SinoPac Financial Holdings (2890) Q4 2024 earnings summary

Executive summary

• Achieved 11.29% ROE in 2024, with net income up 12.5% year-over-year, reaching two-year record highs.

• Net revenues for 2024 rose 19.5% year-over-year to NT$64,423 million; net income reached NT$22,229 million.

• Consolidated financial statements for 2024 and 2023 were audited and present fairly in all material respects, in accordance with IFRS and local regulations.

• The group includes banking, securities, leasing, and venture capital subsidiaries, with all required entities consolidated.

• Recognized for sustainability and digital finance, winning 257 awards in 2024.

Financial highlights

• Net interest income for 2024 grew 5.5% year-over-year to NT$25,792 million.

• Net fee income surged 33.5% year-over-year, driven by securities brokerage and wealth management.

• Operating expenses increased 14.1% year-over-year to NT$32,558 million.

• EPS for 2024 was NT$1.75, up from NT$1.58 in 2023.

• Total comprehensive income was NT$26.3 billion, down 13% from 2023.

Outlook and guidance

• Strategic focus for 2025–2027 includes optimizing asset allocation, deepening technology adoption, enhancing integrated customer experiences, expanding cross-border business, and cultivating sustainable finance.

• Plans to increase capital-light businesses and expand high-end wealth management and overseas revenue.

• The group is expanding in Southeast Asia, acquiring a majority stake in AMRET PLC in Cambodia.

• Plans to acquire 100% equity of King's Town Bank via share exchange, pending regulatory approval.

• Ongoing assessment and implementation of new IFRS standards, including IFRS 18 and amendments to IFRS 9 and IAS 21.