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HNFHC Interim / Quarterly Report 2020

Mar 10, 2021

52211_rns_2021-03-10_ddd41ee1-e9ba-41f4-b224-d812663b725a.pdf

Interim / Quarterly Report

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HNFHC 4Q 2020 Analyst Meeting (Bloomberg: 2880 TT) 2021/03/10 Senior Vice President & General Manager Ms. Jully W. L. Chu

Disclaimer

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  • This document is provided by Hua Nan Financial Holdings Co. Ltd. (“HNFHC”). The information contained in this document is not audited or reviewed by any accountant or any independent expert. HNFHC makes no warranties or representations expressly or impliedly as to the fairness, accuracy, completeness or correctness of such information or opinions. The document is provided as of the date herein and will not be updated to reflect any change hereafter. No responsibility is accepted by HNFHC, its affiliates and their representatives, no matter for their negligence or any other reason, for any loss or damages arising from the use of this document or the information contained herein or anything related to this document.

  • This document may contain forward-looking statements, including but not limited to all statements that address activities, events or developments that HNFHC expects or anticipates to occur in the future, which is based on the projects of HNFHC toward the future, and various factors and uncertainness beyond HNFHC’s control. Therefore, the actual results may differ materially from those contained in the forward-looking statements.

  • This document 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.

  • This document may not be directly or indirectly reproduced, redistributed or forwarded to any other person and may not be published in whole or in part for any purpose.

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2

Agenda

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4Q2020 Highlights…….…….....................P.4

Operating Results –HNFHC……..….........P.7

Operating Results –Subsidiaries………P.10

Asset Quality…………………….........…..P.21

  • 2021 Year Ahead Outlook…....................P.24

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3

4Q2020 Highlights

4

FY2020 Financial Highlights

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Profits impacted by COVID-19 and warrants trading losses

  • HNFHC’s net profit was NT$8.66 billion, shrank 45.7% YoY, and net revenue was NT$39.95 billion, down 14.5% YoY in FY20, mainly due to subsidiary HNSC’s warrant trading losses NT$4.62 billion. HNFHC’s EPS, ROE and ROA were NT$0.67, 4.58% and 0.30% in FY20.

  • HNCB’s net profit was NT$ 12.46 billion, declined by 17.8% YoY in FY20, owing to less treasury income (down 25.4% YoY), less NII (down 3.2% YoY), and higher provisions (up NT$0.64 billion YoY).

Benign asset quality

  • HNCB’s asset quality maintained benign with NPL ratio at 0.15% and coverage ratio at 794.77% in 4Q20, which were both superior to peers.

Stable adequate capital structure

  • HNFHC CAR ratio was 116.38% in 4Q20; HNCB CAR was 13.67%, Tier 1 was 11.35%, and CET 1 was 10.37% in 4Q20.

  • HNFHC and HNCB’s issuer credit ratings affirmed by Taiwan Ratings Corp.(2020/6)

  • HNFHC ： Long-term: twAA-; short-term: twA-1+; outlook: stable.

  • HNCB ： Long-term: twAA+; short-term: twA-1+; outlook: stable.

  • HNCB also received issuer credit rating affirmed by:

  • S&P ： Long-term: A-; short-term:A-2; outlook: stable. (2020/6)

  • Moody’s ： Long-term: A2; short-term: P-1; outlook: stable. (2021/2)

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Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

5

FY2020 Business Highlights

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Steady core business momentum

  • HNCB’s loan amounted to NT$1.80 trillion in year-end of 2020, increased by 6.8% YoY, due to growth of SME(ranked the top 4[th] ) and mortgage(resumed the top 5[th] ).

  • HNCB’s deposit amounted to NT$2.53 trillion in year-end of 2020, grew by 13.6% YoY, due to growth of NTD demand deposit which was ranked the top 3[rd] in scale. HNCB’s demand deposit ratio went up to 69.81%.

  • HNCB’s scale of fund custody amounted to NT$586.6 billion in year-end of 2020, ranked the 2[nd] largest among peers. Fee income from mutual funds reached new high in 5 years. Bancassurance fee income remains top 1[st] among pan state-owned banks.

  • HNSC’s NFI from brokerage business was NT$2.8 billion, surged by 62.1% YoY, ranked the 8[th] biggest in the industry. HNSC’s market share of brokerage was 3.19%.

  • SCIC’s written premium revenue was NT$10.12 billion, rose by 11.6% YoY in FY20, which took 5.40% market share and ranked the 7[th] largest among peers.

Awards & Achievement

  • HNFHC has been selected as a constituent stock in multiple ESG Indexes, including FTSE4Good Emerging Index, FTSE4Good TIP Taiwan ESG Index, TWSE Corporate Governance 100 index, Taiwan HC 100 Index, etc.

  • HNCB sequentially won “Taiwan Banking And Finance Best Practice Award” of The Best Digital Finance Award for 3 years (from 8[th] to 10[th] round).

  • HNCB sequentially won “2020 Taiwan Excellence Service Evaluation” of The Best Sustainability Award for 5 years.

  • SCIC won “the Most Appealing Non-Life Insurance Company to Graduates” in Modern Insurance Education Foundation’s 26[th] survey, and the 9[th] Insurance Dragon Phoenix Award.

  • SCIC won “2021 Insurance Quality Award” of The Best After Sales Service Award and The Most Recommended Award.

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Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

6

Operating Results – HNFHC

7

HNFHC: Net profit was NT$8.66 billion in FY20

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(NT$ mn or NT$ dollor)
3Q2020		 4Q2020 QoQ
2019		 QoQ
2019		 2020 YoY
Net profit
3,456		 3,733 8.0%
15,955		 8,662 -45.7%
Total assets
2,942,491		 3,101,538 5.4%
2,731,828		 3,101,538 13.5%
Book value
185,040		 189,429 2.4%
188,701		 189,429 0.4%
EPS
0.27		 0.29 7.4%
1.31		 0.67 -48.9%
Book value per share
14.39		 14.74 2.4%
15.50		 14.74 -4.9%
Capital stock
128,548		 128,548 - 121,727 128,548 5.6%
ROAA (%)
0.49		 0.51 0.02 0.59 0.30 -0.29
ROEA (%)
7.40		 7.90 0.50 8.79 4.58 -4.21
CAR (%)
114.90		 116.38 1.48 115.72 116.38 0.66
Double Leverage Ratio(%)
116.65		 116.37 (0.28) 116.77 116.37 (0.40)

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Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

8

HNFHC: Net Profits of major subsidiaries

(NT$mn)
3Q2020
Net Profit		 4Q2020
Net Profit		 QoQ
2019
Net Profit		 2020
Net Profit		 YoY
HNCB
3,135		 3,539 13%
15,169		 12,463 -18%
HNSC
378		 358 -5%
931		 (3,632) -
SCIC
236		 17 -93%
651		 482 -26%
HNIT
(113)		 (2) -
7		 (129) -
HNVC
(17)		 (7) -
24		 122 408%
HNAMC
(3)		 29 -
20		 23 15%
Total
3,616		 3,934 9%
16,802		 9,329 -44%

Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

9

Operating Results – Subsidiaries

10

HNCB: Operating Results

Net Profit (after tax)

EPS

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(NT$mn)
1.83
1.73
14,307 15,169 1.45
12,463
2018 2019 2020 2018 2019 2020
Returns Market Share
ROEA (after tax) ROAA (after tax) NTD Deposits Loans
7.92% 7.94% 6.0%
5.8%
5.7% 5.7% 5.7% 5.7%
6.24%
0.56% 0.57% 0.44%
2018 2019 2020 2018 2019 2020
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Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

11

HNCB: Net Revenue declined by 7.5% YoY

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Revenue composition of Hua Nan Bank

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(NT$mn)
NII Net fee income
(NT$mn) 2019 2020 Treasury income Others
40,707
37,657
3.2% 4.9% 25.4% 4.1% 7.5% 727
1%
697 2%
40,707
18% 7,268
37,657 5,421 14%
19% 7,581 7,213 19%
25,131
24,326
7,268 62% 25,131 24,326 65%
7,581 7,213
5,421
727 697
Net interest Net fee Treasury Others Net revenue
income income income 2019 2020
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12

HNCB: Fee income and wealth management income

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Sources of fee income

Gross WM fee income

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(NT$mn) WM FX Loans Credit card Others
(NT$mn)
YOY -4.9%
YoY -7.4%
7,581
7,213
428 6% 5,241
5% FX and structured
391 5% 302 379 4% 1% 39 4,855 products
829 11% 4% 235 YoY +79.5%
1% 70
1036 14% 8% 406
9% 432 Property trust
973 13%
841 12% 11% 509 YoY +84.0%
Custodian and
54% 2,825 certificate
40% 1,964 YoY +25.4%
Life insurance
4,960 65% YoY -30.5%
4,655 65%
Structured bonds
39%
33% 1,736 1,880 and funds
YoY +8.3%
2019 2020 2019 2020
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Note：Each classification of gross wealth management fee was amount before deducted relevant expense.

13

HNCB: loans continue increasing

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Loan composition

Loans by type

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Corporate loans Consumer loans FC loans
1,803
(NT$bn)
1,689
YOY +6.8%
254 14%
1,803
16%
1,689 266 FC loans
136 8%
YOY -4.3%
254 14% 6% 105
266 16% Other consumer
YOY +29.1%
女 581 32%
717 40% 31% 523 Mortgage
628 37% YOY +11.1%
SME & others
YOY +11.0%
31% 518 575 32% Large Corp.
YOY -7.5%
795 47% 832 46%
Government
14% 234 216 12% YOY -5.6%
2% 2%
43 41
2019 2020 2019 2020
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14

HNCB: Deposit and LDR

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Deposit composition Loan-to-deposit ratio(LDR)

(NT$bn) NTD demand deposit NTD time deposit FC deposit

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FC deposit 75.50%
74.21%
YOY +13.6%
2,528
2,225
504 20%
21%
475
2019 2020
610 24%
NTD Demand deposit ratio
528 24%
69.81%
69.19%
1,414 56%
1,222 55%
2019 2020 2019 2020
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15

HNCB: Spreads and NIM

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NTD spread FC spread
FC spread
2.21% 2.20% YoY -52bps
2.08%
QoQ +10bps
1.87%
1.82%
1.47%
1.25% 1.35% NTD spread
1.32% 1.33% 1.32% 1.31% 1.30%
1.15% 1.19% YoY -12bps
1.17%
QoQ +4bps
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
2020/03
Overall spread NIM CBC -25bps
Overall spread
FED -150bps
YoY -14bps
QoQ +6bps
1.41% 1.42% 1.40%
1.35% 1.33%
1.18% 1.15% 1.21%
NIM
0.92% 0.92% 0.96% 0.97% 0.96%
0.83% 0.83%
0.80% YoY -14bps
QoQ +3bps
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
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Note：Spread and NIM were based on quarterly average.

16

HNCB: Cost to income ratio

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Operating expense Cost-to-income ratio

(NT$mn) Other general admin expenses Depreciation and amortization Employee Benefits

YOY +3.1 percentage point

NET revenue Operating expense

YOY -2.2%

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53.1%
56.2%
21,629
21,157
40,707
37,657
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21,629 21,157 6,023 -4.5% 5,749 1,801 -0.5% 1,792 13,805 -1.4% 13,616 2019 2020 2019

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2020
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17

Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

HNSC: Operating results

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Net profit (after tax)

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(NT$mn)
931 987
456
2018 2019 2020 2020
-3632
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EPS

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1.52
1.15
0.56
2018 2019 2020 2020
-5.57
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Returns

Market share

ROEA (after tax) ROAA (after tax)

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ROEA (after tax) ROAA (after tax)
Brokerage Lending balance
9.09%
3.73% 7.34% 4.64% 4.51%
4.21%
1.07% 2.15% 2.00%
3.28% 3.36% 3.19%
2018 2019 2020 2020
-7.35%
2018 2019 2020
-33.45%
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Note：1.4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS. 2.4Q20* figures were excluded warrants trading losses NT$4,619mn.

18

HNSC: Operating results

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Revenue contribution

Underwriting performance

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Derivative
and others
1%
2020 Total
Brokerage
revenue 75%
Security
15% 4,580mn
Proprietary
4%
Underwriting
5%
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(NT$mn)
3 cases
45 cases
1840
2 cases 870
230
Lead IPO Lead SPO Co-lead
IPO&SPO
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Strategy :

  • Establish company franchise of providing professional services to strengthen customer trustfulness.

  • Strengthen Group internal and external cooperation to expand business momentum.

  • Aggressively visit customers in growing industries for businesses.

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19

SCIC: Operating results

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Business metrics

Market share

(NT$mn) Written premium revenue

Written premium market share

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YoY 10,124
8,659 9,074
+11.6%
2018 2019 2020
Returns
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5.25% 5.14% 5.40%
2018 2019 2020
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Net combined ratio

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Net claim ratio Net expense ratio
ROEA (after tax) ROAA (after tax)
12.98% 89.04% 94.05% 96.00%
11.95%
8.00% 35.76% 37.14% 34.82%
3.54% 3.43%
2.28% 53.28% 56.91% 61.18%
2018 2019 2020 2018 2019 2020
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Note：4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

20

Asset Quality

21

HNCB: Asset quality

Provision

NPL

(NT$mn) 2019 2020 YoY Provision 4,551 5,739 +26.1% Write-off 4,887 3,666 -25.0% Recovery 3,171 3,719 +17.3% Reserve 20,394 21,318 +4.5% NPL ratio HNCB Peer Average

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0.24% 0.25% 0.24%
0.21% 0.22%
0.19%
0.15%
0.12% 0.13% 0.12%
4Q19 1Q20 2Q20 3Q20 4Q20
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(NT$mn)
YoY +705mn
3,286
2,682
2,146
1,977 [ 2,130 ]
4Q19 1Q20 2Q20 3Q20 4Q20
Coverage ratio
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Peer Average HNCB
1031.65% 948.03%
977.65% 794.77%
628.59%
651.78% [569.83% ] 549.78% 579.84% 623.24%
4Q19 1Q20 2Q20 3Q20 4Q20
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Note：4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS.

22

HNCB: NPL composition

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Large Corp. NPL ratio

SME NPL ratio

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(NT$mn) NPL NPL ratio NPL NPL ratio
2,000 1.0%
2,500 2.0%
0.8%
1,500 2,000
1.5%
0.6% 1,697 1,525 1,453
1,500
1,000 1,127 1.0%
500 0.12% 275 - - - - 0.4%0.2% 1,000 500 0.18% 914 0.22% 0.31% 0.27% 0.25% 0.5%
0.00% 0.00% 0.00% 0.00%
- 0.0% - 0.0%
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
Mortgage NPL ratio Credit cost ratio
NPL NPL ratio
1,000 2.0%
800
1.5%
600
600 461 558 453 492 0.37% 0.38% 0.33%
1.0% 0.28% 0.26%
400
0.5%
200 0.11% 0.09% 0.10% 0.08% 0.08%
- 0.0%
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
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Note： 4Q20 figures were preliminary based on IFRS. The others were audited based on IFRS. 23

2021 Year Ahead Outlook

24

2021 Year Ahead Outlook

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HNCB

  • •Continuously cooperate with government policies and grasp business opportunities. Expand SME lending scale and optimize loan structure. Actively strive for leading good quality syndicated, urban renewal, unsafe and old buildings reconstruction, and 3 major Invest-in-Taiwan Initiatives related lending. Meanwhile, increase overseas and OBU good quality lending to expand spread, augment loan related fee income and overall profitability.

  • •Diversify individual financial products, provide differentiated and AI wealth management services. Impetus FSC High Net Worth Wealth Management business, and strengthen dual-coverage service model with corporate and its owner. Focus on high protective life insurance policy and investment policy. Improve both quality and quantity in mutual fund business, and add in foreign bond in product line.

  • •Optimize deposit structure and popularize bilingual financial services to heighten HNCB’s profession image and service quality.

  • •Strengthen treasury operation and expand asset pool progressively. Enlarge equity investment positions in proper timing to enrich dividend income. Also magnify security position which new position is mainly with long term fixed rate and grasp opportunity in T-Bill swing trading to increase both interest income and capital gains.

  • •Continue to optimize financial digital services and channels. Expand Hua Nan financial ecosystem through crossindustry cooperation. Implement IVR service to elevate operation efficiency, digital banking service competitiveness and customer experience.

HNSC

  • •Expand business scale and develop the 2[nd] major businesses other than brokerage to strengthen competitiveness and boost overall profitability. Integrate internal resources and seek for external alliances to ramp up underwriting momentum. Establish company franchise with providing professional services to strengthen customer trustfulness.

SCIC

  • •Continue to strengthen services in HNCB channel and provide more diversified products on shelf. Optimize eCover website and AI customer service to improve efficiency and customer experience. Increase premium revenue by big data analysis and promotion activities.

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25

Q & A

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26

Appendix

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27

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HNFHC Condensed Consolidated Income Statements

Expressed In Millions of New Taiwan Dollars, Except Earnings Per Share

Interest Income
Interest Expense
Interest Income, Net
Service fee and commission income, net
Income from insurance premiums, net
Gains(losses) on financial assets and
liabilities at fair value through profit or loss
Gains on investment properties
Realized gains(losses) from sale of fair value
through other comprehensive income
financial assets
Foreign exchange gains, net
Impairment loss
Share of the profit or loss of associates and
joint ventures
Realized gains(losses) of financial assets for
overlay approach
Other non-interest income
Net Income Excluding Interest Income
Net Revenues
Bad-debt expenses
Provisions for the insurance reserve
Operating Expenses
Employee Benefits
Depreciation and amortization
Other general and administrative expenses
Consolidated income before income tax
from continuing operations
Income Tax Expense
Consolidated net income
Basic earnings per share
Other comprehensive income
Othe comprehensive income for the period,
net of income tax
Attributable to：
Owner of the Company
Non-controlling interests		 Year(IFRSs) Quarter(IFRSs)
2019
2020
Change
(%)
45,056
36,854
-18.20%
(19,643)
(12,217)
-37.80%
25,413
24,637
-3.05%
8,716
9,354
7.32%
3,134
3,516
12.19%
2,624
(11,757)
-
699
508
-27.32%
2,283
3,390
48.49%
3,827
9,945
159.86%
(26)
34
-
6
10
66.67%
(183)
(49)
-73.22%
211
357
69.19%
21,291
15,308
-28.10%
46,704
39,945
-14.47%
(1,409)
(2,050)
45.49%
(396)
(912)
130.30%
(26,203)
(25,780)
-1.61%
(16,738)
(16,492)
-1.47%
(2,144)
(2,186)
1.96%
(7,321)
(7,102)
-2.99%
18,696
11,203
-40.08%
(2,741)
(2,541)
-7.30%
15,955
8,662
-45.71%
1.31
0.67
-48.85%
4,879
(1,113)
-
20,834
7,549
-63.77%
15,955
8,662
-45.71%
-
-
-
(Audited)
(Preliminary)		 2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
Change
(%)
11,514
11,328
11,323
10,891
10,629
8,999
8,495
8,731
2.78%
(5,225)
(5,103)
(4,871)
(4,444)
(4,201)
(3,197)
(2,531)
(2,288)
-9.60%
6,289
6,225
6,452
6,447
6,428
5,802
5,964
6,443
8.03%
2,222
2,145
2,175
2,174
2,039
2,135
2,425
2,755
13.61%
1,002
847
680
605
1,052
906
852
706
-17.14%
2,610
2,673
818
(3,477)
(3,829)
(2,360)
(1,788)
(3,780)
111.41%
116
304
127
152
116
103
122
167
36.89%
332
502
1,377
71
656
485
1,463
786
-46.27%
(317)
(1,031)
486
4,689
(1,016)
4,288
2,309
4,364
89.00%
(26)
2
1
(2)
30
7
2
(5)
-
(1)
-
2
5
(1)
6
2
3
50.00%
(120)
(16)
25
(71)
345
(307)
47
(134)
-
61
63
79
7
54
41
259
3
-98.84%
5,879
5,489
5,770
4,153
(554)
5,304
5,693
4,865
-14.54%
12,168
11,714
12,222
10,600
5,874
11,106
11,657
11,308
-2.99%
(438)
127
(404)
(694)
99
(1,312)
(998)
160
-
(340)
(154)
(76)
174
(337)
(191)
(216)
(167)
-22.69%
(6,398)
(6,616)
(6,619)
(6,570)
(6,269)
(6,152)
(6,392)
(6,967)
9.00%
(4,077)
(4,290)
(4,230)
(4,141)
(3,981)
(3,916)
(4,017)
(4,578)
13.97%
(531)
(537)
(535)
(541)
(542)
(548)
(547)
(549)
0.37%
(1,790)
(1,789)
(1,854)
(1,888)
(1,746)
(1,688)
(1,828)
(1,840)
0.66%
4,992
5,071
5,123
3,510
(633)
3,451
4,051
4,334
6.99%
(784)
(807)
(616)
(534)
(815)
(530)
(595)
(601)
1.01%
4,208
4,264
4,507
2,976
(1,448)
2,921
3,456
3,733
8.02%
0.35
0.33
0.41
0.24
(0.12)
0.23
0.27
0.29
7.41%
3,533
2,501
(1,409)
254
(7,932)
6,276
(113)
656
-
7,741
6,765
3,098
3,230
(9,380)
9,197
3,343
4,389
31.29%
4,208
4,264
4,507
2,976
(1,448)
2,921
3,456
3,733
-
-
-
-
-
-
-
-
-
-
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Preliminary)

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28

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HNFHC Condensed Balance Sheets

Expressed In Millions of New Taiwan Dollars, unless otherwise indicated

Balance Sheets
Investments accounted for
using equity method
Total assets
Total liabilities
Total Stockholders' equity
Consolidated Balance Sheets
Total assets
Total liabilities
Total Stockholders' equity
Parent stockholders' equity
Minority Interest
Capital Stock		 Year(IFRSs)
Quarter(IFRSs)
2019
2020
Change
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
Change
(%)
(%)
219,582
219,601

0.01%
212,703
212,729
216,029
219,582
210,143
211,601
214,918

219,601

2.18%
221,564
221,305
-0.12%
215,959

222,254

219,294
221,564
212,802

222,061

218,612
221,305

1.23%
32,866

31,878
-3.01%
34,062

39,884

33,826

32,866

33,484

40,366
33,574

31,878
-5.05%
188,698 189,427
0.39% 181,897 182,370 185,468 188,698 179,318 181,695 185,038 189,427
2.37%
2,731,828
3,101,538
13.53%
2,661,421
2,681,952
2,676,240

2,731,828

2,770,137

2,860,221

2,942,491

3,101,538
5.41%
2,543,128
2,912,109

14.51%
2,479,523
2,499,580

2,490,770

2,543,128
2,590,817
2,678,524

2,757,451

2,912,109
5.61%
188,698 189,427
0.39% 181,896 182,370 185,468
188,698 179,318 181,695 185,038
189,427
2.37%
2 2
- 2 2 2 2 2 2 2
2
-
121,727
128,548
5.60%
115,436
115,436
121,727
121,727
121,727
121,727
128,548
128,548
-
(Audited)
(Preliminary)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Preliminary)

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29

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HNFHC Condensed Income Statements Expressed In Millions of New Taiwan Dollars, unless otherwise indicated

Operating Income
Income from investments
accounted for using equity
method
Other revenue
Operating Expenses
Interest and Other Expenses
And Losses
Income before income tax
Income after income tax
Basic earnings per share
(before tax)
Basic earnings per share
(after tax)		 2019
2020
Change
(%)
16,802
9,328
-44.48%
58
69
18.97%
(589)
(469)
-20.37%
(316)
(266)
-15.82%
15,955
8,662
-45.71%
15,955
8,662
-45.71%
1.31
0.67
-48.85%
1.31
0.67
-48.85%
(Audited)
(Preliminary)
Year(IFRSs)		 Quarter(IFRSs)
2019
16,802
58
(589)
(316)
15,955
15,955
1.31
1.31
(Audited)		 2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
4,424
4,482
4,681
3,215
(1,302)
3,081
3,616
(2)
1
60
(1)
(1)
1
63
(135)
(141)
(156)
(157)
(73)
(92)
(159)
(79)
(78)
(78)
(81)
(73)
(69)
(64)
4,208
4,264
4,507
2,976
(1,449)
2,921
3,456
4,208
4,264
4,507
2,976
(1,449)
2,921
3,456
0.35
0.35
0.37
0.24
(0.12)
0.23
0.27
0.35
0.35
0.37
0.24
(0.12)
0.23
0.27
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)		 2020Q4
Change
(%)
3,933
8.77%
6
-90.48%
(146)
-8.18%
(60)
-6.25%
3,733
8.02%
3,733
8.02%
0.29
7.41%
0.29
7.41%
(Preliminary)

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30

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HNFHC Key Financial Ratios(Standalone)

UNIT：%
ROA(after tax)
ROE(after tax)
Double Leverage Ratio
(Note1)
Capital Adequacy Ratio
(Consolidated basis)		 2019
2020
Change
7.44
3.91
-3.53
8.79
4.58
-4.21
116.77
116.37
-0.40
115.72
116.38
0.66
(Audited) (Preliminary)
Year(IFRSs)		 Quarter(IFRSs)
2019
7.44
8.79
116.77
115.72
(Audited)		 3M2019
6M2019
9M2019
FY2019
3M2020
6M2020
9M2020
7.95
7.89
8.11
7.44
-2.67
1.33
2.99
9.46
9.50
9.62
8.79
-3.15
1.59
3.52
117.41
117.12
116.93
116.77
117.73
116.84
116.65
120.19
118.78
118.78
115.72
115.72
114.90
114.90
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)		 FY2020
Change
3.91
0.92
4.58
1.06
116.37
-0.28
116.38
1.48
(Preliminary)

Note1 ： Double Leverage Ratio=Long-term Investment/Stockholders' Equity Note2 ： Revise semiannually.

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31

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HNCB Condensed Income Statements

Expressed In Millions of New Taiwan Dollars, Except Earnings Per Share

Year(IFRSs) Quarter(IFRSs) Quarter(IFRSs)
2019 2020 Change 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 Change
(%) (%)
Interest Income 44,336 37,456 -15.52% 11,309 11,160 11,144 10,723 10,441 8,854 8,334 9,827 17.91%
Interest Expense (19,205) (13,130) -31.63% (5,120) (4,997) (4,762) (4,326) (4,088) (3,101) (2,450) (3,491) 42.49%
Interest Income, Net 25,131 24,326 -3.20% 6,189 6,163 6,382 6,397 6,353 5,753 5,884 6,336 7.68%
Service fee and commission income, net 7,581 7,213 -4.85% 2,025 1,887 1,853 1,816 1,668 1,670 1,776 2,099 18.19%
Gains(losses) on financial assets and liabilities at fair
value through profit or loss		 1,368 (7,735) - 2,182 2,593 536 (3,943) 1,488 (3,104) (1,962) (4,157) -111.88%
Realized gains(losses) from sale of fair value through
other comprehensive income financial assets		 1,933 3,161 63.53% 320 433 1,159 21 559 445 1,366 791 -42.09%
Foreign exchange gains, net 3,967 9,995 151.95% (296) (1,095) 577 4,781 (1,016) 4,337 2,300 4,374 90.17%
Share of the profit or loss of associates and joint 39 36 -7.69% 9 10 10 10 5 7 5 19 280.00%
ventures
Impairment loss (23) 35 - (26) 2 2 (1) 30 - 2 (4) -
Other non-interest income 711 626 -11.95% 140 287 147 137 113 100 319 94 -70.53%
Net Income Excluding Interest Income 15,576 13,331 -14.41% 4,354 4,117 4,284 2,821 2,847 3,455 3,806 3,216 -15.50%
Net Revenues 40,707 37,657 -7.49% 10,543 10,280 10,666 9,218 9,200 9,208 9,690 9,552 -1.42%
Bad-debt expenses (1,384) (2,021) 46.03% (425) 140 (406) (693) 106 (1,291) (988) 152 -
Operating Expenses (21,629) (21,157) -2.18% (5,321) (5,508) (5,488) (5,312) (5,218) (5,065) (5,183) (5,691) 9.80%
Employee Benefits (13,805) (13,616) -1.37% (3,375) (3,568) (3,499) (3,363) (3,331) (3,227) (3,256) (3,802) 16.77%
Depreciation and amortization (1,801) (1,792) -0.50% (444) (451) (450) (456) (455) (458) (456) (423) -7.24%
Other general and administrative expenses (6,023) (5,749) -4.55% (1,502) (1,489) (1,539) (1,493) (1,432) (1,380) (1,471) (1,466) -0.34%
Income before income tax from continuing operations 17,694 14,479 -18.17% 4,797 4,912 4,772 3,213 4,088 2,852 3,519 4,013 14.04%
Income Tax Expense (2,525) (2,016) -20.16% (757) (725) (570) (473) (739) (419) (384) (474) 23.44%
Net income 15,169 12,463 -17.84% 4,040 4,187 4,202 2,740 3,349 2,433 3,135 3,539 12.89%
Basic earnings per share 1.83 1.45 -20.77% 0.49 0.47 0.49 0.38 0.40 0.27 0.37 0.41 10.81%
Other comprehensive income 4,532 (1,014) - 3,153 2,374 (1,225) 230 (7,182) 5,949 (364) 583 -
Total comprehensive income for the period 19,701 11,449 -41.89% 7,193 6,561 2,977 2,970 (3,833) 8,382 2,771 4,122 48.75%
(Audited) (Preliminary) (Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Preliminary)

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32

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HNCB Condensed Balance Sheets

Expressed In Millions of New Taiwan Dollars, unless otherwise indicated

Assets
Cash and cash equivalents, due from the
Central Bank and other banks
Financial assets at fair value through
profit or loss, net
Financial assets from sale of fair value
through other comprehensive income
Debt instrument investment measured by
amortized cost
Investments accounted for using equity
method
Receivables, net
Loans, net
Plant, property, and equipment
Other assets
Total Assets
Liabilities
Deposits and remittances
Other liabilities
Total Liabilities
Stockholders' Equity
Total Liabilities and Stockholders' Equity		 Year(IFRSs) Quarter(IFRSs)
2019
2020
Change
(%)
179,788

258,749
43.92%
71,144
43,863
-38.35%
200,624
226,989
13.14%
447,030
612,330
36.98%
1,465

1,493
1.91%
24,967
21,260
-14.85%
1,670,213
1,784,392
6.84%
28,365
30,708

8.26%
35,370
45,767

29.39%
2,658,966 3,025,551
13.79%
2,226,607
2,529,102
13.59%
234,705
294,465
25.46%
2,461,312
2,823,567
14.72%
197,654
201,984

2.19%
2,658,966
3,025,551
13.79%
(Audited)
(Premilinary)		 2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
Change
(%)
221,873
188,456
186,307
179,788
198,428
222,823
226,642
258,749
14.17%
76,898
81,077
72,607
71,144
76,069
69,430
43,855
43,863
0.02%
165,676

177,371
185,632

200,624
186,057
200,836
205,180
226,989
10.63%
448,649
467,950
454,867

447,030

470,877
469,420
535,423
612,330
14.36%
1,494
1,492
1,467
1,465
1,461
1,449
1,473
1,493
1.36%
21,969
24,848
24,873
24,967
22,587
23,676
23,745
21,260
-10.47%
1,592,196
1,605,494
1,618,317
1,670,213
1,682,890
1,741,298
1,762,480
1,784,392
1.24%
28,647
28,522
28,435
28,365
28,274
28,127
28,225
30,708
8.80%
35,260
34,893
33,578
35,370
33,684
34,451
46,138
45,767
-0.80%
2,592,662
2,610,103
2,606,083
2,658,966
2,700,327
2,791,510
2,873,161
3,025,551
5.30%
2,133,126
2,131,543
2,143,609
2,226,607
2,268,057
2,357,467
2,389,140
2,529,102
5.86%
267,685
286,853
267,789
234,705
238,450
238,951
286,159
294,465
2.90%
2,400,811
2,418,396
2,411,398
2,461,312
2,506,507
2,596,418
2,675,299
2,823,567
5.54%
191,851
191,707
194,685
197,654
193,820
195,092
197,862
201,984
2.08%
2,592,662
2,610,103
2,606,083
2,658,966
2,700,327
2,791,510
2,873,161
3,025,551
5.30%
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Audited)
(Reviewed)
(Premilinary)

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33

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HNSC Consolidated Income Statements

Expressed In Millions of New Taiwan Dollars, unless otherwise indicated

Year(IFRSs) Year(IFRSs) Quarter(IFRSs) Quarter(IFRSs)
2019 2020 Change 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 Change
(%) (%)
Operating Revenue
Commissions and Fees - Brokerage 2,128 3,273 53.81% 439 514 559 616 655 745 957 916 -4.28%
Security lendinig income 116 103 -11.21% 22 30 34 30 26 24 22 31 40.91%
Commissions and Fees - Underwriting 32 72 125.00% 4 9 9 10 25 13 8 26 225.00%
Commissions and Fees - WM business 8 5 -37.50% 2 2 2 2 2 2 1 - -
Gains (Losses) on sales of securities 508 197 -61.22% 188 38 13 269 (16) (9) 78 144 84.62%
Stock affairs agent fees 31 34 9.68% 7 8 9 7 7 10 9 8 -11.11%
Interest Income (Net) 573 579 1.05% 137 138 137 161 155 121 145 158 8.97%
Dividend Income 216 35 -83.80% 3 31 174 8 5 5 25 - -100.00%
Gains (Loss) on valuation of securities 136 (97) - 48 13 (17) 92 (111) 33 (17) (2) 88.24%
Gains (Loss) on warrants issued 26 76 192.31% 2 1 (5) 28 (4,842) 4,942 (25) 1 -
Gains (Loss) on Derivative Instruments (177) (4,747) - (82) (14) 2 (83) 153 (4,878) (14) (8) 42.86%
Others 5 54 980.00% (6) (3) 70 (56) 15 11 16 12 -25.00%
Operating Revenue 3,602 (416) - 764 767 987 1,084 (3,926) 1,019 1,205 1,286 6.72%
Operating Expenses (2,842) (3,099) 9.04% (643) (680) (719) (800) (731) (732) (794) (842) 6.05%
Others Non-operating Gains or Loss 254 233 -8.27% 57 88 52 57 54 70 64 45 -29.69%
Profit Before Tax 1,014 (3,282) - 178 175 320 341 (4,603) 357 475 489 2.95%
Tax Expense (83) (350) 321.69% (3) (26) (29) (25) (58) (64) (97) (131) 35.05%
Net Income (Loss) 931 (3,632) - 175 149 291 316 (4,661) 293 378 358 -5.29%
Other Comprehensive Income 115 (300) - 164 56 (173) 69 (478) 159 40 (21) -
Total Comprehensive Income for the year 1,046 (3,932) - 339 205 118 385 (5,139) 452 418 337 -19.38%
EPS 1.15 (5.57) - 0.22 0.18 0.36 0.39 (7.16) 0.45 0.58 0.56 -3.45%
Total Assets 47,880 50,999 6.51% 43,685 45,730 44,770 47,880 44,282 41,614 46,654 50,999 9.31%
Total Liabilities 34,784 42,377 21.83% 31,075 33,136 32,058 34,784 36,325 33,791 38,369 42,377 10.45%
Total Stockholder's Equity 13,096 8,622 -34.16% 12,610 12,594 12,712 13,096 7,957 7,823 8,285 8,622 4.07%
(Audited) (Preliminary) (Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Preliminary)

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34

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SCIC Condensed Income Statements

Expressed In Millions of New Taiwan Dollars, unless otherwise indicated

2019
Operating Revenue
7,549
Operating Cost
(5,210)
Gross Profit Margin
2,339
Operating Expense
(1,586)
Operating Net Income (Loss)
753
Nonoperating Gains (Loss)
2
755
Income Tax Benefit (Expense)
(104)
Net Income (Loss)
651
Other Comprehensive Income
366
Total Comprehensive Income For The Yea
1,017
EPS
3.25
Total Assets
19,937
Total Liabilities
13,993
Total Stockholder's Equity
5,944
Income (Loss) Before Income Tax from
continuing operations		 Quater(IFRSs)
Year(IFRSs)		 Quater(IFRSs)
Year(IFRSs)
2020
Change
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
(%)
8,108
7.40%
1,848
1,857
1,965
1,879
1,872
2,005
2,175
(5,950)
14.20%
(1,291)
(1,294)
(1,379)
(1,246)
(1,396)
(1,401)
(1,515)
2,158
-7.74%
557
563
586
633
476
604
660
(1,612)
1.64%
(389)
(385)
(375)
(436)
(398)
(397)
(407)
546
-27.49%
168
178
211
197
78
207
253
11
450.00%
1
-
1
-
10
-
1
557
-26.23%
169
178
212
197
88
207
254
(75)
-27.88%
(22)
(28)
(21)
(34)
(31)
(35)
(18)
482
-25.96%
147
150
191
163
57
172
236
125
-65.85%
217
90
19
40
(477)
434
(18)
607
-40.31%
364
240
210
203
(420)
606
218
2.41
-25.85%
0.73
0.75
0.95
0.81
0.28
0.86
1.18
22,425
12.48%
19,277
19,863
20,117
19,937
20,509
21,399
21,604
16,313
16.58%
13,963
14,332
14,376
13,993
14,985
15,707
15,695		 2020Q4
Change
(%)
2,056
-5.47%
(1,638)
8.12%
418
-36.67%
(410)
0.74%
8
-96.84%
-
-100.00%
8
-96.85%
9
-
17
-92.80%
186
-
203
-6.88%
0.10
-91.53%
22,425
3.80%
16,313
3.94%
6,112
3.44%
2020
8,108
(5,950)
2,158
(1,612)
546
11
557
(75)
482
125
607
2.41
22,425
16,313		 2020Q4
2,056
(1,638)
418
(410)
8
-
8
9
17
186
203
0.10
22,425
16,313
6,112 2.83%
5,314
5,531
5,741
5,944
5,524
5,692
5,909		 6,112

(Audited) (Preliminary)

(Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Audited) (Reviewed) (Preliminary)

==> picture [560 x 24] intentionally omitted <==

==> picture [145 x 34] intentionally omitted <==

35

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