Taiwan Business Bank (2834) Q1 2024 earnings summary

Executive summary

• Consolidated assets reached NT$2,223.8 billion as of March 31, 2024, up from NT$2,083.0 billion a year earlier, reflecting steady balance sheet growth.

• Net income for Q1 2024 was NT$2,844 million, down from NT$3,473 million in Q1 2023, with EPS at NT$0.35 versus NT$0.42 last year.

• The bank maintained a strong capital position, with equity attributable to owners at NT$123.4 billion.

Financial highlights

• Q1 2024 net interest revenue was NT$4,517 million, a decrease from NT$4,756 million in Q1 2023.

• Net revenue other than interest was NT$4,094 million, up from NT$3,208 million year-over-year.

• Total operating expenses rose to NT$3,908 million from NT$3,627 million year-over-year.

• Net comprehensive income for Q1 2024 was NT$3,311 million, compared to NT$5,188 million in Q1 2023.

Outlook and guidance

• The board approved a 2023 dividend distribution of NT$1.15 per share in stock and NT$0.24 in cash.

• The bank continues to focus on supporting small and medium-sized businesses and expanding its branch network.