CTBC Financial Holding Co (2891) Q4 2024 earnings summary

Executive summary

• Pre-tax net profit reached TWD 88.1 billion and after-tax net profit was TWD 72 billion in 2024, both record highs, with after-tax profit up 28.4% year-over-year.

• EPS hit a record TWD 3.64; ROE was 16.4%, ranking second among peers.

• CTBC Bank posted TWD 49.4 billion net profit in 2024, up 20% year-over-year; Taiwan Life net profit was TWD 21.5 billion, up 73% year-over-year.

• Consolidated financial statements for 2024 and 2023 were audited by KPMG, with an unqualified opinion and compliance with IFRS and local regulations.

• The group includes banking, insurance, securities, asset management, and other financial services subsidiaries, with all major entities fully consolidated.

Financial highlights

• Net profit for 2024 was TWD 72 billion (+28% YoY); EPS TWD 3.64; ROE 16.4%; ROA 0.86%.

• CTBC Bank net profit TWD 49.4 billion (+20% YoY); Taiwan Life net profit TWD 21.5 billion (+73% YoY).

• Total assets reached NT$8,839.6 billion at year-end 2024, up from NT$8,304.1 billion in 2023.

• Total revenue up 11.8% YoY; net interest income up 0.2% YoY; fee income up 27.1% YoY; trading income up 26% YoY.

• Total deposits reached TWD 5.3 trillion (+6.6% YoY); loan-to-deposit ratio rose to 73%.

Outlook and guidance

• 2025 profit expected to be strong, with steady bank profit growth and positive impact from Fed rate cuts.

• NIM projected between 1.63% and 1.66% in 2025; credit cost to remain at 25–30 basis points.

• Wealth management fee income expected to see mid to high single-digit growth; overall fee income and credit card fee income to grow at high single digits.

• Taiwan Life recurring income expected to decrease slightly due to asset-liability adjustments and higher cost of liability.

• Adoption of new IFRS standards is not expected to have a significant impact on future financial statements.