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Second Quarter 2020 Earnings Results

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SPH 1H20 EPS of NT$ 0.50; ROE of 7.73%; Net Fee Income +28.3% YoY, Reaching a Record High in the Same Period of Previous Years

【2020.8.5】SinoPac Holdings (SPH) posted 2Q20 net revenues of NT$9.79 billion (+11.4% QoQ) and 2Q20 net income of NT$3.31 billion (+40.6% QoQ), driving the 1H20 net revenues to NT$18.57 billion (-1.1% YoY) and 1H20 net income to 5.67 billion (-13.5% YoY). SPH 1H20 earnings per share reached NT$0.50, with an annualized return on equity (ROE) at 7.73% and a book value per share of NT$12.98.

SPH 1H20 net interest income reached NT$8.68 billion (+12.5% YoY), driven by healthy loan and deposit growth. Thanks to thriving wealth management businesses, SPH posted a 1H20 net fee income of NT$7.17 billion (+28.3% YoY) and hit a record high in the same period of previous years. The 1H20 other net revenues were NT$2.73 billion (-50.3% YoY), of which capital gains were mainly affected by the volatile capital markets due to the COVID-19 pandemic. Yet, the 2Q20 other net revenues made significant improvements compared with the first quarter.

Bank SinoPac (BSP) 1H20 net revenues were NT$13.83 billion (-4.5% YoY), and 1H20 net income reached NT$4.81 billion (-14.9% YoY). Total deposits for 2Q20 stood at NT$1.55 trillion (+5.3% QoQ, +10.8% YTD), maintaining growth momentum. Due to robust growth in corporate loans, total loans reached NT$1.14 trillion (+4.5% QoQ, +11.3% YTD). Reflecting on the impact by the Fed and Taiwan central bank cutting rates, the 2Q20 spread was 1.19% (-8.6bps QoQ), and the 2Q20 NIM was 0.96% (-3.8bps QoQ). Therefore, the 2Q20 net interest income remained flat QoQ while the YTD growth reached 11.8%. Thanks to strong wealth management momentum, BSP 1H20 net fee income reached NT$ 3.97 billion (+14.7% YoY). BSP asset quality continued to improve, with an NPL ratio of 0.15% (-3bps QoQ, -7bps YoY) and an NPL coverage ratio of 826%. Reflecting a solid capital strength, BSP at the end of 2Q20 boasted a BIS ratio of 14.28%, a Tier 1 ratio of 11.51%, and a CET1 ratio of 10.12%.

SinoPac Securities (SPS) reported 1H20 net revenues of NT$4.24 billion (+13.6% YoY) and the net income of NT$0.94 billion (+16.7% YoY). The stable recurring income of NT$3.89 billion (+41.5% YoY) demonstrated robust growth momentum because of the growing market transaction volume, gain in market share, and booming sub-brokerage business. SPS has been continually enhancing its product diversity and stable recurring income. SPS has launched "AI-based Stock Savings Plans" in Taiwanese stocks for six months, and in this June, there were more than 15 thousand orders with the transaction amount of NT$ 90 million. Moreover, SPS has started offering periodic stock savings plans in USA stocks in July.

Accelerating digital transformation is one of SPH’s five management themes. SPH utilizes AI and big data as core technologies to offer customized service via fintech. Our fintech investments mainly focus on five areas: Platform, Biometric, Open, AI/Data, and Product. To conclude, as for businesses, the transformation will enhance products, customer services, and loyalty effectiveness while differentiating our services from our peers. As for company operations, it can improve operational efficiency and risk governance technology applications to lead to lower operation costs.

 

Operating Report
SPH 6M20 ROE of 7.73%; 2Q20 net revenues and net income both increased
NT$mn 2Q20 QoQ YoY 6M20 YoY
Net Revenues 9,788 11.4% 8.8% 18,570 -1.1%
Net Income 3,311 40.6% 18.3% 5,666 -13.5%
 
SPH 2Q20 net interest income grew because of constant loan growth and lower deposit cost; 6M20 net fee income reached a record high in the same period of previous years
NT$mn 2Q20 QoQ YoY 6M20 YoY
Net Interest Income 4,348 0.4% 12.8% 8,677 12.5%
Net Fee Income 3,237 -17.6% 28.6% 7,165 28.3%
Others 2,203 319.5% -16.2% 2,728 -50.3%
 
SPH assets continually grew as corporate loans, retail loans, and investment climbed; capital remained strong
  • SPH 2Q total assets NT$1.98 tn, QoQ +3.5%;YoY +11.5%
  • BSP 2Q total loans NT$1.14 tn, QoQ +4.2%;YoY +9.6%
  • SPH 2Q CAR 116%; BSP consolidated BIS ratio 14.28%, Tier 1 ratio 11.51%
Awards and Achievements
  • The 2019 TWSE Corporate Governance Evaluation ranked SPH in the top 5% of 901 Taiwanese listed companies, and SPH was acknowledged again for its continuous corporate governance enhancement by supervisory authorities.
  • BSP won The Asset Triple A Awards for Two Digital Projects - Best ATM Project and Best Retail Payment Project.
  • BSP won Best IoT Initiative at the International Excellence in Retail Financial Services Awards 2020 by The Asian Banker.
  • BSP won the eACH Direct Debit Merit Award in Business Promotion and eACH Direct Credit Merit Award in Business Promotion in the 2019 ACH and eFCS competition in business promotion by the Taiwan Clearing House.
  • SPS won Best ETF Market Maker in Taiwan by The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2020.
  • SPS was honored with three awards by National Enterprise Competitiveness Development Association for the 17th National Brand Yushan Award, namely, Outstanding Enterprise, Most Popular Brand: DAWHO TOU, and Best Product: SinoPac Stock Savings Plans.

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