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IBF — Interim / Quarterly Report 2020
May 28, 2020
52219_rns_2020-05-28_022aa990-b947-4dd1-9ca3-8e4912e99458.pdf
Interim / Quarterly Report
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~~Business Review Conference~~
Agenda
IBFFH Operation Highlights IBFC Operation Highlights IBFS Operation Highlights IBF VC Operation Highlights Guo Want Operation Highlights The Preparation Progress of RICB
IBFFH Operation Highlights
Organizational Chart of Affiliated Enterprises
Date ： 2020-05-18
IBF Financial Holdings Co., Ltd. Paid-in Capital: NT$ 28,480,645,960
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100% 100% 58.09% 49%
International Bills Finance Rakuten International
IBF Venture Capital Co., Ltd. IBF Securities Co., Ltd.
Corporation Commercial Bank Co., Ltd.
Paid-in Capital: Paid-in Capital:
Paid-in Capital: Paid-in Capital:
NT$ 1,540,000,000 NT$ 7,750,000,000
NT$ 15,690,000,000 NT$ 10,000,000,000
100% 99.88% 100% 100%
IBF Financial Holding (BVI) IBF Futures Co., Ltd. IBF Securities Investment Waterland Securities (BVI)
Co., Ltd. Paid-in Capital: NT$ Consulting Co., Ltd. Co., Ltd.
Paid-in Capital: US$ 30,100,000 600,000,000 Paid-in Capital: NT$ 90,000,000 Paid-in Capital: US$ 5,852,000
100%
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Guo Want International Leasing Corp. Paid-in Capital: US$ 30,000,000
Through consistent integrity and superior investment expertise, IBFFH strives to provide optimal financial solutions to our clients.
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IBFFH Operation Highlights
Operating Summary-Consolidated Financial Info
| Operating Summary-Consolidated Financial Info | |
|---|---|
| 2018 2019 2020 Jan.~Apr. (Unaudited) 2019 Jan.~Apr. (Unaudited) Growth Net Income- After Tax ( NT$mn ) 2,022 2,629 827 814 1.60% Stockholders’ Equity ( NT$mn) 32,436 35,688 35,712 34,216 4.37% Book Value Per Share (NT$) 11.58 12.53 12.54 12.13 3.38% EPS(NT$) 0.72 0.92 0.29 0.29 0.00% |
|
| 2,022 2,629 0.72 0.92 2018 2019 Net Income-After Tax ( NT$mn ) EPS(NT$) |
|
| 814 827 0.29 0.29 2019/1-4 2020/1-4 Net Income-After Tax ( NT$mn ) EPS(NT$) |
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The 2019 net Income after tax is NT$ 2.6 billion, which achieved a 30.02% growth over 2018, The 2020 Jan.~Apr. net Income after tax is NT$ 0.8 billion, which achieved a 1.6% growth over the same period in 2019, with EPS reaching NT$ 0.29, and NT$ 12.54 Book Value Per Share.
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IBFFH Operation Highlights
Operating Summary-Financial Ratios
| 2020 | 2019 | 7.92 | ||||
|---|---|---|---|---|---|---|
| 2018 | 2019 | Jan.~Apr. | Jan.~Apr. | |||
| (Unaudited) | (Unaudited) | 6.95 | ||||
| ROA | 1 (%) | 0.79 | 1.07 | - | - | 5.94 |
| ROE | (%) | 5.94 | 7.92 | 6.95 | 7.33 | |
| CAR | (%) | 160.86 | 128.10 | 129.78 | 146.21 | |
| DLR | (%) | 107.35 | 100.12 | 98.10 | 105.82 | 2018 2019 2020/1-4 ROE(%) |
Note ： ROE is based on consolidated financial statements.
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Jan.~Apr. 2020 CAR and DLR are also maintained in an same level.
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IBFFH Operation Highlights
Subsidiaries Financial Info - IBFC
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2,222
2020 2019 1.26
1,895
2018 2019 Jan.~Apr. Jan.~Apr. Growth
(Unaudited) (Unaudited) 1.05
Net Profit
2,923 3,623 1,312 1,098 19.49%
( NT$mn )
2018 2019
Net Income Net Profit( NT$mn ) EPS(NT$)
– After Tax 1,895 2,222 859 696 23.42% 859
( NT$mn )
696
0.55
EPS(NT$) 0.38
1.05 1.26 0.55 0.38 44.74%
2019/1-4 2020/1-4
Net Profit( NT$mn ) EPS(NT$)
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IBFC keeps aiming at loan cases with collateral and profit, and enhancing foreign bond position. The 2019 net Income after tax is NT$ 2.2 billion, which achieved a 17.25% growth over 2018. Net Income-After Tax of Jan.~Apr., 2020 is NT$ 859 million, a 23.42% growth over the same period in 2019.
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IBFFH Operation Highlights
Subsidiaries Financial Info - IBFS
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2020 2019 1.17
2018 2019 Jan.~Apr. Jan.~Apr. Growth
(Unaudited) (Unaudited)
910
0.43
Net Income
–After Tax 325 910 105 220 -52.27% 325
( NT$mn ) 2019 2020
Net Income-After Tax(NT$mn) EPS(NT$)
0.28
0.14
EPS(NT$) 0.43 1.17 0.14 0.28 -50.00% 220
105
2019/1~4 2020/1~4
Net Income-After Tax(NT$mn) EPS(NT$)
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IBFS’s Net Income-After Tax in 2019 is NT$ 910 million, delivering a 180% growth over the same period in 2018. In Jan.~Apr. 2020, global stock markets suffer from the impact of covid-19 epidemic, proprietary trading profit is under shock, so IBFS is getting more cautious.
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IBFFH Operation Highlights
Subsidiaries Financial Info–IBF VC
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2020 2019
2018 2019 Jan.~Apr. Jan.~Apr.
0.83
(Unaudited) (Unaudited)
0.64
Net
Income –
98 128 (26) 64
After Tax 128
( NT$mn )
98
EPS(NT$) 0.64 0.83 (0.17) 0.41
2018 2019
Net Income-After Tax( NT$mn ) EPS(NT$)
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IBF VC’s income of 2019 is higher over the same period in 2018. Loss during Jan.~Apr. 2020 is mainly from disposal of investment position; the major reason is stock price fluctuation caused by COVID-19 epidemic.
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IBFFH Operation Highlights
Subsidiaries -Financial Ratios
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IBFC
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2018
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2019
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2020 Jan.~Apr.
(Unaudited, annualized)
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| ROA(%) | 0.83 | 0.97 | 1.13 |
|---|---|---|---|
| ROE(%) | 6.69 | 7.84 | 9.16 |
| CAR(%) | 14.11 | 13.53 | 13.68 |
| NPL(%) | 0.00 | 0.17 | 0.21 |
| IBFS | 2018 | 2019 | 2020 Jan.~Apr. (Unaudited, annualized) |
| ROA(%) | 0.87 | 2.17 | 0.66 |
| ROE(%) | 3.73 | 9.74 | 3.21 |
| CAR(%) | 329 | 272 | 262 |
| IBF VC | 2018 | 2019 | 2020 Jan.~Apr. (Unaudited, annualized) |
| ROA(%) | 4.33 | 5.23 | -2.80 |
| ROE(%) | 7.05 | 8.84 | -5.48 |
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The 2019 annualized ROA and ROE of IBFC, IBFS and IBF VC marked growth over the same period in 2018.
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IBFFH Operation Highlights
Profit contribution from subsidiaries
Unit ： NT$mn
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Subsidiaries
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2018
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2019
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2020 Jan.~Apr.
(Unaudited)
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Amount
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%
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Amount
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%
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Amount
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%
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| IBFC | 1,895 | 86.4% | 2,222 | 77.4% | 859 | 94.9% |
|---|---|---|---|---|---|---|
| IBFS | 198 | 9.1% | 531 | 18.5% | 65 | 7.2% |
| IBF VC | 99 | 4.5% | 116 | 4.1% | -19 | -2.1% |
| Total | 2,193 | 100.0% | 2,869 | 100.0% | 905 | 100.0% |
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A significant share of IBFFH’s profit came from the earnings of IBFC, but profit contribution from IBFS also increased.
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IBFFH Operation Highlights
Summary of 2019 Performance and Earnings
-
Under Central Bank’s stabilizing monetary policy in 2019, liquidity of the money market increased. IBFC proactively developed niche markets and adjusted customer structures to maintain spread. In addition, IBFC continued to develop customers of non-guarantee CP, so the revenue from bills grew by 6%.
-
As China-US trade war caused economic slowdown, Fed cut the fed funds rate for the third time to 1.50%-1.75%. The rate cut lowered foreign currency cost of capital and increased spread of IBFC’s foreign bond portfolio, so the interest income and trading profit of IBFC increased stably. In the domestic market, private investment growth has driven economic performance. The central bank of Taiwan maintained interest rate unchanged for 14 consecutive quarters, and the profit of IBFC’s Taiwan bond portfolios has reduced gradually with the maturity of highyield positions.
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IBFFH Operation Highlights
Summary of 2019 Performance and Earnings
-
Though under the fluctuating Taiwan stock market and international economic situation, IBFS enjoyed outstanding performance in 2019 as brokerage, proprietary trading and underwriting businesses are all running well. IBFS’s Net Income-After Tax in 2019 is NT$ 910 million, delivering a 180% growth over the same period in 2018.
-
IBF VC’s income is mainly from investment asset disposal, cash dividend and stable Guo Want profit. Net Income-After Tax in 2019 increased 30.6% over the same period in 2018.
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IBFFH Operation Highlights
Summary of Jan.~Apr. 2020 Performance and Earnings
From Jan. to Apr. 2020, the central bank of Taiwan cut the interest rate by 0.25% at the end of the 1st quarter to cope with the Covid-19 epidemic. The money market fund liquidity grew and the spread of IBFC ‘s bill business increased. Moreover, IBFC signed large amount FRCP contracts to increase the revenue of bill business. In early 2020, due to the Covid-19 epidemic as well as the collapse of international stocks, bonds and oil prices, the financial market was volatile. Furthermore, the dollar liquidity crisis caused the spread of credit bonds expanded. However, the foreign currency bond portfolios of IBFC were all investment grade bonds with 30% of sovereign debts. After the subsequent interest rate cut, which reached 150 BPS, and multi-channels of the dollar provided by the Fed, the global dollar shortage alleviated, as well as the RP cost and spread of IBFC gradually stabilized, and overall bond yields and trading benefits were well-maintained. As the domestic market, benefiting from the interest rate cut by the central bank of Taiwan, the liquidity and spread of Taiwan bonds increased. Under the liquidity spillover effect, the yield of Taiwan index bonds gradually lowered, and the gain on valuation of position held also remained high level.
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IBFFH Operation Highlights
Summary of Jan.~Apr. 2020 Performance and Earnings
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IBFS’s Net Income-After Tax in Jan.~ Apr. 2020 declined 52% in the same period in 2019 due to proprietary trading profit not as expected, thanks to the COVID-19 epidemic.
-
IBF VC’s loss during Jan.~Apr. 2020 is mainly from disposal of investment position; the major reason is stock price fluctuation caused by COVID-19 epidemic.
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IBFFH Operation Highlights
Allotment Of Shares In Recent 5 Years
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Cash Dividend(NT$) | 0.26 | 0.55 | 0.65 | 0.45 | 0.65 |
| Stock Dividend(NT$) | 0.26 | 0.15 | 0.12 | 0.10 | 0.17 |
| Total Dividend (NT$) | 0.52 | 0.70 | 0.77 | 0.55 | 0.82 |
| EPS for the previous year (NT$) | 0.58 | 0.78 | 0.86 | 0.72 | 0.92 |
| Dividend Payout Ratio | 89.66% | 89.74% | 89.53% | 76.39% | 89.13% |
| The closing price prior to ex- dividend day(NT$) |
8.16 | 9.64 | 11.45 | 10.90 | 10.77* |
| Cash Dividend Yield | 3.19% | 5.71% | 5.68% | 4.13% | 6.04% |
*During January ~ April, 2020
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IBFFH plans to distribute NT$ 0.65 cash dividend in 2020, which makes a 6.04% dividend yield based on the average closing price from January to April 2020. The dividend yield is 5.94% based on end Apr. closing price, NT$ 10.95. Higher proportion of cash dividend will be IBFFH’s preferred dividend policy in the foreseeable future.
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A enda g
IBFFH Operating Highlights IBFC Operating Highlights IBFS Operating Highlights IBF VC Operating Highlights Guo Want Operating Highlights The Preparation Progress of RICB
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IBFC Operating Highlights
Revenue Breakdown
| Revenue | Breakdown | ||||||
|---|---|---|---|---|---|---|---|
Unit：NT$ mn. |
|||||||
| 2018 | 2019 | 2020 | Jan.~Apr. | ||||
| Bills | 1,937 | 66.27% | 2,055 | 56.72% | 825 | 62.88% | |
| Bonds | 953 | 32.60% | 1,402 | 38.70% | 665 | 50.69% | |
| Equity | 41 | 1.40% | 192 | 5.30% | (190) | (14.48)% | |
| Other | (8) | (0.27)% | (26) | (0.72)% | 12 | 0.91% | |
| Total | 2,923 | 100.00% | 3,623 | 100.00% | 1,312 | 100.00% |
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IBFC’s major profits come from bills and bonds business. Besides, since the inception of foreign currency bond business in 2014, IBFC has proactively built foreign bond position, which also generated good profits each year.
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IBFC Operating Highlights
Bills Revenue Composition
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NT$ 100mn Guaranteed CP Interest rate spread
Unit:bp
1,400 220
1,155 1,150
1,114
1,200
170
1,000
120
800
115.84
600 107.79 108.27 70
400
20
200
0 -30
2018 2019 2020/1~4
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IBFC strives to develop businesses of the real estate, green energy and investment industries in order to increase the profit by adjusting the customer structures and rising the spread. The balance of IBFC’s guaranteed CP in 2019 was well-maintained. However, the capital reduction made in Nov. 2019 resulted in a decline of guaranteed CP balance in Jan.~Apr.2020, but the interest spread was increasing.
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IBFC Operating Highlights
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– Underwriting volume in Bills FRCP
Unit: NT$ 100 mn
FRCP Underwriting Volume
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1000
900 819
800 711
700 651
600
500
400
300
200
100
0
2018 2019 2020/1~4
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*FRCP: Revolving bill of fixed/float rate with a term more than 1 year.
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In the past 3 years, the underwriting volume of FRCP keeps growing, amounting from NT$ 65.1 billion in Dec. 2019 to NT$ 81.9 billion in Apr. 2020. IBFC will keep promoting FRCP business.
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IBFC Operating Highlights
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Trading volume in Bills – Secondary market trading
Unit: NT$ mn
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Domestic banks ranked highest in the buy side of CP secondary market, followed by corporate customers, state funds, and mutual funds. The diversified funding sources secure enough liquidity. IBFC still upholds market leadership in trading CP secondary market.
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A enda g
IBFFH Operating Highlights IBFC Operating Highlights IBFS Operating Highlights IBF VC Operating Highlights Guo Want Operating Highlights The Preparation Progress of RICB
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IBFS Operating highlights
Operation Overview
| Operation Overview | Unit：NT$ 100mn |
||||
| 2020 | 2019 | ||||
| 2018 | 2019 | Growth | |||
| Jan.~Apr. | Jan.~Apr. | ||||
| Volume of Brokerage | 16,621 | 15,327 | 6,420 |
4,504 | 42.54% |
| Market share of Brokerage(%) |
2.06 | 2.09 | 2.07 | 2.06 | 0.49% |
| Balance of Margin Loan | 102.90 | 89.11 | 82.94 | 84.04 | -1.36% |
| Market share of Margin Loan(%) |
4.53 | 4.98 | 5.07 | 4.88 | 3.89% |
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Under the impact of US-China trade war, the daily transaction volume and average balance of margin trading in TWSE in 2019 declined significantly. The brokerage volume and balance of margin loan of IBFS are therefore affected.
In Jan.~Apr. 2020, global stock markets suffer from the impact of covid-19 epidemic, investors sell all their shares so the daily transaction volume in TWSE increased from the same period last year and average balance of margin trading in TWSE in 2019 declined. But market share of margin loan increases as IBFS’s decline is less severe than market average.
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IBFS Operating highlights
Revenue Breakdown
Unit: NT$ ‘000
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2018
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2019
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2020 Jan.~Apr.
(Unaudited)
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| Brokerage | 1,915,322 | 84.40% | 1,751,627 | 59.02% | 712,192 | 76.92% |
|---|---|---|---|---|---|---|
| Proprietary Trading | 296,505 | 13.07% | 1,068,892 | 36.01% | 168,309 | 18.18% |
| Underwriting | 38,326 | 1.69% | 130,663 | 4.40% | 40,385 | 4.36% |
| Others | 19,124 | 0.84% | 17,022 | 0.57% | 5,001 | 0.54% |
| Total | 2,269,277 | 100% | 2,968,204 | 100.00% | 925,887 | 100.00% |
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In 2019, proprietary trading and underwriting business is increased significantly, with combined revenue accounting for more than 40% of the total. It is a balanced income structure.
In Jan.~Apr. 2020, the stock market fell sharply due to the impact of covid-19 epidemic, the average daily transaction total volume of TWSE and OTC still reaches NTD 200 billion. So brokerage handling fee income increased which rendered increased Brokerage figures.
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IBFFH Operating Highlights IBFC Operating Highlights IBFS Operating Highlights IBF VC Operating Highlights Guo Want Operating Highlights The Preparation Progress of RICB
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IBF VC Operation Highlights
Revenue Breakdown
Unit: NT$ ‘000
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2018
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2019
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2020Jan.~ Apr.
(Unaudited)
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| Gain on disposal of investments, net | 64,139 | 43.25% | 78,096 | 38.55% | (31,894)(1,109.84%) | (31,894)(1,109.84%) |
|---|---|---|---|---|---|---|
| Equity in gain of affiliates, net | 54,683 | 36.87% | 100,328 | 49.53% | **25,276 ** | 879.57% |
| Dividend income | 29,281 | 19.74% | 23,443 | 11.57% | **3,410 ** | 118.67% |
| Other income | 205 | 0.14% | 699 | 0.35% | 334 | 11.60% |
| Total | 148,308 | 100% | 202,566 | 100.00% | **(2,874) ** | (100.00%) |
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The main income of IBF VC comes from the cash dividend and disposal of long-term investments, a well as profits of its subsidiary, Guo -Want.
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IBF VC Operation Highlights
Portfolio of Invested Industries
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E-Commerce, 5%
Electric Machinery, 9%
Chain Restaurant, 8%
Opto-electronics, 5%
Cultural and
Semi-Conductor, Creative, 12%
15%
Traditional, 6%
Electronic Biotech, 12% Others, 22%
Components,
6%
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In Jan.~Apr. 2020, total long-term investments amounted to NT$ 1.133 billion, most of which are in Semi-Conductor, biotech, cultural and creative industry, followed by electric machinery, and chain restaurants.
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A enda g
IBFFH Operating Highlights IBFC Operating Highlights IBFS Operating Highlights IBF VC Operating Highlights Guo Want Operating Highlights The Preparation Progress of RICB
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Guo Want Operation Highlights
Financial Highlights
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Unit: RMB’000
950,000
82,998
68,002
900,000
850,000
800,000
732,434
750,000
700,000
651,701
692,545
650,000
23,541
21,740
600,000
11,465 550,000
5,748
500,000
2018 2019 2020/1~4
Revenue 68,002 82,998 23,541
Net Income 11,465 21,740 5,748
Loan Balance 692,545 732,434 651,701
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Guo-Want is performing great profitability of tens of millions RMB in recent years, and its revenue grows year by year. However, the outstanding loan balance in early 2020 decreases due to Guo-Want being cautious as COVID-19 epidemic impacts the market.
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Guo Want Operation Highlights
Industry Sectors of the Loan Portfolio
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18%
36%
14%
12%
9%
11%
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The loan portfolio is mainly consisted of real estate, metal processing, service, textile , and chemical industries, which take 64% of total credit extended.
Real Estate Metal Processing Service Textile Chemical industry Others
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Guo Want Operation Highlights
Non-Performing Loans
Unit:RMB'000
| - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 |
0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%2016.03 2016.06 2016.09 2016.12 2017.03 2017.06 2017.09 2017.12 2018.03 2018.06 2018.09 2018.12 2019.03 2019.06 2019.09 2019.12 2020.03 2020.04 |
Loan Balance NPL NPL Ratio |
|---|---|---|
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From 2017 to Apr. 2020, NPL ratio is well under 2.5%.
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Guo Want Operation Highlights
Unit: NT$’000
| Paid-in Capital |
Accumulated Outflow of Investment from Taiwan |
Percentage of Ownership |
2017 P&L |
2018 P&L |
2019 P&L |
Carrying Amount 2019 |
Accumu-lated P&L* |
|---|---|---|---|---|---|---|---|
| 904,543 | 904,543 | 100% | 87,844 | 56,518 | 97,148 | 1,063,344 | 255,675 |
*Including exchange gain/loss
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Guo-Want recognized NT$ 87.8 million profit in 2017, NT$ 56.5 million profit in 2018, and NT$ 97.1 million in 2019, which, in accumulation, is NT$255.7 million. In terms of profit, IBF is still one of the top 3 domestic financial institutions that invest in leasing and financing service company in mainland China.
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A enda g
IBFFH Operating Highlights IBFC Operating Highlights IBFS Operating Highlights IBF VC Operating Highlights Guo Want Operating Highlights The Preparation Progress of RICB
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The Preparation Progress of Rakuten International Commercial Bank (RICB)
-
The preparatory office has completed company registration
-
The preparatory office is now following up on bank establishment works
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The preparatory office will apply for business license to FSC after the completion of establishment
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RICB expects to officially start business operation in the second half of 2020
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This is a translation of the Chinese version. If there is any discrepancy between the English and Chinese versions, the Chinese version shall prevail.