First Financial Holding Co., Ltd. (第一金控)
2025 First Half Operating Report
Report Date: September 2, 2025
Company Overview
First Financial Holding Co., Ltd. (第一金控) is a financial holding company encompassing the following major subsidiaries:
- First Bank (第一銀行)
- First Securities (第一金證券)
- First Financial Investment Trust (第一金投信)
- First Life Insurance (第一金人壽)
- First Financial Asset Management Company (第一金AMC)
Financial Highlights
Consolidated Financial Highlights (1H25 vs 1H24)
| Item | 1H24 (NT$ mn) | 1H25 (NT$ mn) | YoY Change (%) |
|---|---|---|---|
| Net Income after Tax | 13,729 | 13,946 | +1.6% |
| Comprehensive Income | 17,469 | 8,409 | -51.9% |
| Total Assets | 4,619,024 | 4,808,110 | +4.1% |
| EPS (NT$) | 0.95 | 0.97 | +2.1% |
| Book Value Per Share (NT$) | 18.13 | 18.27 | +0.8% |
| Capital Stock | 140,287 | 143,795 | +2.5% |
| ROAE (Annualized) | 10.92% | 10.52% | -0.4% |
| ROAA (Annualized) | 0.60% | 0.58% | -0.02% |
| Group CAR | 122.45% | 129.83% | +7.4% |
| Double Leverage Ratio | 112.43% | 115.36% | +2.9% |
Notes:
- EPS is retroactively adjusted for stock dividends paid the following year.
- ROAE and ROAA figures are annualized.
Subsidiary Profit Mix (1H25, NT$ mn)
- First Bank: NT$13,807 (99.0%)
- Life Insurance: NT$179 (1.3%)
- Securities: NT$298 (2.1%)
- Investment Trust: NT$82 (0.6%)
- Asset Management Company: NT$97 (0.7%)
- Others: -NT$517 (-3.7%)
Capital Adequacy Ratios
- Financial Holding Group CAR:
- 1H24: 122.45%
- 1H25: 129.83% (Regulatory CAR: 100%)
- First Bank CAR:
- 1H24: 13.87%; 1H25: 15.38%
- Tier 1 Capital: 1H24: 11.96%; 1H25: 13.14%
Business Performance Highlights
Key Achievements
- Consolidated net income after tax reached NT$13.946 billion (+1.6% YoY, EPS: NT$0.97).
- First Bank: Continued to drive group profits, contributing 99% (NT$13.807 billion) of consolidated net income after tax (+7.9% YoY).
Key Drivers of Profitability
-
Bank Growth:
- Net Interest Income: +4.2% YoY due to reduced funding costs.
- Fee Income: +6.8% YoY, primarily driven by wealth management (+26.6% YoY).
- Financial Product Income: +11.3% YoY (supported by SWAP transaction income).
- Credit Costs Reduction: Decreased by 18.7% YoY due to lower provisions.
-
Loan Portfolio Performance:
- Total Loans: +5.0% YoY (Mortgage Loans: +10.0%; Large Corporate Loans: +7.5%; SME Loans: +1.7%).
- Foreign Currency Loans: -2.5% YoY in absolute numbers but +8.0% YoY growth in original currency terms.
-
First Life Insurance Reserve Release:
- Released NT$321 million in reserve for liabilities due to New Taiwan Dollar exchange rate fluctuations.
-
Sustainability Initiatives:
- Published 2024 Sustainability Report and Climate-related Financial Disclosures Report.
Consolidated Income Statement Summary
| Item | 1H24 (NT$ mn) | 1H25 (NT$ mn) | Change (%) |
|---|---|---|---|
| Net Interest Income | 15,825 | 16,406 | +3.7% |
| Net Service Fee & Commission | 6,215 | 6,614 | +6.4% |
| Net Insurance Revenue | 2,345 | 1,915 | -18.3% |
| Gain on Financial Assets at FVTPL | 8,951 | 11,264 | +25.8% |
| Real Estate Investment Gain | 412 | 111 | -73.1% |
| Net FX Gain | 2,458 | -2,369 | - |
| Net Revenue | 36,055 | 36,580 | +1.5% |
| Net Provision for Credit Losses | (1,626) | (1,340) | -17.6% |
| Operating Expenses | (15,957) | (16,671) | +4.5% |
| Income from Continuing Operations (Before Tax) | 16,832 | 17,454 | +3.7% |
| Income Tax | (3,103) | (3,508) | +13.1% |
| Consolidated Net Income | 13,729 | 13,946 | +1.6% |
| Comprehensive Income | 17,469 | 8,409 | -51.9% |
First Bank (Non-Consolidated, 1H25 vs 1H24)
| Item | 1H24 (NT$ mn) | 1H25 (NT$ mn) | Change (%) |
|---|---|---|---|
| Net Interest Income | 14,162 | 14,759 | +4.2% |
| Net Fee Income | 6,083 | 6,497 | +6.8% |
| Provision Expense | (3,248) | (2,847) | -12.3% |
| Income Before Tax | 15,677 | 17,028 | +8.6% |
| Net Income | 12,799 | 13,807 | +7.9% |
| NPL Ratio | 0.18% | 0.16% | -0.02% |
| Coverage Ratio | 745.24% | 843.19% | +97.95% |
Other Subsidiary Performance
First Securities
- Net Income: NT$298 mn (-56.6% YoY).
- Key Drivers:
- Decreases in brokerage commission and investment transaction gains.
- Decline in ROAE to 6.46% (-8.96%).
First Financial Investment Trust (FSITC)
- Net Income: NT$82 mn (+7.9% YoY).
- AUM: NT$160,442 mn (+26.2% YoY).
First Life Insurance
- Net Income after Tax: NT$179 mn (+2.3% YoY).
- Premium Income Growth: +7.1% YoY.
- Reserve Reductions: NT$321 million liability reserve released.
Key Metrics
| Key Metrics | 1H24 | 1H25 | Change (%) |
|---|---|---|---|
| Loan-to-Deposit Ratio | 69.59% | 70.03% | +0.44% |
| NIM | 0.70% | 0.71% | +0.01% |
| NPL Ratio | 0.18% | 0.16% | -0.02% |
| Overseas Pre-tax Profit | 27.93% | 26.90% | -1.03% |
Future Outlook and Strategy
- The company emphasizes sustainable growth and profitability through core banking services, enhanced fee income, and cost control.
- Plans include strengthening wealth management and expanding overseas businesses.
- Forward-looking statements highlight risks from regulations, economic conditions, and competitive markets.
Disclaimer: Forward-looking statements are subject to uncertainties and risks.
Products, Services & Terms
Key Offerings
- Wealth Management: Fund sales, bank insurance, custody business.
- Loan Services: Consumer loans, corporate loans, foreign currency loans.
- Insurance: Premium income, other insurance services.
- Fee-services: Brokerage commission, underwriting fees.
Key Metrics and Ratios
- Loan-to-deposit Spread: 1.11%
- CAR (Group): 129.83%
- NIM: 0.71%
Sustainability Highlights
- Published 2024 Sustainability Report and Climate-related Financial Disclosures Report.
- Available on First Financial Holding's Sustainability website.
Report Link:
https://csr.firstholding.com.tw/tc/csr_report.html
https://csr.firstholding.com.tw/tc/tcfd_report.html