ctbc holding
TRANSCRIPT
CTBC HoldingAnalyst Meeting
Financial Review of 2Q21
August 23rd, 2021
Investor Relations
2
DISCLAIMER
THE FINANCIAL INFORMATION IN THESE MATERIALS AS OF AND FOR THE SIX
MONTHS ENDED JUNE 30th, 2021 ARE PRELIMINARY. CTBC HOLDING EXPECTS
TO FILE ITS UNAUDITED FINANCIAL STATEMENTS, WHICH ARE SUBJECT TO
REVIEW BY ITS AUDITORS, WITH THE ROC SECURITIES AND FUTURES BUREAU
ON OR ABOUT AUGUST 31st, 2021.
These materials are not an offer for sale of securities in the United States.
Securities may not be sold in the United States absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as
amended.
3
CTBC Holding’s performance highlights in 2Q21
• CTBC Holding continued to deliver a resilient operating performance with after-tax
profit increasing 74% YoY in 1H21, despite the level 3 Covid-19 measures in place during mid-May-July
• Strong ROE at 17.28%, ROA at 1.0%, and EPS of NT$1.72 in 1H21
• Well capitalized, with CAR at 137.0% and DLR at 110.5%
• Solid loan growth led by strong domestic corporate loans, mortgages, and consumer loans; total lending (incl. credit card revolving) excluding forex impact grew 8.4% YoY
• Sustained business momentum in WM, retail, and lottery fees underpinned fee growthof 11% YoY
• Benign asset quality with NPL ratio of 0.40%; credit costs remained low at 18bps in 1H21
• Sound capitalization, with CAR at 14.51% and CET1 ratio at 11.86%
• Taiwan Life continued to report robust after-tax profit growth of 104% YoY in 1H21
• Investment income remained decent and cost of liability continued to decline
• Capitalization was superior, with RBC ratio at 367.0% as of June 30, 2021
CTBC
Holding
CTBC
Bank
Taiwan
Life
4
CTBC’s ESG commitment highlights
Environmental Social Governance
• Over NT$710 million in social
investment
• Over NT$163 million under
the CTBC Poverty Alleviation
Program
• Partner with global
microfinance institutions to
provide microloans abroad,
with US$98 million dispersed
in 2020
• In the top 20% of performers
in the FSC’s evaluation of the
implementation of the
Treating Customers Fairly
Principles by financial service
industries
• Named the Best Employer in
Taiwan’s financial industry in
2020 by Universum
• MSCI Taiwan ESG Leaders
Index constituent stock with an
ESG rating of “AA” and named a
constituent stock of DJSI World
& Emerging Markets Index and
FTSE4Good Index Series
• Ranked the Top 5% of
performers in the Taiwan Stock
Exchange’s 7th Corporate
Governance Evaluation
• Only listed FI in Taiwan with
independent directors filling
majority of board seats, and
planning to nominate female
director in next board election
to pursue gender diversity
• Established a Sustainability
Committee comprised of
independent directors
• First FI in Taiwan to join the
PCAF and GIIN, and serving as
PCAF’s Asia-Pacific region
chair in 2021
• First FI in the world and first
Taiwan enterprise to receive
the U.N. Clean Energy
Ministerial Award of
Excellence in Energy Mgmt.
• Green financing loans for
green energy technologies,
circular economy, and green
buildings reached NT$141
billion
• Signed on to TCFD and have
integrated climate change
risks into our overall risk
management framework and
identified climate-related risks
and opportunities
© CTBC Financial Holding
1.43
1.91 1.85
2.16 2.15
0.93
1.72
2016 2017 2018 2019 2020 6M20 6M21
7,017
16,949
6,727
19,709
13,741
19,177
33,449
2Q20 3Q20 4Q20 1Q21 2Q21 6M20 6M21
CTBC Holding’s profitability
5
CTBC Holding’s numbers are presented on a consolidate basis.
1. 2Q21/6M21 number is preliminary.
Consolidated net profit
NT$ mnEPS
NT$
1 1
YoY +74.4%QoQ -30.3%
1
© CTBC Financial Holding
0.59%
0.73%0.65%
0.72%0.67%
0.61%
1.00%
2016 2017 2018 2019 2020 欄1 6M20 6M21
CTBC Holding TW FHCs avg.
9.98%
12.77%
12.09%
13.04%
11.53% 10.95%
17.28%
2016 2017 2018 2019 2020 欄1 6M20 6M21
CTBC Holding TW FHCs avg.
CTBC Holding’s ROE & ROA
6
CTBC Holding’s numbers are presented on a consolidate basis.
1. 6M21 number is preliminary.
ROE
%
ROA
%
1 1
© CTBC Financial Holding
CTBC Holding’s strong capitalization
7
CFHC’s numbers are presented on a consolidated basis.
1. 2011 numbers are preliminary.
2. 2011 industry BIS ratio is as of Sep. 11
CTBC Bank’s CAR ratio2
%
CTBC Holding’s numbers are presented on a consolidated basis.
1. Jun 21 number is preliminary.
2. CTBC Bank adopted Basel III since 2013.
139.1%
117.9% 115.7%125.0%
137.0%
2017 2018 2019 2020 Jun 21
14.5% 14.1% 13.8% 14.6% 14.5%
2017 2018 2019 2020 Jun 21
13.1% 12.8%12.4% 13.1% 13.0%
2017 2018 2019 2020 Jun 21
CTBC Bank’s Tier I ratio2
%
340%
268%298% 309%
367%
2017 2018 2019 2020 Jun 21
Taiwan Life RBC
%
CTBC Holding’s CAR
%
1 1
11
© CTBC Financial Holding
14,883
16,574 687 2,202 33,449
-897
Bank6M21
Life Securities OtherSubsidiaries
Holding CTBCHolding6M21
YoY +243.6%
6,846
6,278 337 666 13,741
-387
Bank2Q21
Life Securities OtherSubsidiaries
Holding CTBCHolding 2Q21
QoQ -3.6% QoQ -56.6%
CTBC Holding’s net profit breakdown by entity
CTBC Holding’s net profit breakdown
NT$ mm
CTBC Holding’s numbers are presented on a consolidated basis.
1.2Q21/6M21 numbers are preliminary
2.Other subsidiaries include CTBC Venture Capital, Asset Management, Taiwan Lottery, and Investments
3.Holding (on a non-consolidated basis) is an adjustment item for compiling consolidated statement.
YoY +10.5%
QoQ -14.8% QoQ -39.0% QoQ -30.3%
YoY +103.5% YoY +74.4%
31 1
2Q211
Breakdown%
Bank 50%
Life 46%
Others 4%131
8
2
2
6M211
Breakdown%
Bank 44%
Life 50%
Others 6%
YoY +218.3%
© CTBC Financial Holding
22,554 + 1,189
14,915 13,741 -2,911 -492
-5,620 -1,174
1Q21 Profitbefore tax
OperatingRevenue
Provision Expense Insurance netprofit before tax
2Q21 Profitbefore tax
Tax 2Q21 Net Profitafter tax
QoQ -10.2%
CTBC Holding excl. Insurance Insurance
CTBC Holding’s net profit movements
CTBC Holding’s numbers are presented on a consolidated basis.
1. 2Q21/6M21 number is preliminary.
CTBC Holding’s net profit movements
NT$ mn , %
YoY +6.0% YoY -57.8% YoY +9.9% YoY +94.4% YoY +47.6%
QoQ +53.8% QoQ -7.1% QoQ -48.0%
YoY +74.4%
1
QoQ -33.9% QoQ -30.3%
1
11
9
25,393 + 3,040 + 3,180
+ 8,650 37,469 33,449
- 2,894 - 4,020
6M20 Profitbefore tax
OperatingRevenue
Provision Expense Insurance netprofit before tax
6M21 Profitbefore tax
Tax 6M21 Net Profitafter tax
© CTBC Financial Holding
CTBC Holding’s revenue breakdown (excl. Life)
10
CTBC Holding’s revenue breakdown
NT$ mn, %
14,100
7,559
3,356
633
14,044
9,502
2,406
825
14,222
9,067
1,610
(61)
14,234
11,337
3,649
(732)
14,520
8,798
2,093
166
Net Interest Income Fee Income Trading, Derivatives & FX LT investment & Others
2Q20
3Q20
4Q20
1Q21
2Q21
CTBC Holding’s numbers are presented on a consolidated basis.
1. 2Q21/6M21 number is preliminary.
-1% -1%11% 11%
35% 37%
56% 53%
6M20 6M21
NII
Fee
Trading,Derivatives &FX
LT investment& Others
QoQ +2.0%
YoY +0.6%
QoQ -22.4%
YoY +14.3%
1
1
1,2Total Revenue
(NT$ mn)%
1Q21: 28,488 2Q21: 25,578 -10.2%
6M20: 51,026 6M21: 54,066 +6.0%
QoQ +122.7%
YoY +14.4%QoQ -42.7%
YoY +4.7%
1
© CTBC Financial Holding
569
1022
718
163
30
554
997
740
170
32
584
969
765
175
32
651
955
780
177
32
692
930
798
193
33
Corporate NTD Loan FCY Loan Mortgages Unsecured Consumer Credit CardRevolving & Others
2Q20
3Q20
4Q20
1Q21
2Q21
1% 1%
7% 7%
29%30%
23%
26%
41%
35%
Jun 20 Jun 21
FCY Loan
Corporate NTDLoan
Mortgages
Unsecuredloans
Credit cardrevolving &Others
Excl. FX
QoQ +2.7%
YoY +8.4%
2,503 Total lending
QoQ +1.9%
YoY +5.7%
CTBC Bank’s lending portfolio breakdown
11
QoQ +6.3%
YoY +21.7%
QoQ -2.6%
YoY -9.0%
QoQ +8.9%
YoY +18.4%
QoQ +1.2%
YoY +7.9%
Lending breakdown (incl. credit card revolving balance)
NT$ bn, %
These numbers are presented on CTBC Bank consolidated basis.
1. FC Loan includes non-accrual loans.
2. Other loans include car loans under repurchase agreement, car loans, and small business loans
3. 2Q21/Jun 21 numbers are preliminary.
4. Total lending portfolio includes performing loans, non-accrual loans and credit card revolving balance.
QoQ +2.4%
YoY +11.2%
3
3
1
1
Excl. FX
QoQ -0.5%
YoY -2.5%
2
2,6474
© CTBC Financial Holding
589
327
109
518
298
115
OverseasSubsidiaries
Overseas Branches OBU+DBU
Jun 20 Jun 21
FCY loan growth
NT$ bn, %
CTBC Bank’s FCY loan breakdown
FCY loan breakdown
%
1
1
These numbers are presented on CTBC Bank’s consolidated basis.
1. FC Loan breakdown includes non-accrual loans and excludes an elimination item.
2. Jun 21 number is preliminary. 12
YoY
-8.9%
YoY
+5.5%
YoY
-12.0%
DBU2.0%
OBU10.4%
Overseas Branches
32.0%
Overseas
Subsidiaries
55.7%
Tokyo Star
Bank
41.0%
1
2
YoY
-4.1%
YoY
+12.3%
YoY
-4.7%
Excl. FX
© CTBC Financial Holding
FCY deposit
NT$ bn, %
CTBC Bank’s deposit mix
NTD deposit
NT$ bn, %
These numbers are presented on CTBC Bank’s consolidated basis.
1. Jun 21 number is preliminary.
13
2,0611,976
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
Time Savings
2,0962,186
2,258
62.7%
37.3%
QoQ +3.3%
YoY +14.3%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
Time Savings
1,577
57.0%
43.0%
1 1
QoQ -1.5%
YoY +4.3%
1,5121,564
1,6531,601
© CTBC Financial Holding
74.07%72.77%
70.43%69.70%
70.65%
Overall LDR
78.67%77.64%
76.47% 75.87%77.35%
68.36%66.57%
62.69%61.47% 61.23%
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
NTD LDR FCY LDR
CTBC Bank’s LDR
Overall LDR1
%
These numbers are presented on CTBC Bank consolidated basis.
1. Use average balance to calculate LDR; credit card account receivables are included in the calculation of CTBC Bank’s LDR.
2. Loans include both performing and non-accrual loans; deposits are adjusted to exclude structured deposits and remittances.
3. Jun 21 number is preliminary.
3
14
2
22
© CTBC Financial Holding
1.44%
1.40% 1.40% 1.39% 1.39%
2Q20 3Q20 4Q20 1Q21 2Q21
2.12% 2.08%2.13% 2.15% 2.16%
1.75% 1.74%1.77% 1.78% 1.75%
1.51% 1.51% 1.54% 1.55%1.51%
1.22%1.19% 1.22% 1.23%
2Q20 3Q20 4Q20 1Q21 2Q21
FCY spread Overall spread
NTD spread Industry average
Overall, NTD & FX spread vs. industry
%
CTBC Bank’s NIM and spreads
Quarterly NIM
%
These numbers are presented on CTBC Bank consolidated basis.
1. 2Q21 number is preliminary.
1
15
11
© CTBC Financial Holding
3427
1117
698 769
303
870
4574
1157
784 932
406
1189
4464
1321
768671
402
864
5121
1219
772882
437
2321
4279
1081
687
939
394
652
Wealth Mgmt Credit Cards Retail Business CorporateBusiness
Overseassubsidiaries
Lottery
2Q20 3Q20 4Q20 1Q21 2Q21
17% 16%
5% 4%
11%10%
8%8%
14%12%
45%50%
6M20 6M21
Wealth mgmt
Credit Cards
RetailBusiness
CorporateBusiness
OverseasSubsidiaries
Lottery
CTBC Bank’s fee breakdown
16
CTBC Bank’s numbers are presented on a consolidated basis.
1. Corporate business excludes overseas subsidiaries.
2. 2Q21/6M21 number is preliminary.
CTBC Bank’s fee income breakdown
NT$ mn, %
1
Total Fees (NT$ mn) %
1Q21: 10,753 2Q212: 8,032 -25.3%
6M20: 16,922 6M212: 18,785 +11.0%
2
2
QoQ -11.3%
YoY -0.9%
QoQ -11.1%
YoY +2.4%
QoQ -9.9%
YoY -4.6%
QoQ -71.9%
YoY +3.4%
QoQ +6.4%
YoY -3.2%
QoQ -16.5%
YoY +24.5%
© CTBC Financial Holding
1,922
2,550 2,488 2,830
2,554
1,100
1,396 1,540
1,753
1,198 115
130 127
130
137
289
497 308
409
390
2Q20 3Q20 4Q20 1Q21 2Q21
Others
Custodian & Trust
Mutual Fund
Bancassurance
3,427 5,121
56% 56% 56% 55%60%
32% 31%34% 34% 28%
3%3%
3% 3% 3%
8% 11%7% 8% 9%
2Q20 3Q20 4Q20 1Q21 2Q21
Others
Custodian & Trust
Mutual Fund
Bancassurance
Wealth mgmt. fee breakdown
%
CTBC Bank’s Wealth Management fee
Wealth mgmt. fee breakdown
NT$ mn
1
1. 2Q21 number is preliminary.
17
11
4,464 4,2794,574
© CTBC Financial Holding
61.2%
56.2%
62.7%60.8% 59.8%
56.8%60.3%
CIR
49,957 50,505
28,38830,468
6M20 6M21
1818
CTBC Bank’s cost to income ratio
CTBC Bank’s cost-to-income ratio1 and revenue & non-interest expense
NT$ mn, %
1. Cost-to-Income ratio is derived by dividing Total Non-interest Expense by Pre-provision Operating Revenue.
2. 2Q21/6M21 number is preliminary.
2
24,295 24,95724,004
26,608
23,897
14,85714,027
15,04716,186
14,282
2Q20 3Q20 4Q20 1Q21 2Q21
Revenue Non-Interest Expense
2
© CTBC Financial Holding
0.39%
0.48% 0.49% 0.48%
0.40%
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
35.6 34.7 33.8 33.3 32.9
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
CTBC Reserve
NPL coverage ratio
NT$ bn, %
1919
CTBC Bank’s asset quality
NPL ratio 1
%
2 2
370.8%
293.6%272.0% 270.4%
315.5%
NPL coverage ratio
These numbers are presented on CTBC Bank consolidated basis.
1. NPL refers to loans over 90 days overdue.
2. Jun 21 number is preliminary.
© CTBC Financial Holding
Provisioning ratios & provision costs
NT$ mn, %
CTBC Bank’s credit cost trend
These numbers are presented on CTBC Bank consolidated basis.
1. 2Q21/6M21 number is preliminary.20
3,553
1,501 2,153
925 1,396
5,534
2,321
2Q20 3Q20 4Q20 1Q21 2Q21 6M20 6M2111
0.55%
0.23%0.33%
0.14%0.21%
0.43%
0.18%
Credit costs
© CTBC Financial Holding
41,396
49,476
58,133 54,661
44,851
2Q20 3Q20 4Q20 1Q21 2Q21
2121
Total premium (TP)
NT$ mn, %
Data resource: Life insurance association and Taiwan Insurance Institution
% Taiwan Life Industry
QoQ Growth -17.9% -6.4%
YoY Growth -1.8% -5.4%
Rank (MS%) No 6 (6.6%) -
Total Premium
Taiwan Life - Total premium (TP)
101,289
99,513
6M20 6M21
© CTBC Financial Holding 22
Taiwan Life - First year premium (FYP)
22
First year premium (FYP)
NT$ mn, %
Data resource: Life insurance association and Taiwan Insurance Institution
15,607
22,916
27,733
31,116
22,418
2Q20 3Q20 4Q20 1Q21 2Q21
First Year Premium
38,924
53,534
6M20 6M21
% Taiwan Life Industry
QoQ Growth -28.0% -15.4%
YoY Growth +37.5% +9.4%
Rank (MS%) No 3 (10.4%) -
© CTBC Financial Holding 23
Taiwan Life - FYP breakdown by types of payment
& products
FYP breakdown by products
%
4.5% 3.6%
2.9%0.9%
66.3%
26.9%
26.4%
68.6%
6M20 6M21
Inv-linked
Interestsensitive
Traditional
Health & PA
FYP breakdown by types of payment
%
43.2%
17.4%
30.5%
14.0%
26.4%
68.6%
6M20 6M21
Inv-linked
Regular paid
Single paid
1. FYP is grouped by types of payment, except inv-linked products
1
© CTBC Financial Holding
21.2%
6.3%
52.4%
25.1%
26.4%
68.6%
6M20 6M21
Inv-linked
FC
NTD
24
Taiwan Life - FYP breakdown by channels &
currencies
24
FYP breakdown by channels
%
FYP breakdown by currencies
%
14.8%8.3%
9.6%
5.0%
0.8%
0.3%
30.4%
15.6%
44.0%
70.9%
0.3% 0.0%
6M20 6M21
Others
Bank-CTBC
Bank-External
Tel-marketing
Brokers
Tied Agent
1. FYP is grouped by currencies, except inv-linked products
1
© CTBC Financial Holding 25
First year premium equivalent (FYPE)
NT$ mn, %
Taiwan Life - First year premium equivalent (FYPE)
6M21 FYPE breakdown by channels
%
6M21 FYPE breakdown by products
%
% Taiwan Life Industry
QoQ -37.0% -13.4%
YoY +3.9% -31.4%
Rank (MS%) No 4 (9.4%) -
Traditional, 4.2%
Interest sensitive,
34.6%
Inv-Linked, 44.1%
Health & PA, 17.0%
Bank-CTBC, 50.6%
Bank-External,
18.1%
Tel-marketing, 1.5%
Brokers, 16.2%
Tied Agent, 13.5%
Others, 0.1%
5,428
6,773
5,764
7,026
4,424
2Q20 3Q20 4Q20 1Q21 2Q21
FYPE
11,021 11,450
6M20 6M21
© CTBC Financial Holding
5.2% 5.4% 5.0% 4.6% 7.0%
10.8% 10.9% 10.9% 10.8%9.9%
59.9% 60.0% 59.9% 60.7% 59.4%
8.5% 7.8% 7.9% 7.9% 7.8%
1.4% 1.3% 1.4% 1.4% 1.5%1.3% 1.3% 1.3% 1.3% 1.3%4.4% 4.4% 4.4% 4.6% 4.6%
8.4%8.9% 9.2% 8.8% 8.5%
Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
Mutual fund
Real Estate
Policy loan
Mortgage
Equities
Overseas fixed income
Domestic fixed income
Deposit and cash equivalents
26
Taiwan Life - Investment portfolio breakdown
Total investment portfolio breakdown
NT$bn,%
26
Total Investment Assets1,938.81,899.6 1,922.8 1,954.2 1,961.4
© CTBC Financial Holding
3.61%
3.45%
3.10%
3.28%
3.06%
2018 2019 2020 - 6M20 6M21
Cost of liability
3.48%
3.84% 3.79%3.92%
4.66%
3.76%
3.86%
3.57% 3.46%
3.17%
2018 2019 2020 欄1 6M20 6M21
Investment Yield Recurring Yield
Total investment yield and recurring yield
%
27
Taiwan Life - Investment yield & cost of liability
27
1. Investment yield is after hedge
2. Recurring yield is before hedge
1 2
Cost of liabilities
%
© CTBC Financial Holding
FC Policy40%
Hedged40%
Equity-OCI8%
Unhedged12%
FC Policy Hedged Equity-OCI Unhedged1 2
Inclu. extra
reserve of
NT$1.5bn
Inclu. extra
reserve of
NT$3bn
28
Taiwan Life – Hedging & FX reserve
28
1. Hedged position Includes currency swap, NDF, and proxy
2. Equity-OCI includes equity and mutual fund
6M21 FC investment hedging structureFX reserve balance
NT$ mn
2,274
3,332 3,252
2018 2019 2020
2,126
1,666
6M20 6M21
Annualized hedging cost % (overseas asset-based)
Took extra
reserve of
NT$1bn
In Apr.21
NTD Policy
Hedged 67%
Equity-
OCI13%
Unhedged 20%
2018 2019 2020 6M20 6M21
1.25% 1.46% 1.39% 1.18% 1.55%
August 23rd, 2021
Investor Relations
Analyst Meeting
Financial Review of 2Q21
Appendix
CTBC Holding
30
DISCLAIMER
THE FINANCIAL INFORMATION IN THESE MATERIALS AS OF AND FOR THE THREE
MONTHS ENDED JUNE 30th, 2021 ARE PRELIMINARY. CTBC HOLDING EXPECTS TO
FILE ITS UNAUDITED FINANCIAL STATEMENTS, WHICH ARE SUBJECT TO REVIEW
BY ITS AUDITORS, WITH THE ROC SECURITIES AND FUTURES BUREAU ON OR
ABOUT AUGUST 31st, 2021.
These materials are not an offer for sale of securities in the United States. Securities
may not be sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended.
31
CTBC Holding’s Summary Ratios
1. 2Q21 / 6M21 numbers are preliminary.
2. ROAA/ROAE are calculated on an annualized basis
3. CTBC Bank’s ratios are calculated on a consolidated basis..
YTD Results
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 6M211
Per Share Data (Reported)
EPS (after-tax) (NT$) 1.85 2.16 2.15 0.31 0.87 0.35 1.01 0.70 1.72
DPS (NT$) 1.00 1.00 1.05 - - - - - -
BVPS (NT$) 15.14 18.01 19.25 17.00 17.56 19.25 19.41 20.46 20.46
Common shares outstanding
(million share)19,497 19,497 19,497 19,497 19,497 19,497 19,497 19,497 19,497
DuPont Analysis
ROAA (after-tax)(%)2 0.65% 0.72% 0.67% 0.44% 1.05% 0.41% 1.19% 0.82% 1.00%
ROAE (after-tax)(%)2 12.09% 13.04% 11.53% 8.42% 19.83% 7.22% 20.92% 14.14% 17.28%
Leverage & Solvency Ratios
Double Leverage Ratio (%) 118.4% 115.6% 115.2% 116.9% 116.5% 115.2% 115.3% 110.5% 110.5%
Avg. Equity / Avg. Assets (%) 5.73% 5.81% 6.13% 5.52% 5.71% 5.94% 6.14% 6.28% 6.04%
CAR - FHC (%) 117.9% 115.7% 125.0% 112.3% 115.8% 125.0% 128.3% 137.0% 137.0%
CAR - Bank3 (%) 14.12% 13.84% 14.61% 13.33% 13.51% 14.61% 14.79% 14.51% 14.51%
Tier 1 Ratio - Bank3 (%) 12.77% 12.40% 13.09% 11.88% 12.05% 13.09% 13.27% 13.03% 13.03%
CET1 Ratio - Bank3 (%) 11.62% 11.33% 11.95% 10.80% 10.97% 11.95% 12.12% 11.86% 11.86%
Yearly Results Quarterly results
YTD Results
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 6M211
Bank Growth Ratios
NII growth 9.59% 7.19% 0.04% -2.68% -0.64% 1.17% -0.09% 1.89% 0.01%
Fee growth -3.06% 10.52% 0.84% -26.23% 25.85% -6.11% 26.68% -25.31% 11.01%
Net profit growth -1.14% 4.11% -11.76% -39.42% 57.10% -27.21% 38.30% -14.83% 10.48%
Bank Performance Ratios
Loan growth 8.01% 4.54% 2.44% -0.20% -0.40% 1.31% 2.83% 1.95% 5.78%
Deposit growth 5.87% 7.13% 10.91% 1.31% 3.93% 3.43% 0.98% 1.30% 9.96%
Avg. Loan-to-Deposit Ratio 74.47% 74.46% 72.62% 74.07% 72.77% 70.43% 69.70% 70.65% 70.18%
NIM 1.50% 1.50% 1.43% 1.44% 1.40% 1.40% 1.39% 1.39% 1.39%
NII / Operating income 55.4% 54.6% 57.2% 57.9% 56.0% 58.9% 53.1% 60.2% 56.5%
Fee / Operating income 32.4% 32.9% 34.8% 29.6% 36.2% 35.4% 40.4% 33.6% 37.2%
Cost-to-income ratio 57.6% 57.7% 58.1% 61.2% 56.2% 62.7% 60.8% 59.8% 60.3%
Asset Quality Ratios
NPLs / Total Loans 0.43% 0.34% 0.49% 0.39% 0.48% 0.49% 0.48% 0.40% 0.40%
Reserve / Total Loans2 1.34% 1.39% 1.41% 1.49% 1.45% 1.41% 1.37% 1.35% 1.35%
Reserve / NPLs 296.26% 386.64% 272.01% 370.85% 293.62% 272.01% 270.35% 315.54% 315.54%
Provision/Avg. Loans & Revolv. Bal.3 0.20% 0.22% 0.36% 0.55% 0.23% 0.33% 0.14% 0.21% 0.18%
Yearly Results Quarterly Results%
32
CTBC Bank’s Summary Ratios (Consolidated)
1. 2Q21 /6M21 numbers are preliminary.
2. Effective 4Q11, calculation excluding government loan by regulatory definition.
3. Numbers are calculated on an annualized basis
33
Balance Sheet of CTBC Holding and its major
subsidiaries as of June 30, 20211
NT$mmCTBC Bank
(consolidated)
Taiwan Life
(consolidated)
CTBC
Securities
CTBC
AMC
CTBC
Capital
Taiwan
LotteryOthers2 CTBC FHC
(consolidated)
Assets:
Cash and due from banks 395,934 138,453 922 829 758 587 (43,398) 494,086
Securities, net 1,254,726 1,595,104 21,938 2,349 5,663 0 15,363 2,895,142
Loans, net 2,598,222 54,977 0 0 0 0 0 2,653,199
A/R, net 125,196 28,022 7,220 147 8,738 658 (1,085) 168,896
LT investments, net 18,649 12,159 0 0 0 0 58 30,866
Land, premises and equipments, net 41,759 7,830 113 1 13 66 86 49,867
Others 114,237 268,823 16,409 4,149 3,591 130 (1,052) 406,287
Total Assets 4,548,722 2,105,367 46,602 7,475 18,763 1,441 (30,028) 6,698,343
Liabilities:
Deposits 3,836,872 0 0 0 0 0 (45,300) 3,791,572
Other liabilities 408,013 1,953,393 37,030 1,769 13,469 352 63,844 2,477,870
Total liabilities 4,244,885 1,953,393 37,030 1,769 13,469 352 18,543 6,269,442
Minority interests 76 0 0 0 0 0 0 76
Total stockholders' equity 303,761 151,974 9,572 5,705 5,294 1,090 (48,571) 428,825
Total liabilities and stockholders'
equity4,548,722 2,105,367 46,602 7,475 18,763 1,441 (30,028) 6,698,343
1. These numbers are preliminary.
2. Others include CTBC Investments, CTBC Holding(standalone) and accounting eliminations.
34
P&L of CTBC Holding and its subsidiaries for the year
ended June 30, 20211
1. These numbers are preliminary.
2. Others include CTBC Investments, CTBC Holding(standalone) and accounting eliminations.
3. Includes premium income, insurance claims & payment, insurance reserve, reinsurance expense, underwriting expense and other expense
4. Includes Life’s foreign exchange reserve
5. Operating expenses include business tax
6. Net profit after Income Tax is excluding Minority Interest Income.
NT$mmCTBC Bank
(consolidated)
Taiwan Life
(consolidated)
CTBC
Securities
CTBC
AMC
CTBC
Capital
Taiwan
LotteryOthers2 CTBC FHC
(consolidated)
Operating income
Net interest income 28,511 24,859 169 175 177 0 (278) 53,614
Fee income 18,785 (6,478) 926 (0) (0) 1,134 (710) 13,657
Insurance business income3 0 (17,503) 0 0 0 0 91 (17,412)
LT investment income 476 (74) 0 0 0 0 4 406
Trading,Derivatives & FX 3,670 18,428 718 (13) 1,364 0 3 24,170
Other income (loss)4 (937) 1,774 (49) 193 14 (4) (262) 728
Operating revenue 50,505 21,006 1,764 355 1,555 1,129 (1,152) 75,163
Operating expenses5 (30,468) (3,213) (974) (152) (157) (562) 138 (35,388)
Credit loss provisions, net (2,321) 17 (1) 11 (12) 0 0 (2,306)
Profit before income tax 17,716 17,810 789 214 1,386 567 (1,014) 37,469
Profit after income tax6 14,883 16,574 687 276 1,352 455 (777) 33,449
2018 2019 2020 Jun 20 Sep 20 Dec 20 Mar 21 Jun 211 QoQ(%) YoY(%)
Assets:
Cash and due from banks 381,228 387,966 500,006 394,397 488,323 500,006 425,741 494,086 16.1% 25.3%
Securities, net 2,442,311 2,745,729 2,932,635 2,846,110 2,876,321 2,932,635 2,951,259 2,895,142 -1.9% 1.7%
Loans, net 2,364,345 2,471,532 2,528,287 2,504,387 2,493,464 2,528,287 2,599,884 2,653,199 2.1% 5.9%
A/R, net 201,112 194,508 180,883 181,219 178,106 180,883 174,565 168,896 -3.2% -6.8%
LT investments, net 35,353 28,708 31,439 29,913 29,825 31,439 31,240 30,866 -1.2% 3.2%
Land, premises and equipments, net 53,986 50,698 49,310 50,003 49,699 49,310 50,047 49,867 -0.4% -0.3%
Others 274,912 340,293 394,107 375,910 360,252 394,107 396,998 406,287 2.3% 8.1%
Total assets 5,753,248 6,219,435 6,616,667 6,381,939 6,475,991 6,616,667 6,629,735 6,698,343 1.0% 5.0%
Liabilities:
Deposits 3,138,015 3,360,071 3,728,668 3,455,000 3,607,053 3,728,668 3,748,389 3,791,572 1.2% 9.7%
Other liabilities 2,300,084 2,478,144 2,482,689 2,565,375 2,496,516 2,482,689 2,472,827 2,477,870 0.2% -3.4%
Total liabilities 5,438,099 5,838,215 6,211,356 6,020,375 6,103,569 6,211,356 6,221,216 6,269,442 0.8% 4.1%
Minority interests 76 81 80 80 77 80 77 76 -1.3% -5.7%
Total stockholders' equity 315,072 381,139 405,231 361,483 372,344 405,231 408,442 428,825 5.0% 18.6%
Total liabilities and stockholders' equity 5,753,248 6,219,435 6,616,667 6,381,939 6,475,991 6,616,667 6,629,735 6,698,343 1.0% 5.0%
NT$mm, %Quarterly ResultsYearly Results
35
CTBC Holding’s Balance Sheet (Consolidated)
1. June 21 numbers are preliminary.
36
CTBC Holding’s P&L (Consolidated)
1. 2Q21/ 6M21 number are preliminary.
2. Includes premium income, insurance claims & payment, insurance reserve, reinsurance expense, underwriting expense and other expense
3. Includes Life’s foreign exchange reserve
4. Operating expenses include business tax
5. Net profit after Income Tax is excluding Minority Interest Income
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 QoQ % 6M20 6M211 YoY %
Operating Income
Net interest income 102,275 110,637 109,054 27,339 27,041 27,084 26,834 26,780 -0.2% 54,929 53,614 -2.4%
Fee income 20,375 24,462 23,032 4,696 5,815 5,398 7,516 6,141 -18.3% 11,819 13,657 15.5%
Insurance business income2 (31,237) (37,266) (35,500) (8,397) (8,420) (8,721) (8,890) (8,521) 4.1% (18,359) (17,412) 5.2%
LT investment income 1,610 1,515 1,210 841 328 162 204 202 -0.8% 721 406 -43.7%
Trading, Derivative & FX 19,225 27,598 28,374 5,390 11,735 2,560 16,290 7,880 -51.6% 14,079 24,170 71.7%
Other income (loss)3 (3,235) (1,365) (635) 2,124 207 (820) (52) 780 1607.4% (21) 728 3509.6%
Operating Revenue 109,013 125,581 125,535 31,993 36,704 25,662 41,901 33,262 -20.6% 63,169 75,163 19.0%
Operating expenses4 (61,720) (68,130) (64,700) (17,280) (16,592) (15,822) (18,416) (16,973) -7.8% (32,286) (35,388) 9.6%
Credit loss provisions, net (4,903) (5,641) (9,258) (3,557) (1,541) (2,228) (931) (1,375) 47.6% (5,489) (2,306) -58.0%
Net profit before income tax 42,389 51,809 51,577 11,155 18,571 7,612 22,554 14,915 -33.9% 25,393 37,469 47.6%
Net profit after income tax5 36,032 42,880 42,853 7,017 16,949 6,727 19,709 13,741 -30.3% 19,177 33,449 74.4%
NT$mm, %Yearly Results Quarterly Results YTD Results
37
CTBC Bank’s Balance Sheet (Consolidated)
1. June 21 number are preliminary.
2018 2019 2020 Jun 20 Sep 20 Dec 20 Mar 21 Jun 211 QoQ(%) YoY(%)
Assets:
Cash and due from banks 340,440 321,883 420,862 313,016 404,878 420,862 374,175 395,934 5.8% 26.5%
Securities, net 972,615 1,124,863 1,270,204 1,198,625 1,239,562 1,270,204 1,273,869 1,254,726 -1.5% 4.7%
Loans, net 2,313,708 2,417,691 2,475,938 2,451,734 2,442,732 2,475,938 2,547,417 2,598,222 2.0% 6.0%
A/R, net 164,695 159,443 142,472 141,375 137,948 142,472 132,273 125,196 -5.4% -11.4%
LT investments, net 19,537 20,968 19,650 19,657 19,149 19,650 19,242 18,649 -3.1% -5.1%
Land, premises and equipments, net 47,997 44,334 43,001 43,678 43,374 43,001 42,177 41,759 -1.0% -4.4%
Others 100,586 137,989 138,130 165,622 132,106 138,130 123,876 114,237 -7.8% -31.0%
Total assets 3,959,578 4,227,171 4,510,256 4,333,707 4,419,748 4,510,256 4,513,029 4,548,722 0.8% 5.0%
Liabilities:
Deposits 3,156,767 3,381,818 3,750,938 3,489,454 3,626,581 3,750,938 3,787,787 3,836,872 1.3% 10.0%
Other liabilities 506,996 536,023 446,938 546,827 489,762 446,938 410,505 408,013 -0.6% -25.4%
Total liabilities 3,663,763 3,917,841 4,197,876 4,036,280 4,116,343 4,197,876 4,198,292 4,244,885 1.1% 5.2%
Minority interests 76 81 80 80 77 80 77 76 -1.3% -5.7%
Total stockholders' equity 295,739 309,248 312,300 297,346 303,328 312,300 314,660 303,761 -3.5% 2.2%
Total liabilities and stockholders' equity 3,959,578 4,227,171 4,510,256 4,333,707 4,419,748 4,510,256 4,513,029 4,548,722 0.8% 5.0%
Yearly Results Quarterly ResultsNT$mm, %
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 QoQ % 6M20 6M211 YoY %
Operating Income
Net interest income 52,793 56,590 56,614 14,061 13,971 14,134 14,122 14,389 1.9% 28,509 28,511 0.0%
Fee income 30,914 34,166 34,453 7,184 9,041 8,489 10,753 8,032 -25.3% 16,922 18,785 11.0%
LT investment income 1,300 1,283 925 915 236 137 255 221 -13.2% 552 476 -13.8%
Trading, Derivatives & FX 11,087 13,000 8,352 2,371 1,932 1,341 2,471 1,199 -51.5% 5,079 3,670 -27.8%
Other income (loss) (717) (1,329) (1,425) (236) (223) (96) (994) 57 105.7% (1,107) (937) 15.3%
Operating Revenue 95,377 103,709 98,918 24,295 24,957 24,004 26,608 23,897 -10.2% 49,957 50,505 1.1%
Operating expenses2 (54,905) (59,859) (57,462) (14,857) (14,027) (15,047) (16,186) (14,282) -11.8% (28,388) (30,468) 7.3%
Pre-provision profit 40,472 43,850 41,456 9,437 10,930 8,957 10,422 9,615 -7.7% 21,569 20,037 -7.1%
Credit loss provisions, net (4,740) (5,391) (9,188) (3,553) (1,501) (2,153) (925) (1,396) 50.9% (5,534) (2,321) -58.1%
Net profit before income tax 35,732 38,459 32,268 5,884 9,428 6,804 9,497 8,219 -13.5% 16,035 17,716 10.5%
Net profit after income tax3 29,680 30,899 27,267 5,082 7,984 5,812 8,038 6,846 -14.8% 13,471 14,883 10.5%
Quarterly Results YTD ResultsYearly ResultsNT$ mm, %
38
CTBC Bank’s P&L (Consolidated)
1. 2Q21 / 6M21 numbers are preliminary.
2. Operating expenses include business tax
3. Net profit after Income Tax is excluding Minority Interest Income.
39
CTBC Bank’s Loan Breakdown (Consolidated)
1. June 21 numbers are preliminary.
2. Other loans include car loans under repurchase agreement, car loans and small business loans.
2018 2019 2020 Jun 20 Sep 20 Dec 20 Mar 21 Jun 211 QoQ(%) YoY(%)
Corporate loans 541,315 581,230 583,577 568,761 553,640 583,577 651,067 691,972 6.3% 21.7%
Manufacturing 133,907 133,839 135,970 137,044 140,003 135,970 133,071 135,636 1.9% -1.0%
Commerce & services 66,623 61,036 59,322 57,427 53,578 59,322 72,009 80,567 11.9% 40.3%
Govt & non-profit org. 105,812 129,091 114,474 102,834 91,213 114,474 163,545 195,341 19.4% 90.0%
Construction & real estate 66,218 73,932 81,849 81,866 80,907 81,849 80,542 79,417 -1.4% -3.0%
Finance & insurance 52,007 54,983 51,710 53,845 52,420 51,710 56,536 54,925 -2.8% 2.0%
Others 116,748 128,349 140,252 135,745 135,518 140,252 145,364 146,086 0.5% 7.6%
Mortgages 639,376 693,412 764,607 718,275 739,591 764,607 779,972 798,397 2.4% 11.2%
Unsecured loans 115,353 128,634 174,892 162,650 170,460 174,892 176,841 192,524 8.9% 18.4%
Others2 10,650 12,809 16,039 14,210 15,484 16,039 16,236 16,616 2.3% 16.9%
Non-accrual account 1,620 1,458 1,174 1,386 1,193 1,174 1,291 1,449 12.2% 4.5%
Total NTD Loans 1,308,313 1,417,542 1,540,289 1,465,281 1,480,368 1,540,289 1,625,407 1,700,957 4.6% 16.1%
Total Foreign currency loans 1,035,387 1,032,509 969,453 1,022,086 997,033 969,453 955,293 930,190 -2.6% -9.0%
Total Loan 2,343,700 2,450,051 2,509,742 2,487,367 2,477,401 2,509,742 2,580,700 2,631,147 2.0% 5.8%
Yearly Results Quarterly ResultsNT$mm, %
2018 2019 2020 Jun 20 Sep 20 Dec 20 Mar 21 Jun 211 QoQ(%) YoY (%)
Demand & savings
Checking & demand deposits 220,664 243,545 325,089 314,481 317,872 325,089 331,437 350,407 5.7% 11.4%
Saving deposits 733,530 802,912 961,837 885,784 917,012 961,837 1,011,316 1,066,401 5.4% 20.4%
Sub-total 954,195 1,046,457 1,286,925 1,200,265 1,234,884 1,286,925 1,342,752 1,416,809 5.5% 18.0%
Time & Time savings
Time deposits (incl. CD) 255,481 310,430 337,789 303,744 354,585 337,789 370,000 368,424 -0.4% 21.3%
Time saving deposits 443,004 486,906 471,296 472,359 471,076 471,296 472,958 473,030 0.0% 0.1%
Sub-total 698,485 797,336 809,085 776,104 825,662 809,085 842,958 841,454 -0.2% 8.4%
Remittances 5,746 1,237 1,748 1,301 1,961 1,748 1,152 1,323 14.8% 1.7%
Foreign currency deposits 1,498,342 1,536,788 1,653,179 1,511,784 1,564,074 1,653,179 1,600,924 1,577,286 -1.5% 4.3%
Total deposits 3,156,767 3,381,818 3,750,938 3,489,454 3,626,581 3,750,938 3,787,787 3,836,872 1.3% 10.0%
Yearly Results Quarterly ResultsNT$mm, %
40
CTBC Bank’s Deposit Breakdown (Consolidated)
1. June 21 numbers are preliminary.
41
CTBC Bank’s Spread (Consolidated)
1. 2Q21 / 6M21 numbers are preliminary.
2. Credit card receivables are excluded in the calculation of NTD, foreign currency, and overall loan spread, and is included in the calculation of NIM
3. QoQ, YoY change and spread number may not add up due to the rounding.
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211QoQ
(Chg)6M20 6M211
YoY
(Chg)
NTD
Lending rate 2.01 1.99 1.87 1.84 1.81 1.83 1.81 1.77 (0.04) 1.91 1.79 (0.12)
Deposit rate 0.41 0.42 0.33 0.33 0.30 0.29 0.27 0.26 (0.01) 0.37 0.26 (0.11)
NTD spread2 1.60 1.57 1.53 1.51 1.51 1.54 1.55 1.51 (0.03) 1.54 1.53 (0.01)
Foreign currency
Lending rate 3.20 3.32 2.68 2.71 2.48 2.45 2.42 2.42 (0.01) 2.90 2.42 (0.48)
Deposit rate 0.89 1.00 0.54 0.59 0.40 0.32 0.28 0.26 (0.02) 0.72 0.27 (0.45)
Foreign currency spread2 2.31 2.32 2.15 2.12 2.08 2.13 2.15 2.16 0.01 2.18 2.15 (0.03)
NTD & foreign currency
Lending rate 2.54 2.58 2.20 2.20 2.08 2.08 2.05 2.01 (0.04) 2.33 2.03 (0.30)
Deposit rate 0.65 0.69 0.42 0.45 0.34 0.30 0.27 0.26 (0.01) 0.53 0.26 (0.26)
Overall spread2 1.90 1.89 1.78 1.75 1.74 1.77 1.78 1.75 (0.03) 1.80 1.76 (0.04)
NIM 1.50 1.50 1.43 1.44 1.40 1.40 1.39 1.39 (0.00) 1.46 1.39 (0.07)
Yearly Results Quarterly Results YTD Results%
42
CTBC Bank’s Asset Quality (Consolidated)
1. 2Q21/ 6M21/ June 21 numbers are preliminary.
2. Corporate NPL ratio excludes overseas subsidiaries NPL
3. QoQ, YoY change may not add up due to the rounding.
2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 QoQ(%) 6M20 6M211 YoY (%)
90-days NPLs - beginning 8,872 10,123 8,369 10,255 9,608 11,808 12,428 12,311 -0.9% 8,369 12,428 48.5%
New NPL influx, net of recovery &
others4,356 2,251 11,972 857 4,915 3,746 1,910 2,206 15.5% 3,310 4,116 24.3%
Write-offs & other deductions (3,105) (4,005) (7,914) (1,504) (2,716) (3,126) (2,027) (4,082) 101.4% (2,071) (6,109) 194.9%
90-days NPLs - ending 10,123 8,369 12,428 9,608 11,808 12,428 12,311 10,434 -15.2% 9,608 10,434 8.6%
Provisions and reserves
Total provisions 4,740 5,391 9,188 3,553 1,501 2,153 925 1,396 50.9% 5,534 2,321 -58.1%
Total reserves 29,992 32,359 33,804 35,632 34,669 33,804 33,283 32,925 -1.1% 35,632 32,925 -7.6%
2018 2019 2020 Jun_20 Sep_20 Dec_20 Mar_21 Jun_211 QoQ
(Chg)Jun_20 Jun_21
1 YoY
(Chg)
Corporate NPL ratio2 0.31% 0.22% 0.38% 0.37% 0.48% 0.38% 0.34% 0.22% -0.12% 0.37% 0.22% -0.15%
Retail NPL ratio 0.11% 0.10% 0.08% 0.09% 0.08% 0.08% 0.11% 0.15% 0.04% 0.09% 0.15% 0.06%
Overseas Subsidiaries NPL ratio 1.03% 0.88% 1.39% 0.88% 1.12% 1.39% 1.41% 1.25% -0.16% 0.88% 1.25% 0.38%
Total NPL ratio 0.43% 0.34% 0.49% 0.39% 0.48% 0.49% 0.48% 0.40% -0.08% 0.39% 0.40% 0.01%
NT$mm, %
%
Yearly Results Quarterly Results YTD Results
Yearly Results Quarterly Results YTD Results
43
Tokyo Star Bank’s P&L & Balance Sheet (IFRS)
1. Others include trading, derivatives & FX and other income(loss)
2. Operating expenses include business tax
3. Others include LT Investments (net), land, premises and equipment (net) and others
P&L
NT$mm, % 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q21 QoQ (%) 6M20 6M21 YoY (%)
Operating Income
Net interest income 9,839 10,352 9,105 2,285 2,237 2,197 2,034 1,922 -5.5% 4,671 3,956 -15.3%
Fee income 1,829 1,875 1,318 244 290 305 326 253 -22.3% 723 579 -20.0%
Others1 1,733 2,081 (33) (26) 93 81 138 61 -55.4% (207) 199 195.9%
Operating Revenue 13,401 14,308 10,390 2,504 2,620 2,583 2,497 2,237 -10.4% 5,187 4,733 -8.7%
Operating expenses2 (9,625) (9,872) (9,555) (2,301) (2,085) (2,710) (2,202) (1,889) -14.2% (4,759) (4,091) -14.0%
Credit loss provisions, net (322) (252) (1,890) (604) (221) (1,068) 6 4 32.2% (602) 11 -101.8%
Net profit before income tax 3,454 4,184 (1,055) (400) 314 (1,195) 302 352 16.7% (174) 653 475.1%
Net profit after income tax 2,472 3,109 (924) (281) 197 (943) 187 270 44.4% (178) 457 357.1%
Balance Sheet 2018 2019 2020 Jun_20 Sep_20 Dec_20 Mar_21 Jun_21 QoQ (%) YoY (%)
Assets:
Cash and due from banks 124,986 97,139 130,221 72,681 137,391 130,221 119,209 118,344 -0.7% 62.8%
Securities, net 69,815 67,186 56,535 56,731 53,357 56,535 50,368 41,488 -17.6% -26.9%
Loans, net 466,412 457,887 434,207 444,399 432,416 434,207 401,289 377,816 -5.8% -15.0%
Others3 36,770 31,030 26,495 27,360 26,697 26,495 23,945 22,176 -7.4% -18.9%
Total assets 697,983 653,241 647,458 601,170 649,861 647,458 594,811 559,824 -5.9% -6.9%
Liabilities:
Deposits 527,856 491,890 535,121 476,787 531,502 535,121 499,652 470,345 -5.9% -1.4%
Other liabilities 127,538 115,883 67,893 79,744 73,209 67,893 53,732 48,564 -9.6% -39.1%
Total liabilities 655,395 607,773 603,014 556,531 604,711 603,014 553,384 518,910 -6.2% -6.8%
Total stockholders' equity 42,588 45,468 44,444 44,640 45,150 44,444 41,427 40,914 -1.2% -8.3%
Total liabilities and
stockholders' equity697,983 653,241 647,458 601,170 649,861 647,458 594,811 559,824 -5.9% -6.9%
Yearly Results Quarterly Results YTD Results
44
Tokyo Star Bank’s Loan & Deposit Breakdown (based on IFRS)
1.SD: structured deposit
2.Numbers are calculated on an annualized basis
3.QoQ, YoY change may not add up due to the rounding.
2018 2019 2020 Jun_20 Sep_20 Dec_20 Mar_21 Jun_21 QoQ(%) YoY(%)
Corporate Loan 269,240 261,669 242,388 250,225 238,764 242,388 227,081 210,704 -7.2% -15.8%
Retail Loan 200,808 199,594 196,394 197,594 197,201 196,394 178,386 171,054 -4.1% -13.4%
Secured Loan 192,371 189,502 185,284 186,645 186,263 185,284 167,319 160,164 -4.3% -14.2%
Unsecured Loan 8,437 10,092 11,109 10,949 10,938 11,109 11,067 10,890 -1.6% -0.5%
Total Loan 470,048 461,262 438,782 447,818 435,964 438,782 405,466 381,758 -5.8% -14.8%
Deposit Breakdown 2018 2019 2020 Jun_20 Sep_20 Dec_20 Mar_21 Jun_21 QoQ(%) YoY(%)
Retail 339,694 302,597 311,698 304,731 305,181 311,698 299,011 293,705 -1.8% -3.6%
Corporate 188,162 189,293 223,423 172,056 226,321 223,423 200,641 176,640 -12.0% 2.7%
Total Deposit (excl SD1) 527,856 491,890 535,121 476,787 531,502 535,121 499,652 470,345 -5.9% -1.4%
Loan-to-Deposit Ratio 89.05% 93.77% 82.00% 93.92% 82.02% 82.00% 81.15% 81.17% 0.02% -12.76%
Asset Quality % 2018 2019 2020 Jun_20 Sep_20 Dec_20 Mar_21 Jun_21 QoQ(Chg) YoY(Chg)
NPLs/Total Loans 1.07% 0.83% 1.46% 0.86% 1.09% 1.46% 1.48% 1.34% -0.14% 0.48%
Reserve/NPLs 72.28% 87.95% 71.52% 89.20% 74.68% 71.52% 69.53% 77.21% 7.68% -12.00%
NIM & Credit cost 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q21 QoQ(Chg) YoY(Chg)
NIM 1.52% 1.59% 1.46% 1.46% 1.43% 1.44% 1.40% 1.41% 0.00% -0.06%
Provision/Avg. Loans & Revolv. Bal.2 0.07% 0.05% 0.42% 0.53% 0.20% 0.97% -0.01% -0.00% 0.00% -0.54%
Yearly Results Quarterly ResultsNT$mm, %
45
Taiwan Life’s P&L & Balance Sheet (Standalone)
1. 2Q21/ 6M21/ June 21 numbers are preliminary.
2. Operating expenses include business tax
P&L
NT$mm, % 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q211 QoQ(%) 6M20 6M211 YoY(%)
Retained earned premium 260,424 208,400 164,456 37,709 36,952 37,696 31,756 30,396 -4.3% 89,808 62,152 -30.8%
Retained claims and policyholders' benefits (87,026) (107,060) (131,124) (30,086) (32,557) (38,073) (34,971) (34,593) -1.1% (60,494) (69,564) 15.0%
Changes in liabilities reserves (205,098) (138,987) (69,269) (16,144) (12,930) (8,492) (5,735) (4,576) -20.2% (47,848) (10,311) -78.5%
Commission expense (12,764) (11,651) (13,982) (3,030) (3,889) (3,875) (4,146) (3,014) -27.3% (6,218) (7,161) 15.2%
Total investment 55,293 67,489 71,772 17,627 22,107 13,208 26,050 18,944 -27.3% 36,456 44,994 23.4%
Others 236 343 207 55 61 73 296 226 -23.6% 73 522 618.2%
Operating expenses2 (3,580) (4,927) (4,435) (1,381) (1,884) 79 (1,546) (1,289) -16.6% (2,630) (2,835) 7.8%
Net profit before Tax 7,485 13,607 17,624 4,750 7,860 618 11,704 6,093 -47.9% 9,147 17,798 94.6%
Net profit after Tax 8,298 13,110 16,534 3,912 7,763 626 10,296 6,278 -39.0% 8,144 16,574 103.5%
Balance Sheet
NT$mm, % 2018 2019 2020 Jun 20 Sep 20 Dec 20 Mar 21 Jun 211 QoQ(%) YoY(%)
General account 1,683,630 1,860,545 1,931,785 1,893,629 1,901,376 1,931,785 1,937,058 1,939,818 0.1% 2.4%
Separated account 72,962 91,886 125,641 92,725 104,053 125,641 143,840 154,596 7.5% 66.7%
Total Assets 1,756,592 1,952,431 2,057,426 1,986,354 2,005,429 2,057,426 2,080,898 2,094,414 0.6% 5.4%
Reserves for life insurance liabilities 1,571,466 1,701,364 1,747,645 1,739,635 1,745,869 1,747,645 1,752,508 1,744,111 -0.5% 0.3%
Other liabilities 119,812 133,275 171,153 135,174 144,447 171,153 190,285 198,330 4.2% 46.7%
Total liabilities 1,691,278 1,834,639 1,918,798 1,874,809 1,890,316 1,918,798 1,942,793 1,942,440 -0.0% 3.6%
Total stockholders' equity 65,314 117,792 138,628 111,545 115,113 138,628 138,106 151,974 10.0% 36.2%
Total liabilities and stockholders' equity 1,756,592 1,952,431 2,057,426 1,986,354 2,005,429 2,057,426 2,080,898 2,094,414 0.6% 5.4%
Yearly Results Quarterly Results YTD Results
46
Taiwan Life’s Premium Performance
1. Others include Health, PA and Others
NT$mm, %
Total Premium Breakdown by Products 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q21 QoQ(%) 6M20 6M21 YoY(%)
Traditional 65,648 53,825 47,451 10,031 12,865 13,657 9,313 9,126 -2.0% 20,929 18,439 -11.9%
Interest Sensitive & UL 181,024 137,269 96,873 23,089 18,760 18,247 16,997 15,802 -7.0% 59,866 32,799 -45.2%
Investment Linked 33,329 22,697 44,056 3,602 12,357 20,498 23,187 14,468 -37.6% 11,201 37,655 236.2%
Others1 15,670 18,524 20,517 4,673 5,493 5,731 5,165 5,454 5.6% 9,293 10,619 14.3%
Total premium 295,671 232,315 208,897 41,396 49,476 58,133 54,661 44,851 -17.9% 101,289 99,513 -1.8%
FYP Breakdown by Products 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q21 QoQ(%) 6M20 6M21 YoY(%)
Traditional 1,721 2,039 2,163 640 774 263 255 230 -9.6% 1,127 486 -56.9%
Interest Sensitive & UL 98,496 56,077 41,603 11,040 9,310 6,503 7,032 7,348 4.5% 25,790 14,380 -44.2%
Investment Linked 31,328 20,720 42,143 3,142 11,862 20,019 22,716 14,008 -38.3% 10,261 36,723 257.9%
Others1 2,736 4,199 3,664 785 970 948 1,113 832 -25.3% 1,745 1,945 11.4%
Total first year premium 134,281 83,035 89,573 15,607 22,916 27,733 31,116 22,418 -28.0% 38,924 53,534 37.5%
FYP Breakdown by Channels 2018 2019 2020 2Q20 3Q20 4Q20 1Q21 2Q21 QoQ(%) 6M20 6M21 YoY(%)
Bank_CTBC 52,613 35,351 50,167 6,814 14,169 18,857 23,030 14,901 -35.3% 17,141 37,931 121.3%
Bank_External 45,033 22,896 22,313 4,914 4,717 5,748 4,041 4,285 6.0% 11,848 8,326 -29.7%
Tele-Marketing 769 783 564 142 137 114 95 75 -20.7% 313 170 -45.6%
Brokers 11,710 6,301 6,266 1,479 1,704 823 1,354 1,310 -3.2% 3,739 2,664 -28.8%
Tied Agent 23,578 17,071 10,106 2,215 2,165 2,180 2,585 1,838 -28.9% 5,761 4,422 -23.2%
Others 578 633 158 43 25 10 12 9 -23.1% 122 21 -82.7%
Total First Year Premium 134,281 83,035 89,573 15,607 22,916 27,733 31,116 22,418 -28.0% 38,924 53,534 37.5%
First Year Premium Equivalent (FYPE) 26,101 21,442 23,558 5,428 6,773 5,764 7,026 4,424 -37.0% 11,021 11,450 3.9%
Quarterly ResultsYearly Results YTD Results