The Shanghai Commercial & Savings Bank (5876) Q2 2024 earnings summary

Executive summary

• Net income for the six months ended June 30, 2024 was NT$5.80 billion, down from NT$9.77 billion year-over-year.

• Total assets stood at NT$1.58 trillion as of June 30, 2024, nearly flat compared to the previous year.

• The bank maintained a strong capital adequacy ratio of 14.34% as of June 30, 2024.

Financial highlights

• Net interest income was NT$9.77 billion, nearly unchanged from NT$9.77 billion in the prior year.

• Total comprehensive income for the period was NT$12.66 billion, compared to NT$12.95 billion year-over-year.

• Earnings per share (EPS) for the period was NT$1.20, down from NT$2.01 year-over-year.

• Return on equity after tax was 6.26%, compared to 11.37% in the prior year.

• Profit margin declined to 42.34% from 61.50% year-over-year.

Outlook and guidance

• The board approved a cash dividend of NT$1.80 per share for 2023, to be distributed on August 2, 2024.

• Management continues to monitor the impact of new IFRS standards and regulatory changes.