E.SUN Financial Holding Company (2884) Q4 2024 earnings summary

Executive summary

• Net income reached NT$26.15 billion, up 20% year-over-year, with EPS at NT$1.63 and record profits in banking and securities.

• Total assets exceeded NT$4.07 trillion, growing 12% year-over-year.

• Overseas business delivered NT$10.03 billion pre-tax profit, contributing 32.2% of profit and ranking second among domestic banks.

• Continued international expansion with new branches and regulatory approvals in Japan, Canada, India, and the U.S.

• Recognized for ESG excellence, maintaining AAA MSCI ESG rating and DJSI inclusion.

Financial highlights

• Net revenue reached NT$76.14 billion, up 14.1% year-over-year; net interest income grew 17% to NT$33.99 billion.

• Fee income surged 31% to NT$28.16 billion, with wealth management fees up 44.8%.

• Loan balance reached NT$2.34 trillion, up 12.1%; deposit balance grew 10.5% to NT$3.35 trillion.

• Cost/income ratio improved to 52%.

• Return on equity after tax was 10.68%, and return on assets after tax was 0.68%.

Outlook and guidance

• Targeting high single-digit loan growth and double-digit fee income growth for 2025, driven by wealth management and credit card business.

• Cost/income ratio to remain stable with disciplined expense management.

• Asset quality expected to remain strong, with credit cost similar to last year.

• Optimistic about NIM and spread due to funding cost control and positive loan/investment adjustments.

• Focus on digital transformation, risk management, and sustainable finance initiatives.