The Shanghai Commercial & Savings Bank (5876) Q3 2024 earnings summary

Executive summary

• Consolidated net income for the nine months ended September 30, 2024 was NT$11.38 billion, down from NT$14.68 billion year-over-year.

• Total assets stood at NT$2.45 trillion as of September 30, 2024, relatively stable compared to NT$2.47 trillion a year earlier.

• The independent auditors' review found the financial statements present fairly, in all material respects, the financial position and performance.

Financial highlights

• Net interest income for the nine months was NT$28.74 billion, slightly down from NT$29.13 billion year-over-year.

• Non-interest income totaled NT$10.32 billion, up from NT$8.94 billion year-over-year.

• Provisions for bad debt and guarantee liabilities surged to NT$10.20 billion from NT$2.18 billion year-over-year.

• Earnings per share (EPS) for the nine months was NT$2.18, compared to NT$3.03 in the prior year.

• Return on equity after tax was 6.03%, down from 10.33% year-over-year.

Outlook and guidance

• The Group continues to monitor the impact of new and upcoming IFRS standards, with no significant changes to accounting policies expected.

• Management expects to maintain capital adequacy and strengthen capital structure through ongoing risk and capital management.