The Shanghai Commercial & Savings Bank (5876) Q4 2024 earnings summary

Executive summary

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

• The core business remains lending, with significant focus on credit risk management and allowance for credit losses as a key audit matter.

• The group operates primarily in Taiwan and Hong Kong, with additional branches and subsidiaries in Asia and globally.

Financial highlights

• Total assets increased to NT$2,496,062,911 thousand as of December 31, 2024, up from NT$2,423,295,740 thousand in 2023.

• Net interest income for 2024 was NT$38,705,852 thousand, a slight decrease from NT$39,151,574 thousand in 2023.

• Consolidated net income for 2024 was NT$14,439,308 thousand, down 17% year-over-year from NT$17,425,137 thousand.

• Earnings per share (EPS) for 2024 was NT$2.78, compared to NT$3.02 in 2023.

• Return on equity after tax was 5.66% in 2024, down from 7.43% in 2023.

• Return on total assets after tax was 0.59% in 2024, compared to 0.73% in 2023.

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 is actively assessing the impact of global economic conditions and regulatory changes on credit risk and capital adequacy.