in 1Q21, which helped achieve the group’ non-bank profit goal (>10%).

Dividend payout at NTD 0.9 cash and NTD 0.1 stock:

A proposal of NTD 0.9 cash dividend and NTD 0.1 stock dividend under NTD1.31 EPS in 2020 is subject to AGM approval.

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1Q21 Financial Highlight

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1Q21 Key Figures

Banking
NT$4,402; 87.5%
Securities
NT$367;7.3%
Investment Trust
NT$21; 0.4 %
Others
NT$34; 0.7%
Insurance
NT$169; 3.4%
1Q21 Net Income Breakdown1( in NT$ mn)
AMC
NT$36; 0.~~7~~		 Key Figures ( in NT$ 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
~~%~~
1Q20
2,9381
(4,532)
3,211,987
0.23
17.27
124,619
5.40%
0.36%
124.90%
106.34%
1Q21
5,0291
3,586
3,596,890
0.39
17.51
128,358
9.04%
0.56%
127.17%
106.07%
YoY %
71.2%
-
12.0%
69.6%
1.4%
3.0%
67.4%
55.6%
1.8%
-0.3%

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

  2. Comprehensive Income Statement is required by IFRS.

  3. Annualized figures. . 4. Updated semi-annually.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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1Q21 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↑ 17.1%
15,949 (873) (3,064) ↑ 71.2%
(6,008)
(974) 5,029
3,586
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
1Q20 Consolidated Net Income & Comprehensive Income (in NT$ mn)
13,616
(983)
(3,391)
(5,601)
(703)
2,938
(4,532)
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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1Q21 FFHC Net Income Breakdown (in NT$ mn) ↑ 71.2%
5,029
4,402 ↑32 .8%
Turn Positive Turn Positive
367 21 169 36
First Bank First Securities FSITC First Life AMC FFHC
1Q20 FFHC Net Income Breakdown (in NT$ mn)
3,316
2,938
11 33
(96) (14)
First Bank First Securities FSITC First Life AMC FFHC
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  • Major 5 subsidiaries were listed.

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1Q21 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
9.16% 9.52% 9.73% 9.11% 8.12% 8.19% 7.62% 9.04%
5.40%
19,369
16,808
15,377
13,378
9,914 8,764
4,810 5,029
2,938
3M19 6M19 9M19 2019 3M20 6M20 9M20 2020 3M21
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
9.00% 9.34% 9.55% 8.97% 6.08% 7.88% 7.75% 7.16% 7.96%
19,035
15,043 15,683
12,605
9,708
8,483
4,715 4,402
3,316
3M19 6M19 9M19 2019 3M20 6M20 9M20 2020 1Q21
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FB 1Q21 Pre-tax Profit

1Q21 Cumulative Net Revenue(in NT$ mn or %) 1Q21 Cumulative Net Revenue(in NT$ mn or %) 1Q21 Cumulative Net Revenue(in NT$ mn or %) 1Q21 Cumulative Net Revenue(in NT$ mn or %) 1Q21 Cumulative Net Revenue(in NT$ mn or %) 1Q21 Cumulative Net Revenue(in NT$ mn or %)
Cumulative Net Revenue
+15.5%
9,784
11,302
1Q20
1Q21
Item
1Q20		 1Q21 Change
NII
71.6%		 66.9% -4.7%
Net Fee
18.0%		 16.0% -2.0%
Gain on ST Invest.
0.1%		 0.2% +0.1%
Gain on LT invest.
1.0%		 0.6% -0.4%
Gain on fin. Products
9.3%		 15.2% +5.9%
Others
0.0%		 1.1% +1.1%
z
Total Revenue
100.0%		 100.0%
Provision Expense (net)
-10.0%		 -7.6% -2.4%
Operating Expense
-49.3%		 -45.1% -4.2%
FB Revenue/Expense Comparison(in NT$ mn ) Income Before Tax
40.7%		 47.3% +6.6%
  1. Gross Provision expense.

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FB 1Q21 Loan Book Mix

152.9
492.5
146.3
793.6
133.6
478.8
712.5
399.9
57.4
381.9
1Q201Q21
1Q20 1Q21
1Q20 1Q21
1Q20 1Q21
1Q20 1Q21
↑2.9%
F/X↓4.5%
1Q21 Loan Book1 (in NT$ bn or %)
1Q21 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Large Corp. Loan
F/X Loan
Others3
Item
1Q20
1Q21
Change
Consumer
28.9%
28.3%
-0.6%
Mortgage
26.6%
25.3%
-1.3%
Other Consumer Loan
2.3%
3.0%
+0.7%
Corporate Banking
71.1%
71.7%
+0.6%
Large Corp. Loan
8.5%
7.5%
-1.0%
SME Loan2
39.5%
40.8%
+1.3%
F/X/ Loan
22.2%
19.6%
-2.6%
--- Overseas
14.1%
12.2%
-1.9%
Gov./ SOE Loan
0.9%
3.8%
+2.9%
Loan Book1
100.0%
100.0%
% of Loan Book1
↓4.3%
Overseas
254.3
↑11.4%
Overseas
237.7
Overseas
↓6.5%
1,801.5
1,947.9
1Q20
1Q21
Loan Book1
+8.1%
SME Loan2
other consume
~~lo~~an 59.1 bn		 152.9
492.5
146.3
793.6
133.6
478.8
712.5
399.9
57.4
381.9
1Q201Q21
1Q20 1Q21
1Q20 1Q21
1Q20 1Q21
1Q20 1Q21
↑2.9%
F/X↓4.5%
1Q21 Loan Book1 (in NT$ bn or %)
1Q21 Loan Book1 Breakdown(in NT$ bn )
Mortgage
Large Corp. Loan
F/X Loan
Others3
Item
1Q20
1Q21
Change
Consumer
28.9%
28.3%
-0.6%
Mortgage
26.6%
25.3%
-1.3%
Other Consumer Loan
2.3%
3.0%
+0.7%
Corporate Banking
71.1%
71.7%
+0.6%
Large Corp. Loan
8.5%
7.5%
-1.0%
SME Loan2
39.5%
40.8%
+1.3%
F/X/ Loan
22.2%
19.6%
-2.6%
--- Overseas
14.1%
12.2%
-1.9%
Gov./ SOE Loan
0.9%
3.8%
+2.9%
Loan Book1
100.0%
100.0%
% of Loan Book1
↓4.3%
Overseas
254.3
↑11.4%
Overseas
237.7
Overseas
↓6.5%
1,801.5
1,947.9
1Q20
1Q21
Loan Book1
+8.1%
SME Loan2
other consume
~~lo~~an 59.1 bn		 Item
1Q20
1Q21
Change
Consumer
28.9%
28.3%
-0.6%
Mortgage
26.6%
25.3%
-1.3%
Other Consumer Loan
2.3%
3.0%
+0.7%
Corporate Banking
71.1%
71.7%
+0.6%
Large Corp. Loan
8.5%
7.5%
-1.0%
SME Loan2
39.5%
40.8%
+1.3%
F/X/ Loan
22.2%
19.6%
-2.6%
--- Overseas
14.1%
12.2%
-1.9%
Gov./ SOE Loan
0.9%
3.8%
+2.9%
Loan Book1
100.0%
100.0%
% of Loan Book1		 r
Item
1Q20
1Q21
Change
Consumer
28.9%
28.3%
-0.6%
Mortgage
26.6%
25.3%
-1.3%
Other Consumer Loan
2.3%
3.0%
+0.7%
Corporate Banking
71.1%
71.7%
+0.6%
Large Corp. Loan
8.5%
7.5%
-1.0%
SME Loan2
39.5%
40.8%
+1.3%
F/X/ Loan
22.2%
19.6%
-2.6%
--- Overseas
14.1%
12.2%
-1.9%
Gov./ SOE Loan
0.9%
3.8%
+2.9%
Loan Book1
100.0%
100.0%

  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

~~57.4~~
102.0
101.2
93.8
133.6
399.9
369.4
379.6
374.2
381.9
152.9
148.7
148.5
155.4
146.3
712.5
729.4
758.0
791.0
793.6
478.8
486.8
493.0
495.8
492.5
1Q20
2Q20
3Q20
4Q20
1Q21
FB Loan Growth(in NT$ bn)
1,801.5
1,836.3
1,880.3
1,910.2
1,947.9
QoQ%
↑2.0%
Mortgage ↓0.7%
SME↑0.3%
Large Corp.↓5.9%
F/X↑2.1%
SME
Mortgage
F/X loan
Total loan
Large Corp.
Others		 ~~57.4~~
102.0
101.2
93.8
133.6
399.9
369.4
379.6
374.2
381.9
152.9
148.7
148.5
155.4
146.3
712.5
729.4
758.0
791.0
793.6
478.8
486.8
493.0
495.8
492.5
1Q20
2Q20
3Q20
4Q20
1Q21
1,801.5
1,836.3
1,880.3
1,910.2
1,947.9
QoQ%
↑2.0%
Mortgage ↓0.7%
SME↑0.3%
Large Corp.↓5.9%
F/X↑2.1%

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FB 1Q21 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
78.12% 77.45% 76.56% NTD 76.4%
74.29% 74.04% 73.14% F/X 53.8%
71.04% 70.76%
1,722.7 1,736.1 1,772.9 1,806.2 1,840.8 1,884.6 1,914.4 1,952.1
2Q19 3Q19 2019 1Q20 2Q20 3Q20 2020 1Q21
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.61% 1.60% 1.59%
1.51%
1.44%
1.41% 1.40% 1.39%
1.06% 1.07% 1.06%
1.01% 0.99% 0.99% 1.00% 0.98%
2Q19 3Q19 2019 1Q20 2Q20 3Q20 2020 1Q21
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB 1Q21 Loan Yields

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FB NTD Yields & Costs Overview ( in % )
Interest Spread (NTD)
Deposit Rate (NTD) Lending Rate (NTD)
1.36%
1.25% 1.25%
1.22%
1.24%
1.79%
1.56% 1.53% 1.55% 1.53%
0.43%
0.32% 0.31% 0.30% 0.28%
1Q20 2Q20 3Q20 4Q20 1Q21
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
Interest Spread (FX)
2.18%
1.98%
1.92% 1.93% 1.92%
3.50%
2.89%
2.57%
2.40% 2.36%
1.32%
0.97%
0.64%
0.48% 0.38%
1Q20 2Q20 3Q20 4Q20 1Q21
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  • All rates are QUARTERLY* average rates.

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FB 1Q21 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
709.9
608.8 +16.6% 70.11%
69.13%
67.13% 67.42%
△
1Q21 Total
Deposit
$2,758.7 bn
+16.9% YoY
+17.0%
2,048.8
1,750.6
2019 1H20 2020 1Q21
1Q20 1Q21
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Major Exposures to Specific Industries

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End of 1Q21 - % of Loan to Industries
Non-Manufacturing (76.62%)
Total Loan Bal. [1] : NT$2,083.8bn
Manufacturing (23.38%) Hotel& Restaurant 2.16%
4.32% Petro.
Construction 2.81%
Wholesale/Retail 10.43%
5.80% Metal
Real Estate 10.83%
4.09% Tech.
Transportation &
3.55%
Warehousing
4.01% Machinery
Banking & Insurance 4.31%
Other
5.16% Others(mortgage
Manufacturing 42.53%
included)
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  1. Total exposures does not includes NALs and investment.

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FB 1Q21 Mortgage Book

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Mortgage Yield & LTV Ratio (in %) Mortgage by Location (in %)
Mortgage NPL: 0.15% (1Q21)
Loan-to-value ratio of new mortgage 46% TPE Metro.
Avg. loan-to-value ratio Mortgage Yield
East Area
1.74% 1.35% 1.35% 1.46% 1.46% 4%
9%
65.18% 64.96% 64.90% 64.87% 64.82%
Kaohsiung
45.71% 45.94% 45.96% 45.96% 45.66%
10%
20%
Tainan Taoyuan,
1Q20 2Q20 3Q20 2020 1Q21
Hsinchu,
Taichung 11% Mioli
↑4.3%
Monthly New Mortgage Lending (in NT$mn) Monthly New Mortgage Lending QoQ ↓ 24 .4%
22,038
16,660
7,250 7,611 9,599 8,771 7,941 8,981 8,092 8,571 9,058 7,802 7,312 6,924 6,530
5,601
4,529
1M20 2M20 3M20 4M20 5M20 6M20 7M20 8M20 9M20 10M20 11M20 12M20 1M21 2M21 3M21
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FB 1Q21 Fee Income Breakdown

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1Q21 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee
Item 1Q20 1Q21 Change
WM [1 ] 55.5% 56.6% +1.1%
1,808
1,756 Loan-related 20.4% 20.0% -0.4%
F/X 10.0% 9.7% -0.3%
+3.0%
Credit Card 3.6% 4.3% +0.7%
Other [2] 10.5% 9.4% -1.1%
1Q20 1Q21
Net Fee Income Cumulative Net Fee 100.0% 100.0%
1Q21 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 5.1%
1,024
974
↑ 0.8%
↓ 0.6%
359 362
176 175 184 169
63 78
1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21
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)
1,756
1,882
1,790
1,900
1,808
297
467
196
326
287
108
103
114
118
122
359
413
409
411
362
176
175
184
175
63
70
85
102
78
184
153
200
195
169
501
569
615
564
608
178
1Q20
2Q20
3Q20
4Q20
1Q21
Loan Related
Credit Card
F/X Related
Quarterly
fee income
Others
*
Mutual Fund
Custodian
h

*Bancassurance
↓4.8%
Banca.
↓12.0%
Mutual Fund
↑9.0%
QoQ
QoQ
  • Wealth Management Fee = Fund sales + Bancassurance + Custodian

*Other represents network service fee, including overseas branches

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FB 1Q21 Cost-to-Income Ratio

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1Q21 Cumulative Operating Expense (in NT$ mn ) Cost-to-Income Ratio Analysis( in NT$ mn)
Item 1Q20 1Q21
5,094
Net Revenue 9,784 11,302
4,826
+5.6% Operating Expense (4,826) (5,094)
Provision(Net) (974) (861)
Income Tax (668) (945)
1Q20 1Q21
Net Income 3,316 4,402
Operating Expense
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Net Revenue Operating Expense Cumulated Cost-to-Income Ratio
49.33%
48.38%
45.68%
44.03% 44.55% 45.07%
12,434
11,427 11,262 11,302
10,654
9,784
6,058
5,425 4,826 5,072 5,394 5,094
2019 1Q20 2Q20 3Q20 2020 1Q21
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FB 1Q21 Asset Quality

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NPL Amount, Reserve, Coverage (in NT$ mn or % ) Coverage Ratio NPL Ratio NPL NPL Reserve
527.52%
497.39% 525.79% 515.07% 527.32% 527.30%
404.20%
0.29%
0.26%
0.24% 0.23% 0.23% 0.24% 0.23%
22,094 22,414 21,408 21,512 21,927 23,728 23,907
4,442 4,249 4,072 5,322 4,257 4,500 4,534
9M19 2019 3M20 6M20 9M20 2020 3M21
1
Individual & Mortgage NPL Ratios(in %) Large Corp. & SME NPL Ratios(in %)
Individual
Large Corp.
Mortgage
SME
0.25%
0.23%
0.21% 0.20% 0.59%
0.18% 0.37%
0.27% 0.35% 0.35% 0.35%
0.18%
0.18% 0.16%
0.15% 0.13% 0.02% 0.29% 0.28% 0.27%
1Q20 2Q20 3Q20 4Q20 1Q21 1Q20 2Q20 3Q20 4Q20 1Q21
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  1. Individual: mortgage and non-mortgage loan included

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FB 1Q21 Overseas Profits

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1Q21 FB Overseas Pre-Tax Profit Mix ( in NT$ mn or %) 1Q21 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)
42.20% Total Pre-Tax
22.6%
Profit
OBU/Greater Taiwan Domestic Market; $5,348 mn
1Q21 China 73.2%
North America
Overseas
$1,432 mn Asean
30.4% Others Other Overseas ; Greater China (including OBU) ;
4.8% 15.5% 11.3%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
44.86% 45.76% 40.50% 43.64%
35.17%
26.78%
6,042
4,806 5,248
4,744
3,984 3,585
3,175
2,244 1,401 1,402 2,032 1432
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
----- End of picture text -----

24

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CAR & Core Capital

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----- Start of picture text -----

FFHC Group CAR(in %)
CAR
131.70%
121.35% 120.82% 118.70% 123.18% 125.21% 127.17%
statutory CAR 100%
FB CAR & Core Capital(in %)
13.21% 13.57% 13.22% 13.00% 13.43% 13.63% 13.73% CAR
Tier 1
11.08% 11.58% 11.22% 11.11% 11.44% 11.66% 11.90%
1H18 2H18 1H19 2H19 1H20 2H20 1Q21
1H18 2H18 1H19 2H19 1H20 2H20 1Q21
----- End of picture text -----

•Leverage ceiling for holding companies in Taiwan: Double Leverage < 125% ; Debt Ratio < 30%

25

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Shareholder Return

2016
2017
2018
2019
2020
Cash dividend
1.20
0.90
1.00
1.05
0.90
Stock dividend
0.20
0.10
0.10
0.30
0.10
Total dividend
1.40
1.00
1.10
1.35
1.00
CASH Payout
ratio
84.5%
72.0%
71.9%
67.7%
68.7%
1.40
1.00
1.10
1.35
1.00
1.42
1.55
1.25
1.39
1.311
2016
2017
2018
2019
2020
FFHC Earnings Per Share ( in NT$ dollar )
EPS
Dividend
FFHC Dividend History( in NT$ dollar )
2016
2017
2018
2019
2020
Cash dividend
1.20
0.90
1.00
1.05
0.90
Stock dividend
0.20
0.10
0.10
0.30
0.10
Total dividend
1.40
1.00
1.10
1.35
1.00
CASH Payout
ratio
84.5%
72.0%
71.9%
67.7%
68.7%
  1. EPS is adjusted retroactively for stock dividends

26

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Appendix

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FFHC Consolidated Statement of Comprehensive Income

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

FFHC Consolidated Statement of Comprehensive Income
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)		 FFHC Consolidated Statement of Comprehensive Income
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)		 FFHC Consolidated Statement of Comprehensive Income
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)		 FFHC Consolidated Statement of Comprehensive Income
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)		 FFHC Consolidated Statement of Comprehensive Income
FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)
2017
2018
2019
2020
1Q20
1Q21
Change
Year-over-Year Comparison
2017
2018
2019
2020
1Q20		 1Q21 Change
Net interest income
29,993
30,268
29,604
30,483
7,467
Net service fee & commission
8,341
8,526
8,676
8,853
1,999
Net Insurance revenue
5,130
11,733
11,729
10,992
3,506
Gain on financial assets meas.
5,550
4,880
9,072
5,928
(905)
at fair value through P/L
Real estate investment gain
93
117
138
211
39
Gain on AFS financial assets
1,052
0
0
0
0
8,092
2,314
3,143
774
44
0		 8.4%
15.8%
-10.4%
-185.5%
12.8%
--
Gain on financial assets at fair value
through other compre. income
0
1,566
1,505
2,673
563		 904 60.6%
Income from equity invest.
138
110
125
137
41		 10 -75.6%
Excluding gainon fin.assetsmeasured at amort.c
0
22
40
63
2		 0 -100.0%
Reserve of overlay approach 0
0
(22)
39
279		 (21) --
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
Consolidatednetincome		 (170)
2,499
1,147
243
633
(46)
(90)
(18)
(42)
(23)
746
618
322
(12)
16
50,827
60,249
62,318
59,568
13,616
(6,772)
(5,486)
(3,852)
(4,511)
(983)
(4,560)
(11,153)
(11,256)
(10,707)
(3,391)
(21,347)
(22,906)
(23,901)
(24,730)
(5,601)
18,148
20,703
23,309
19,620
3,641
(2,716)
(3,370)
(3,940)
(2,812)
(703)
15,432
17,332
19,369
16,808
2,938		 541
32
116
15,949
(873)
(3,064)
(6,008)
6,004
(974)
5,029		 -14.5%
-239.1%
625.0%
17.1%
-11.2%
-9.6%
7.3%
64.9%
38.5%
71.2%
Other Items
Comprehensive Income		 (1,038)
417
7,399
(2,248)
(7,470)
14,394
17,749
26,768
14,559
(4,532)		 (1,443)
3,586		 -80.7%
-179.1%
Net Income attributed to:
Parent
Minorityinterests		 15,483
17,332
19,369
16,808
2,938
(51)
0
0
0
0		 5,029
0		 71.2%
-
Comprehensive Income attributed to:
Parent
Minorityinterests		 14,380
17,749
26,768
14,559
(4,532)
14
0
0
0
0		 3,586
0		 -179.1%
-
EPS1(NT$)
1.24
1.35
1.51
1.31
0.23		 0.39 69.6%

28

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FFHC Non-consolidated Income Statement

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

in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2017 2018 2019 2020 1Q20 **1Q21 ** Change
Operating revenues
Income from long-term investment 15,693 17,904 19,835 17,146 3,364 5,095 51.5%
Other income1 246 227 190 187 2 1 -50.0%
Total revenues 15,939 18,131 20,025 17,333 3,366 5,096 51.4%
Loss from long-term investment (53) (321) 0 0 (305) 0 -
Operating expenses (334) (356) (389) (378) (70) (91) 30.0%
Other expenses and losses (118) (110) (202) (201) (53) (46) -13.2%
Income from continued op. before tax 15,434 17,344 19,434 16,753 2,938 4,959 68.8%
Income from continued op. after tax 15,483 17,332 19,369 16,808 2,938 4,959 68.8%
Income from discontinued op., net of tax 0 0 0 0 0 0 --
Net income 15,483 17,332 19,369 16,808 2,938 5,029 71.2%
EPS2(NT$) 1.24 1.35 1.51 1.31 0.23 0.39 69.6%

  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

Year-over-Year Comparison
Full Years Result		 Year-over-Year Comparison
Full Years Result		 Year-over-Year Comparison
Full Years Result		 Year-over-Year Comparison
Full Years Result
1Q20 **1Q21 ** 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
3,550,504
Total liabilities
2,442,008
2,729,901
2,987,034
3,329,297
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		 228,854
237,071
21,871
215,200
3,211,987
2,996,787
215,200
215,200
0
124,619		 238,447
247,953
23,160
224,793
3,596,890
3,372,097
224,793
224,793
0
128,358		 4.2%
4.6%
5.9%
4.5%
12.0%
12.5%
4.5%
4.5%
--
3.0%

*figures may not match due to rounding

30

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FFHC Key Ratios

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

FFHC Key Ratios

FFHC Key Ratios
2017
2018
2019
2020
1Q20
1Q21 Change
0.60%
0.62%
0.63%
0.50%
0.36%
0.56%
55.6%
8.04%
8.58%
9.11%
7.62%
5.40%
9.04%
67.4%
15.70
16.64
17.63
17.23
17.27
17.51
1.4%
122,164
123,386
124,619
128,358
124,619
128,358
3.0%
107.40%
105.90%
105.98%
106.10%
106.34%
106.07%
-0.3%
131.31%
131.70%
118.70%
125.21%
124.90%
127.17%
1.8%
8.24%
8.62%
8.91%
9.31%
9.23%
9.34%
1.2%
Year-over-Year Comparison
Full Year Results
1Q20 **1Q21 ** Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR2
Debt Ratio3		 0.36%
5.40%
17.27
124,619
106.34%
124.90%
9.23%		 0.56%
9.04%
17.51
128,358
106.07%
127.17%
9.34%		 55.6%
67.4%
1.4%
3.0%
-0.3%
1.8%
1.2%
  1. Double leverage ratio = Long-term investment / Equity 2. Updated semi-annually. 3. Unconsolidated basis

31

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FB Income Statement

FB Comprehensive Income Statement Summary(Standalone) in NT$ million or %

FB Income Statement
bject to final Reviewed
FB Comprehensive Income Statement Summary(Standalone)
in NT$ million or %
2017
2018
2019
2020
1Q20
1Q21
Change
Net interest income
28,843
28,669
27,832
28,534
7,001
7,556
7.9%
Net fee income
7,457
7,563
7,858
7,328
1,756
1,809
3.0%
Net gain on ST invest.
398
98
515
655
12
26
116.7%
Net gain on LT invest.
719
834
903
826
98
73
-25.5%
Net gain on other fin. products
5,256
8,396
9,932
6,710
920
1,714
86.3%
Other net income
241
462
273
81
(3)
124
-4233.3%
Net revenue
42,914
46,022
47,313
44,134
9,784
11,302
15.5%
Operating expenses
(18,466)
(19,863)
(20,834)
(21,350)
(4,826)
(5,094)
5.6%
Pre-provisiion pre-tax profit
24,448
26,159
26,479
22,785
4,958
6,208
25.2%
Provision expense
(9,621)
(8,480)
(6,655)
(7,900)
(1,658)
(1,552)
-6.4%
Adjustment: bad-debt recovery
2,782
3,017
2,898
3,471
684
691
1.0%
Income before tax
17,609
20,696
22,722
18,356
3,984
5,347
34.2%
Income tax
(2,467)
(3,134)
(3,688)
(2,673)
(668)
(945)
41.5%
Net income
15,142
17,562
19,035
15,683
3,316
4,402
32.8%
Other items
(1,214)
503
6,450
(1,974)
(6,166)
(997)
-83.8%
Comprehensive income
13,928
18,065
25,485
13,709
(2,850)
3,406
-219.5%
EPS
1.70
1.97
2.14
1.76
0.37
0.49
0.32
Year-over-Year Comparison
Full Year Results

32

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

FB Key Ratios

FB Key Ratios FB Key Ratios FB Key Ratios FB Key Ratios
FB Key Ratios
~~YY Ci~~
~~Fll Y Rlt~~
~~ear-o~~
~~u ear esus~~		 ~~er-ear omparson~~
2017
2018
2019
2020
1Q20
1.65%
1.64%
1.59%
1.40%
1.51%
1.26%
1.18%
1.06%
1.00%
1.01%
43.03%
43.19%
44.02%
48.38%
49.33%
79.28%
78.71%
74.29%
71.04%
76.56%
0.38%
0.32%
0.24%
0.24%
0.23%
0.46%
0.34%
0.28%
0.24%
0.27%
0.05%
0.23%
0.08%
0.20%
0.06%
1.38%
1.25%
1.27%
1.26%
1.20%
358.56%
389.64%
527.52%
527.32%
525.79%		 1Q21 Change
-7.95%
-2.97%
-8.64%
-7.58%
0.00%
-14.81%
316.67%
5.83%
0.29%
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		 1.39%
0.98%
45.07%
70.76%
0.23%
0.23%
0.25%
1.27%
527.30%
CAR
Tier-1		 13.42%
13.57%
13.00%
13.63%
13.64%
11.25%
11.58%
11.11%
11.66%
11.72%		 13.73%
11.90%		 0.66%
1.54%
ROAA2
ROAE2
1. Loan to depoist ratio = total loan /
2. Annualized figures.		 0.60%
0.65%
0.64%
0.48%
0.44%
7.91%
8.71%
8.97%
7.16%
6.08%
total deposit		 0.52%
7.96%

33

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FB Loan Quality

FB NPL Migration in NT$ million or %

FB NPL Migration
in NT$ million or %
2019
2020
Q1
Q2
Q3
Q4
1Q20
1Q21
Change
NPL- beginning
5,449
4,249
4,249
4,072
5,322
4,257
4,249
4,500
5.9%
Net new NPL influx
4,132
6,408
2,463
3,097
585
263
2,463
1,404
-43.0%
Domestic
3,210
4,866
2,419
2,117
326
4
2,419
162
-93.3%
Overseas
922
1,542
44
980
259
259
44
1,242
2722.7%
Net write-offs
(5,332)
(6,157)
(2,640)
(1,847)
(1,650)
(20)
(2,640)
(1,370)
-48.1%
NPL- ending balance
4,249
4,500
4,072
5,322
4,257
4,500
4,072
4,534
11.3%
Allowance for loan loss- beginning
21,229
22,414
22,414
21,408
21,512
21,927
22,414
23,728
5.9%
Provisions for loan loss
6,439
7,666
1,628
1,995
2,169
1,874
1,628
1,483
-8.9%
Net write-offs
(5,332)
(6,157)
(2,640)
(1,847)
(1,650)
(20)
(2,640)
(1,370)
-48.1%
Others
78
(195)
6
(44)
(104)
(53)
6
66
1000.0%
Allowance for loan loss- ending
22,414
23,728
21,408
21,512
21,927
23,728
21,408
23,907
11.7%
Recovery from bad debt
2,897
3,471
684
730
1094
963
684
691
1.0%
Domestic
2,684
3,414
670
718
1,079
947
670
669
-0.1%
Overseas
164
8
1
1
2
4
1
10
900.0%
Credit card
49
49
13
11
13
12
13
12
-7.7%
1. Non-consolidated basis
Year-over-Year Comparison
2020 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
1Q20
1Q21
Change
Full Year Results
Year-over-Year Comparison		 2017
2018
2019
2020
1Q20
1Q21
Change
Full Year Results
Year-over-Year Comparison		 2017
2018
2019
2020
1Q20
1Q21
Change
Full Year Results
Year-over-Year Comparison
1Q21 Change
84.9%
60.4%
-7.1%
-257.2%
-25.0%
271.8%
29.5%
81.8%
-543.6%
2400.0%
#DIV/0!
-482.3%
-436.4%
-364.4%
5.1%
4.7%
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
259
306
293
220
242
53
38
97
45
77
14
227
29
270
476
(138)
107
34
89
127
32
1,527
1,352
1,401
2,273
220
(1,301)
(1,260)
(1,172)
(1,489)
(325)
72
77
86
80
11
298
169
315
864
(94)
(26)
(55)
(43)
(120)
(2)		 479
85
13
217
24
818
(421)
20
417
(50)
Cummulative effect of change in
accounting principles		 0
0
0
0
0		 0
Net income 272
114
272
744
(96)		 367
First Sec Key Ratios
ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share		 4.41%
1.81%
4.28% 11.05%
-6.04%
1.55%
0.61%
1.32%
2.81%
-1.80%
1.53%
1.42%
1.39%
1.50%
1.38%
2.94%
2.53%
2.29%
2.46%
2.33%		 20.32%
4.76%
1.45%
2.44%

35

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FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %

2017
2018
2019
2020
1Q20
1Q21
Change
Year-over-Year Comparison
Full Yeart Results		 2017
2018
2019
2020
1Q20
1Q21
Change
Year-over-Year Comparison
Full Yeart Results		 2017
2018
2019
2020
1Q20
1Q21
Change
Year-over-Year Comparison
Full Yeart Results		 2017
2018
2019
2020
1Q20
1Q21
Change
Year-over-Year Comparison
Full Yeart Results
1Q21 Change
Total operating income
Management fee
501
640
615
584
135
Sales service fee
7
13
28
33
13
Total operating income
508
653
643
617
148
Operating expenses
(440)
(540)
(559)
(532)
(130)
Non-operating income
15
12
21
8
(3)
Income before tax
82
125
105
93
15
Income tax
(12)
(24)
(19)
(18)
(4)
Income after tax
70
101
86
76
11
Cummulative effect of change in accounting principles
0
0
0
0
0		 162
8
170
(146)
2
26
(5)
21
0		 20.0%
-38.5%
14.9%
12.3%
-166.7%
73.3%
25.0%
90.9%
#DIV/0!
Net income
70
101
86
76
11		 21 90.9%
y
FSITC Key Ratios
AUM
101,095
85,558
105,042
108,551
93,565
AUM Ranking
8
9
10
11
11		 107,789 15.2%
12
1. Non-consolidated basis

36

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First Life Operating Report

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

==> picture [513 x 345] intentionally omitted <==

----- Start of picture text -----

Full Year Result Year-over-Year Comparison
2017 2018 2019 2020 1Q20 1Q21 Change
Income Statement Summary
Operating Revenue 13,298 13,506 14,435 14,865 4,276 4,291 0.4%
Premium Income 11,684 12,698 13,193 13,330 4,005 3,800 -5.1%
Other insurance income 277 312 272 256 66 70 6.1%
Net Investment Income 1,337 496 970 1,279 205 421 105.4%
Operating Cost 12,861 13,022 13,565 13,743 4,116 3,935 -4.4%
Reinsurance commission 40 49 59 68 16 19 18.8%
Reserves 4,566 11,192 11,304 10,745 3,401 3,068 -9.8%
Claims 7,419 851 1,329 2,210 465 629 35.3%
Commission 711 930 873 720 234 219 -6.4%
Others 125 0 0 0 0 0 --
Operating Expenses (566) (638) (655) (730) (186) (185) -0.5%
Profit/Loss of Operation (129) (154) 215 392 (26) 171 -757.7%
Non-Operating Profit 0 0 0 0 (2) 0 --
Profit/Loss Before Tax (129) (154) 215 392 (28) 171 -710.7%
Income tax 26 13 29 94 14 (2) -114.3%
Net Income after tax (103) (141) 244 485 (14) 169 -1307.1%
Key Ratios
ROAE(Annualized ratio) -19.39% -13.46% 10.44% 14.02% -2.16% 18.04% -935.2%
ROAA(Annualized ratio) -0.30% -0.34% 0.47% 0.76% -0.08% 0.96% -1300.0%
----- End of picture text -----

  • FFHC claims 51% of First-Aviva operating results in 2017.

37

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----- Start of picture text -----

Q&A
----- End of picture text -----

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Interim / Quarterly Report 2026
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