TS Financial Holding (2887) Q2 2024 earnings summary

Executive summary

• Consolidated net income for the six months ended June 30, 2024, was NT$10.58 billion, up from NT$8.88 billion year-over-year.

• Total comprehensive income attributable to owners was NT$13.00 billion, compared to NT$13.71 billion in the prior year.

• Earnings per share for the six months were NT$0.74, up from NT$0.61 year-over-year.

Financial highlights

• Net interest income for the six months rose to NT$16.89 billion from NT$14.80 billion year-over-year.

• Net income from insurance operations increased to NT$12.79 billion from NT$9.51 billion year-over-year.

• Net revenue and gains reached NT$42.68 billion, up from NT$36.74 billion year-over-year.

• Total assets as of June 30, 2024, were NT$3.24 trillion, up from NT$2.97 trillion a year earlier.

• Return on equity (after tax) for the group was 5.18% for the six months, up from 4.32% year-over-year.

Outlook and guidance

• The board approved a merger with Shin Kong Financial Holding, with the company as the surviving entity; a special shareholders' meeting is scheduled for October 9, 2024.

• The group continues to monitor the impact of new accounting standards and regulatory changes, including IFRS 17 and IFRS 18.