2892 第一金控 2025 Q1 法說會簡報
Company Overview
First Financial Holding Co., Ltd. (第一金控)
- Business Segments (Profit Composition - 1Q25, in NT$ mn):
- 銀行 (First Bank): NT$6,778 (94.0%)
- 人壽 (First Life Insurance): NT$345 (4.8%)
- 證券 (First Securities): NT$120 (1.7%)
- 投信 (FSITC - First Financial Securities Investment Trust Co.): NT$43 (0.6%)
- AMC (First AMC): NT$49 (0.7%)
- 其他 (Others): -NT$129 (-1.8%)
- Amounts after consolidation elimination.
Financial Highlights
2.1. Consolidated Financial Highlights (FFHC - 1Q25 vs. 1Q24)
| Metric | 1Q24 | 1Q25 | YoY % Change |
|---|---|---|---|
| After-tax Net Profit (NT$ mn) | 7,015 | 7,206 | +2.7% |
| Comprehensive Income (NT$ mn) | 10,911 | 8,730 | -20.0% |
| Total Assets (NT$ mn) | 4,548,915 | 4,787,845 | +5.3% |
| EPS (NT$) | 0.50 | 0.51 | +2.0% |
| Book Value Per Share (NT$) | 19.04 | 19.70 | +3.5% |
| Capital Stock (NT$ mn) | 136,201 | 140,287 | +3.0% |
| Average ROAE (Annualized) | 11.04% | 10.60% | -4.0% |
| Average ROAA (Annualized) | 0.64% | 0.60% | -6.3% |
| Group CAR | 129.95% | 133.09% | +2.4% |
| Double Leverage Ratio | 110.33% | 111.68% | +1.2% |
2.2. First Bank Key Ratios (1Q25 vs. 1Q24)
| Metric | 1Q24 | 1Q25 | Change |
|---|---|---|---|
| Loan to deposit spread | 1.21% | 1.11% | -8.26% |
| Net Interest Margin | 0.70% | 0.67% | -4.29% |
| Cost to income ratio | 42.06% | 45.35% | 7.82% |
| Loan to deposit ratio | 69.79% | 70.68% | 1.28% |
| NPL ratio | 0.18% | 0.17% | -5.56% |
| Domestic NPL ratio | 0.11% | 0.14% | 27.27% |
| Overseas NPL ratio | 0.52% | 0.34% | -34.62% |
| Coverage ratio | 742.13% | 801.27% | 7.97% |
| CAR | 14.54% | 15.30% | 5.23% |
| Tier-1 | 12.62% | 13.11% | 3.88% |
| ROAA (Annualized) | 0.60% | 0.60% | 0.00% |
| ROAE (Annualized) | 10.04% | 9.68% | -3.59% |
Recent Performance and Results
3.1. Q1 2025 Business Highlights
- FFHC's 2025 Q1 after-tax net profit increased by 2.7% YoY, reaching NT$7.206 billion.
- EPS was NT$0.51.
- Flagship subsidiary First Bank's Q1 after-tax net profit reached NT$6.778 billion (+4.4% YoY).
- Non-bank subsidiaries' after-tax net profit totaled NT$646 million (-0.4% YoY).
- First Bank Highlights:
- Wealth management fee income increased by 32.3% YoY.
- Financial product gains grew 8.8% YoY (SWAP transaction income rose 14.0% YoY).
- Bad debt expense significantly decreased by 94.2% YoY.
- Total loans increased by 7.2% YoY.
- Mortgage growth: +13.2% YoY.
- Large corporate loans: +10.8% YoY.
- Foreign currency loans: +9.6% YoY.
- SME loans: +2.9% YoY.
Strategic Initiatives and Outlook
Dividend Policy (Proposed for 2024 earnings)
- Cash Dividend: NT$0.95 per share
- Stock Dividend: NT$0.25 per share
- Total Dividend: NT$1.20 per share
- Cash Dividend Payout Ratio: 52.5% (to strengthen capital)
Capital Strengthening Plans
- Proposal focused on bolstering capital reserves by maintaining a high payout ratio.
Business Segment Insights
Key Financial Summaries
FFHC Consolidated Income Statement (1Q25 vs. 1Q24)
| Item | 1Q24 (NT$ mn) | 1Q25 (NT$ mn) | Change (%) |
|---|---|---|---|
| Net Revenue | 18,727 | 18,275 | -2.4% |
| Net Provision Expense | (1,166) | (71) | -93.9% |
| Operating Expenses | (7,675) | (8,217) | 7.1% |
| Income Tax Expenses | (1,411) | (1,681) | 19.1% |
| Net Profit | 7,015 | 7,206 | +2.7% |
Subsidiary Performance (1Q25 vs. 1Q24)
- First Bank
- Net Profit: NT$6,778 mn (+4.4% YoY)
- Loan growth: +7.2% YoY, SME loans: +2.9%.
- First Life Insurance
- Net Profit: NT$345 mn (+385.9% YoY)
- Premium growth: +4.1% YoY.
- First Securities
- Net Profit: NT$120 mn (-61.7% YoY).
- FSITC
- Net Profit: NT$43 mn (+2.4% YoY).
Products, Services & Technology
Core Offerings:
- Wealth Management: Funds, insurance, and custody services.
- Lending Services: Corporate loans, SME loans, mortgages, and foreign currency loans.
- FX Services
- SWAP Products and Credit Cards
Key Charts & Data Points
FFHC Capital Adequacy
- Group CAR (1Q25): 133.09% (vs. statutory minimum 100%).
First Bank Loan-to-Deposit Ratio
- Total: 70.68%
Profit Structure
Major contributions from wealth management fees, loan-related income, and SWAP transactions.
Disclaimer
The presentation includes forward-looking statements subject to risks and uncertainties. Investors should consider publicly disclosed financial information and regulatory filings for complete understanding.