First Financial Holding (2892) Q3 2024 earnings summary

Executive summary

• Net income for the first nine months of 2024 reached NT$20.81 billion, up 9.4% year-on-year, with EPS at NT$1.48.

• Banking subsidiary contributed 93.4% of group net income, while securities and investment trust arms saw double-digit growth; life insurance net income declined 11.3%.

• Fee income grew 33.1% year-on-year, with wealth management and treasury gains supporting profit.

• Loan growth was led by mortgages (+15.7% YoY) and large corporate loans (+15.0% YoY).

• Consolidated financial statements for the nine months ended September 30, 2024, were reviewed by independent auditors and found compliant with regulations.

Financial highlights

• Total assets reached NT$4,647.2 billion as of September 30, 2024, up 6.5% year-on-year.

• Book value per share increased to NT$18.90.

• Net interest income for the nine months was NT$23.39 billion, compared to NT$24.33 billion in the prior year.

• Group CAR remained strong at 128.5%; double leverage at 112%.

• Income tax expense decreased by 5% due to timing of tax benefits.

Outlook and guidance

• Strategic focus on sustainable growth, capital build-up, and business portfolio reshaping amid global uncertainties.

• 2024 full-year swap gains projected at NT$14.2–14.5 billion; 2025 expected to be 10–15% lower at NT$12.5–12.8 billion.

• NIM expected at 1.04% for 2024 and 1.03% for 2025, with focus on higher-yielding FX and SME loans.

• Loan book growth targeted at 5.5–6% for 2025, with SME and FX lending as main drivers.

• Wealth management fee income projected to grow 16–17% in 2025; total fee income to rise 8–9%.