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Ctbc Financial Holding Co., Ltd. and Subsidiaries

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Ctbc Financial Holding Co., Ltd. and Subsidiaries 1 Stock Code: 2891 CTBC FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements With Independent Auditors’ Review Report For the Three Months Ended March 31, 2021 and 2020 Address: 27F and 29F, No.168, Jingmao 2nd Rd., Nangang Dist., Taipei City 115, Taiwan, R.O.C. Telephone: 886-2-3327-7777 The independent auditors’ review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ review report and consolidated financial statements, the Chinese version shall prevail. 2 Table of contents Contents Page 1. Cover Page 1 2. Table of Contents 2 3. Independent Auditors’ Report 3 4. Consolidated Balance Sheets 4 5. Consolidated Statements of Comprehensive Income 5 6. Consolidated Statements of Changes in Equity 6 7. Consolidated Statements of Cash Flows 7 8. Notes to the Consolidated Financial Statements (1) Company history 8 (2) Approval date and procedures of the consolidated financial statements 8 (3) New standards, amendments and interpretations adopted 9～13 (4) Summary of significant accounting policies 13～39 (5) Significant accounting assumptions and judgments, and major sources 39 of estimation uncertainty (6) Explanation of significant accounts 40～200 (7) Related-party transactions 200～210 (8) Pledged assets 211～212 (9) Commitments and contingencies 212～220 (10) Losses Due to Major Disasters 220 (11) Subsequent Events 220 (12) Other 221～265 (13) Other disclosures (a) Information on significant transactions 266～270 (b) Information on investment in mainland China 270～271 (c) Major shareholders 271 (14) Segment information 272 3 Independent Auditors’ Review Report To the Board of Directors of CTBC Financial Holding Co., Ltd.: Introduction We have reviewed the accompanying consolidated balance sheets of CTBC Financial Holding Co., Ltd. (“the Company” ) and its subsidiaries as of March 31, 2021 and 2020, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2021 and 2020, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Financial Holding Companies, the Regulations Governing the Preparation of Financial Reports by Public Banks, the Regulations Governing the Preparation of Financial Reports by Securities Firms, the Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, the Regulations Governing the Preparation of Financial Reports by Insurance Companies, and International Accounting Standards (“ IASs” ) 34, “ Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews. Scope of Review We conducted our reviews in accordance with Statement of Auditing Standard 65, “ Review of Financial Information Performed by the Independent Auditor of the Entity” . A review of the consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the generally accepted auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries as of March 31, 2021 and 2020, and of its consolidated financial performance and its consolidated cash flows for the three months ended March 31, 2021 and 2020 in accordance with the Regulations Governing the Preparation of Financial Reports by Financial Holding Companies, the Regulations Governing the Preparation of Financial Reports by Public Banks, the Regulations Governing the Preparation of Financial Reports by Securities Firms, the Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, the Regulations Governing the Preparation of Financial Reports by Insurance Companies, and IASs 34, “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. 3-1 Emphasis of Matter The judicial cases as stated in Note 9(b) are still under investigation by the judiciary, and the results remain uncertain. Our conclusion is not qualified in respect of this matter. The engagement partners on the review resulting in this independent auditors’ review report are Wu, Lin and Tzang, Kuo-Yang. KPMG Taipei, Taiwan (Republic of China) May 21, 2021 Notes to Readers The accompanying consolidated financial statements are intended only to present the consolidated statement of financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally accepted and applied in the Republic of China. The independent auditors’ review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ review report and consolidated financial statements, the Chinese version shall prevail. 4 (English Translation of Consolidated Financial Statements Originally Issued in Chinese) REVIEWED ONLY, NOT AUDITED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS AS OF MARCH 31, 2021 AND 2020 CTBC FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES Consolidated Balance Sheets March 31, 2021, December 31 and March 31, 2020 (Expressed in Thousands of New Taiwan Dollars) March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 December 31, 2020 March 31, 2020 ASSETS Amount % Amount % Amount % LIABILITIES AND EQUITY Amount % Amount % Amount % 11000 Cash and cash equivalents (Note 4 and 6(a)) $ 115,164,233 2 142,085,440 2 135,734,758 2 Liabilities: 11500 Due from the central bank and call loans to banks 310,576,559 5 357,920,481 5 309,297,298 5 21000 Deposits from the central bank and banks (Note 6(s) $ 49,649,156 1 55,993,946 1 96,352,596 1 (Note 6(b), 7 and 8) and 7) 12000 Financial assets measured at fair value through profit 499,305,542 8 529,747,338 8 583,661,908 9 21500 Due to the central bank and banks (Note 6(t) and 8) 13,594,253 - 16,214,708 - 20,575,057 - or loss (Note 4, 6(c) and (u), and 7 ) 22000 Financial liabilities measured at fair value through 63,089,772 1 79,847,010 1 162,298,300 3 12150 Financial assets measured at fair value through other 600,308,656 9 644,711,761 10 523,081,207 8 profit or loss (Note 4 and 6(c)) comprehensive income (Note 4, 6(d) and (u), and 22300 Financial liabilities-hedging (Note 4 and 6(f)) 378,856 - 211,672 - 169,434 - 8) 22500 Securities sold under repurchase agreements (Note 4 99,068,627 2 94,461,164 2 112,225,987 2 12200 Investments in debt instruments measured at 1,904,112,819 29 1,826,984,725 28 1,762,694,897 28 and 6(u)) amortized cost (Note 4, 6(e) and (u), and 8) 22600 Commercial papers issued-net (Note 6(v)) 15,672,186 - 17,005,163 - 42,929,271 1 12300 Financial assets-hedging (Note 4 and 6(f)) 298,444 - 16,394 - 125,217 - 23000 Payables (Note 6(w) and 7) 91,094,119 1 95,998,453 2 99,765,898 2 12500 Securities purchased under resell agreements (Note 4 4,939,645 - 3,953,395 - 7,728,013 - 23200 Current income tax liabilities (Note 4) 11,029,353 - 8,415,865 - 3,728,266 - and 6(g)) 23500 Deposits and remittances (Note 6(x) and 7) 3,748,388,902 57 3,728,667,552 56 3,426,525,648 54 13000 Receivables-net (Note 4, 6(h), (j) and (au), 7 and 8) 172,891,578 3 179,275,408 3 174,331,880 3 24000 Bonds payable (Note 6(c) and (y)) 131,881,608 2 125,380,870 2 98,178,651 2 13200 Current income tax assets (Note 4) 1,542,688 - 1,511,113 - 1,903,733 - 24600 Provisions (Note 4, 6(j), (z), (ad) and (ae)) 1,765,044,761 27 1,760,399,327 27 1,745,185,671 27 13500 Loans-net (Note 4, 6(i), (j) and (au), 7 and 8) 2,599,883,974 39 2,528,287,216 38 2,512,648,359 40 25500 Other financial liabilities (Note 4, 6(aa) and (ao)) 186,979,155 3 176,691,031 3 168,751,064 3 13700 Reinsurance contract assets-net (Note 4 and 6(k)) 3,133,895 - 3,062,366 - 2,403,903 - 26000 Lease liabilities (Note 4, 6(ab) and 7) 14,763,334 - 15,442,031 - 14,681,997 - 15000 Investment under equity method-net (Note 4 and 31,240,118 - 31,438,820 1 29,462,894 1 29300 Deferred tax liabilities (Note 4) 6,824,400 - 11,555,649 - 6,610,912 - 6(l)) 29500 Other liabilities (Note 6(ac)) 23,757,232 - 25,071,998 - 26,579,547 - 15500 Other financial assets-net (Note 4, 6(j), (m) and (ao), 145,798,636 2 127,858,688 2 86,477,745 1
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