SinoPac Financial Holdings (2890) Q2 2024 earnings summary

Executive summary

• Annualized ROE for 6M24 reached 12.84%, with net income up 21% year-over-year, setting a new high for the period.

• Consolidated financial statements for the six months ended June 30, 2024, were audited and found to present fairly in all material respects, in accordance with ROC and international standards.

• The Group's main business segments are banking, securities, and other financial services, with all subsidiaries fully consolidated.

• Received 57 awards in 2Q24, including recognition for ESG and sustainability leadership.

Financial highlights

• 6M24 net income was NT$12,204mn, up 20.8% YoY; net revenues rose 23.8% YoY to NT$32,902mn.

• Total assets grew to NT$2.98tn (+10.6% YoY); total equity at NT$193,951mn (+12.1% YoY).

• EPS for 6M24 was NT$0.99; BVPS at NT$15.67.

• Net interest revenue for 6M24 was NT$11,856mn, down YoY; non-interest revenues increased to NT$21,022mn.

• 2Q24 net revenues were NT$16,151mn and net income NT$5,293mn, down sequentially but up YoY.

Outlook and guidance

• Continued focus on fee income growth, especially in securities, wealth management, and green finance.

• Ongoing expansion in green and renewable energy financing, with market leadership in solar PV financing.

• Strategic emphasis on SME lending, with a 3-year CAGR of 13.7% in SME loan balances.

• The Group continues to assess the impact of new and upcoming IFRS standards, including amendments to IAS 21 and IFRS 9.

• Planned acquisition of 100% ownership in Cambodian micro-financial institution AMRET PLC to expand presence in Southeast Asia, pending regulatory approval.