First Financial Holding (2892) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 reached NT$7.21 billion, up 2.7% year-on-year, with EPS at NT$0.51.

• First Bank contributed NT$6.8 billion net income, up 4.4% year-on-year; nonbank subsidiaries' earnings were stable.

• Total assets grew 5.3% year-on-year to NT$4.79 trillion; book value per share was NT$19.70.

• Wealth management income surged 32.3% year-on-year, offsetting lower one-time fee revenue.

• Proposed 2024 dividend: NT$1.20 per share (NT$0.95 cash, NT$0.25 stock), pending AGM approval.

Financial highlights

• Consolidated revenue was NT$18.3 billion, down 2.4% year-on-year, mainly due to weaker securities revenue.

• Net income rose 2.7% year-on-year to NT$7.21 billion; ROE was 9.6%, ROA 0.6%.

• Group CAR improved to 133.09%; double leverage ratio 111.68%.

• Book value per share rose 3.5% year-on-year to NT$19.70.

• Comprehensive income for Q1 2025 was NT$8.73 billion, down 20% year-on-year.

Outlook and guidance

• FX swap revenue projection for 2025 revised up to NT$14 billion, slightly below last year's NT$15.3 billion.

• Adjusted NIM expected to be maintained at 1.03%-1.04%.

• Loan growth guidance revised down to 4%-5% for 2025, mainly due to slower mortgage lending.

• Wealth management fee revenue targeted to grow 11%-12% year-on-year; total fee revenue growth expected around 7%.

• IFRS 17 adoption in 2026 expected to reduce insurance contract liabilities and increase owners’ equity.