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If there is any discrepancy between the English7KLV(QJOLVKYHUVLRQDQQXDOUHSRUWLVDVXPPDU\WUDQVODWLRQRIWKH&KLQHVHYHUVLRQDQGLVQRW version and Chinese version, the Chinese version shall prevail. DQ RIILFLDO GRFXPHQW RI WKH VKDUHKROGHUV¶ PHHWLQJ ,I WKHUH LV DQ\ GLVFUHSDQF\ EHWZHHQ WKH (QJOLVKYHUVLRQDQG&KLQHVHYHUVLRQWKH&KLQHVHYHUVLRQVKDOOSUHYDLO Contents 2 Message to Shareholders 3 Major Achievements in 2018 5 Operating Performance in 2018 6 Operating Strategies for 2019 8 Business Targets for 2019 8 Credit Ratings 9 Bank Profile 9 Date of Establishment 9 History 11 Corporate Governance Report 11 Organization Chart 12 Bank’s Subsidiaries Chart 12 Major Corporate Functions 14 Directors, Supervisors and Executive Officers 15 Major Shareholder 15 Corporate Governance Execution Status and Deviations 17 Implementation of Corporate Social Responsibility 19 Operational Highlights 19 Annual Business Plans for 2019 22 Market Analysis 24 Human Resources 24 Corporate Social Responsibility and Ethics 26 Financial Information 26 Condensed Consolidated Balance Sheets 27 Condensed Consolidated Statements of Comprehensive Income 27 Financial Analysis 28 Supervisors’ Report 29 Consolidated Financial Statements 129 Stand Alone Financial Statements 140 Risk Management 140 Credit Risk Management System 141 Operational Risk Management System 143 Market Risk Management System 145 Head Office and Branches 145 Head Office 146 Domestic Branches 157 Overseas Units 1. Message to Shareholders The global markets were mixed in 2018. While the U.S. drove a significant growth momentum, emerging markets faced a number of headwinds. There are inherently many uncertainties and contingencies. With regard to Taiwan, the exportation achieves a record high and the employment market recovers moderately, domestic economy grows continually. Owing to the continuously support of our customers and the efforts of our employees, we maintain the leading position in both deposits and loans, and generated consolidated net income totaling NT$14.76 billion for the year 2018, which was equivalent to an EPS of NT$1.63, successfully meeting the annual target and hit a new high. Moreover, the non-performing loan ratio was 0.28% and the coverage ratio of the allowances for bad debt was 448.38%. Looking forward to 2019, the global economy is projected to slower growth, mainly due to the rise of trade protectionism, demographic transition and geopolitical tensions. The Directorate-General of Budget, Accounting and Statistics (DGBAS) Executive Yuan estimates the economic growth rate for 2019 to be 2.27%. In terms of financial conditions, domestic banks have improved the practices of anti-money laundering and countering the financing of terrorism (AML/CFT), while the government has been continuously amending regulations to promote the development of financial technology. This contributes to a more stable business environment for financial and the banking industry, as well as international expansion. Following the principles of stable operations and equally balancing quality and quantity, we will continue to expand high-quality loan assets, consolidate our core business niche, keep abreast of Fin-Tech trends, increase customer value and generate different sources of revenue. While implementing compliance systems and internal control mechanisms, we have strengthened the effectiveness of corporate governance. At the same time, we will also extend our care for the society over the long term, in order to realize the vision of "having taken from the society, now we strive to give back" and fulfill our corporate social responsibility. Our major achievements in 2018 and operating strategies for 2019 are described briefly below: Chairman Chung-Dar Lei 2 Annual Report 2018 Taiwan Cooperative Bank 1.1 Major Achievements in 2018 A. Capital Adequacy In 2018, we issued subordinated debentures of NT$5 billion, which effectively improved our capital adequacy and strengthened our capital structure. At the end of 2018, our capital adequacy ratio, Tier 1 capital ratio, and common equity ratio were 13.59%, 10.74%, and 10.57% respectively, have achieved annual target successfully. B. Deposits At the end of 2018, our deposit balance was NT$2,728.41 billion, ranking Second in Taiwan. The amount of demand deposit stood at NT$1,271.15 billion (excluding government deposits), an increase of NT$40 billion from the same period in 2017, placed us in the First Place throughout Taiwan. The average interest rates on deposit was 0.538%, an decreased of 0.014% from the same period in 2017. We effectively improved our deposit structure and lowered funding costs. C. Loans (1) At the end of 2018, our loan balance was NT$2,071.71 billion, ranking Second in Taiwan, in which the small-and-medium enterprises (SME) loans stood at NT$624.10 billion, ranking Second in Taiwan. Our loan to private enterprise loans (excluding government institutions and public enterprises) was NT$837.71 billion, ranking in the First Place throughout Taiwan. (2) To cooperate with government policies, we continuously implement the “5+2 New and Innovative Industry Loan Project”, striving to gain the full cohesion and identification from customers. As of December 2018, the loan balance of new and innovative industries amounted to NT$439.49 billion, ranking in the First Place throughout Taiwan. (3) In year 2018, we arranged/coordinated 82 syndication loans, for a total amount of NT$621.66 billion, and our participation amount reached NT$73.90 billion. According to the data compiled by Bloomberg, our bookrunner market share ranked Third in Taiwan. (4) In November 2015, we launched a “Bagful of Happiness Loan,” Taiwan’s first-ever commercial reverse mortgage product, which received great feedback. As of December 2018, the cumulative number of mortgages reached 1,242 with approved credit of NT$7.33 billion, ranking in the First Place throughout Taiwan. (5) At the end of 2018, the balance of credit guaranteed by Small & Medium Enterprise Credit Guarantee Fund of Taiwan (Taiwan SMEG) amounted to NT$93.83 billion, ranking in the First Place among the participating financial institutions. President The Bank was granted the "SME Partner Award", "Direct Guarantee Outstanding Performance Award", and "SME Bor-Chang Hwang Financing Platform Inquiry Outstanding Performance Award" by Taiwan SMEG. Message to Shareholders 3 (6) The quality of loan assets was improved significantly in 2018. At the end of 2018, the non-performing loan (NPL) amount totaled NT$5.85 billion, and the NPL ratio was 0.28%, showing a decrease of NT$984 million and 0.06%, respectively, from 2017. It reached the annual target and hit a record low over the past years. NPLs coverage ratio at the end of 2018 was 448.38%, which increased by 81.99 percentage points compared to the ratio of 492.92% at the end of 2017. D. Overseas Business (1) In 2018, our overseas pre-tax income (including OBU and overseas units) was NT$5.41 billion, accounting for 31.81% of total income. (2) We opened Veng Sreng sub-branch and Sihanouk Ville sub-branch under Phnom Penh branch in Cambodia on November 2, 2018 and November 7, 2018, respectively. We already have 22 overseas units and our services have expanded to Europe, the U.S., Australia, and throughout Asia. E. Wealth Management Business (1) The net service fee income from trust, financial planning, insurance (excluding mortgage life insurance), and gold bankbook reached NT$3.11 billion, making up 50.19% of the total net fee income, and showing an increase of 4.02% from the same period in 2017. We added new products to our lineup in 2018, including domestic and offshore funds, bonds as well as structured investments, for a total of 151 products. (2) To support the government’s policy, we continued to promote property trust services for the elderly and disabled persons. We also initiated “One-stop integration service for nursing homes and senior citizen nursing by means of trust mechanism”. As a result, we received the “Best Trust Finance Award” in the 9th Great Award from Taiwan Academy of Banking and Finance. F. E-banking Being active in financial innovations, we cooperated with Financial Information Service Co., Ltd. to engage in the “Financial Blockchain External Confirmation Service”
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