First Financial Holding (2892) Q1 2025 earnings summary

Executive summary

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

• Flagship banking subsidiary contributed NT$6.78 billion in net profit, up 4.4% year-over-year; non-bank subsidiaries' earnings were stable.

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

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

• Proposed dividend for 2024 is NT$1.20 per share (NT$0.95 cash, NT$0.25 stock), with a 52.5% cash payout ratio, pending AGM approval.

Financial highlights

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

• Net interest income rose 2% year-over-year to NT$7.96 billion; net service fee and commission revenue increased to NT$3.37 billion.

• Net insurance revenue declined to NT$1.33 billion from NT$1.89 billion year-over-year.

• Net provision for credit losses dropped 94% year-over-year to NT$68 million.

• Total comprehensive income for Q1 2025 was NT$8.73 billion, down 20% year-over-year.

Outlook and guidance

• FX swap gains for 2025 projected at NT$14 billion, slightly above original guidance but about 10% below last year.

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

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

• Wealth management fee income targeted to grow 11%-12% year-over-year; total fee revenue growth revised to around 7%.

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