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Fourth Quarter 2019 Earnings Results

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2019 SPH Net Income of NT$ 12.41 billion (+31.6% YoY), EPS of NT$ 1.1, and ROE of 8.55% demonstrated a five-year high; the Net Fee Income of NT$ 10.75 billion (+8.0% YoY) hit a record high

【2020.3.3】SinoPac Holdings (SPH) posted 4Q19 net revenues of NT$8.4 billion (-8.0% QoQ) and 4Q19 net income of NT$2.89 billion (-2.3% QoQ), driving 2019 net revenues to NT$36.33 billion (+13.1% YoY) and 2019 net income to NT$12.41 billion (+31.6% YoY). SPH 2019 earnings per share reached NT$1.1, with a return on equity (ROE) of 8.55% and a book value per share of NT$13.16.

SPH 2019 net revenues reached NT$36.33 billion (+13.1% YoY), of which NT$16.11 billion (+2.0% YoY) was from net interest income, NT$10.75 billion (+8.0% YoY) was from net fee income, and NT$9.48 billion (+48.8% YoY) was from other revenues. Net interest income stayed flat YoY, and the net fee income growth was driven by the wealth management and loan increase. The other revenues showed a significant growth due to the Fed cutting rates and bullish capital markets, which favored our subsidiaries’ trading profits and valuation gains. Together with properly managed operating expenses, SPH 2019 net income improved significantly by +31.6% YoY, surpassing full-year 2018 results.

Bank SinoPac (BSP) 2019 net revenues totaled NT$27.33 billion (+8.5% YoY), and 2019 net income reached NT$10.25 billion (+6.0% YoY). Net interest income, accounting for NT$14.98 billion (+1.1% YoY), grew steadily. BSP net fee income of NT$5.99 billion (+15.6% YoY) was mainly boosted by wealth management and loan-related fees, which grew by +17.2% YoY and +46.4% YoY respectively. Other net revenues of NT$6.35 billion (+22.8% YoY) was mainly driven by valuation gains, including funding swap profits. Total deposits for 2019 stood at NT$1.4 trillion (+0.5% QoQ, +17.0% YoY), maintaining growth momentum. Total loans reached NT$1.03 trillion (-4.1% QoQ, +8.4% YoY) due to strategically reducing jumbo loans in the fourth quarter. By the end of 2019, BSP asset quality remained healthy, with an NPL ratio of 0.21% (flat QoQ, -4bps YoY) and an NPL coverage ratio of 651%. In 2019, the BSP consolidated BIS ratio was 14.26%, remaining steady with a Tier 1 ratio of 12.16%.

SinoPac Securities (SPS) reported 2019 net revenues of NT$8.16 billion (+26.2% YoY). Net income of NT$1.86 billion (+297.2% YoY) reached a ten-year high. SPS demonstrated outstanding profitability mainly because of significant trading and valuation gains accompanied by stable net fee income. Moreover, SPS strived to develop its wealth management business, leading 2019 net fee income from wealth management to reach NT$1.67 billion (+59.5% YoY).

In 2019, SPH initiated five major themes for business strategies: to enhance portfolios and raise operational efficiency; to boost fee income; to elevate overseas revenues; to accelerate digital transformation; and to strengthen corporate governance, sustainable development and risk management. SPH will continue promoting the strategies, creating the synergy, and maximizing values for all stakeholders.

In recent years, SPH has dedicated to developing the sustainable financial products, including solar financing, issuance of green bonds, and helping the development of renewable energy and eco-friendly industries. As a result, BSP won the Best Financial Services Provider Award under the Top Solar System Award bestowed by Ministry of Economic Affairs in the fourth consecutive year. In addition, SPH was honored with two ESG Corporate Awards bestowed by The Asset for the Smart Wholesale Market Transaction Facilitation Platform and Solar Power Equipment Financing Project.

Going forward, SPH will continue improving corporate governance effectiveness, strengthening information disclosure, signing-up ESG global initiatives, obtaining international certifications, and increasing the coverage rate of GHG Inventory. On February 27, 2020, BSP signed the Equator Principles and is ranked the 102nd Equator Principle Financial Institution in the world.

 

Operating Report
2019 SPH ROE 8.55%, +1.83% YoY. Net revenues, net profit, and ROE reached five-year high
NT$mn 4Q19 QoQ 12M19 YoY
Net Revenues 8,404 -8.0% 36,330 13.1%
Net Income 2,893 -2.3% 12,407 31.6%
 
2019 SPH net fee income was boosted by wealth management; other net revenues were mainly driven by funding swap profits
NT$mn 4Q19 QoQ 12M19 YoY
Net Interest Income 4,279 4.0% 16,108 2.0%
Net Fee Income 2,171 -27.4% 10,745 8.0%
Others 1,954 -4.0% 9,477 48.8%
 
BSP adjusted loan portfolios and investment positions, leading to stable growth of SPH total assets with healthy CAR.
  • SPH 4Q total assets NT$1.83 tn, +0.5% QoQ; +14.2% YoY
  • BSP 4Q total loans NT$1.03 tn, -4.1% QoQ; +8.4% YoY
  • SPH 4Q CAR 118%; BSP consolidated BIS ratio 14.26%, Tier 1 ratio 12.16%
Awards and Achievements
  • SPH won six 2019 Taiwan Corporate Sustainability Awards bestowed by the Taiwan Institute for Sustainable Energy.
  • SPH was honored with two ESG Corporate Awards bestowed by The Asset for the Smart Wholesale Market Transaction Facilitation Platform and Solar Power Equipment Financing Project.
  • BSP won the Best Financial Services Provider Award under the Top Solar System Award bestowed by the Ministry of Economic Affairs.
  • SPS won two awards in The Asset 2019 Benchmark Research Awards, including the first place for Top Sellside Firms in Secondary Market - Government Bonds in Taiwan, and the second place for Top Arrangers - Investors Choice for Primary Issues - Government Bonds in Taiwan.
  • SinoPac Futures was named Top 5 North Asia Futures brokers of SGX China Equities Index Derivatives in 2019 bestowed by Singapore Exchange.

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