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 record profits in banking, securities, and overseas operations, and total comprehensive income up 40% to NT$35.39 billion.

• EPS was NT$1.63, ROE 10.66%, and ROA 0.68% for 2024.

• Overseas branches contributed 32.2% of net profit, with pre-tax profit from overseas operations reaching NT$10.03 billion, up 16%.

• Expanded international presence with new sub-branch in Japan and approvals for branches in Canada, India, and the U.S.

• Recognized for ESG excellence, selected 11 times for DJSI and triple A MSCI ESG rating for third consecutive year.

Financial highlights

• Total assets grew to NT$4.07 trillion, up 12% year-over-year.

• Net revenue reached NT$76.14 billion, up 14.1%; net interest income was NT$33.99 billion, up 17%; net profit was NT$26.13 billion, up 20%.

• Fee income grew 31% to NT$28.16 billion, with wealth management fees up 44.8% to NT$13.5 billion and credit card fees up 9.4% to NT$7.8 billion.

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

• Cost-to-income ratio improved to 52.1% for 2024.

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 growth to remain below revenue growth, supporting continued profit expansion.

• Asset quality expected to remain strong, with stable credit costs.

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

• Ongoing assessment of new IFRS standards and regulatory changes, including Pillar Two tax impacts.