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Annual Report 2015 Taiwan Cooperative Financial Holding Co.,Ltd

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Annual Report 2015 Taiwan Cooperative Financial Holding Co.,Ltd Stock Code: 5880 TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. ANNUAL REPORT 2015 ANNUAL REPORT 2015 Proactive．Agile．Innovative Proactive．Agile．Innovative TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. 77, Guan Qian Road, Taipei, Taiwan R.O.C. Tel: +886-2-2311-8811 Fax: +886-2-2311-3699 This annual report is available at our website: http://www.tcfhc.com.tw Printed on April 26, 2016 Spokesperson Taiwan Cooperative Securities Investment Trust Co., Ltd. Kuang-Hua Hu, Executive Vice President Address: 13F., No.85, Sec. 2, Nanjing E. Rd., Zhongshan Dist., Taipei City Tel: +886-2-2311-8811 104, Taiwan, R.O.C. Email: [email protected] Tel: +886-2-2181-5999 Website: http://www.tcb-am.com.tw Deputy Spokesperson Taiwan Cooperative Venture Capital Co., Ltd. Mei-Tsu Chen, Executive Vice President Address: 13F., No.325, Sec. 4, Zhongxiao E. Rd., Da’an Dist., Taipei City Tel: +886-2-2311-8811 106, Taiwan, R.O.C. Email: [email protected] Tel: +886-2-8772-6718 Headquarters BNP Paribas Cardif TCB Life Insurance Co., Ltd. Address: 10F., No.325, Sec. 4, Zhongxiao E. Rd., Da’an Dist., Taipei City Taiwan Cooperative Financial Holding Co., Ltd. 106, Taiwan, R.O.C. Address: No.77, Guan Qian Road, Zhongzheng Dist., Tel: +886-2-2772-6772 Taipei City 100,Taiwan, R.O.C. Website: http://www.tcb-life.com.tw Tel: +886-2-2311-8811 Website: http://www.tcfhc.com.tw Stock Transfer Agent Subsidiaries Yuanta Securities Co., Ltd. Address: B1, No.210, Sec. 3, Chengde Rd., Datong Dist., Taipei City 103, Taiwan Cooperative Bank, Ltd. Taiwan, R.O.C. Address: No.77, Guan Qian Road, Zhongzheng Dist., Tel: +886-2-2586-5859 Taipei City 100,Taiwan, R.O.C. Website: http://www.yuanta.com.tw Tel: +886-2-2311-8811 Website: http://www.tcb-bank.com.tw Auditors Taiwan Cooperative Bills Finance Corporation Ltd. Deloitte & Touche Address: 14F., No.85,87, Sec. 2, Nanjing E. Rd., Address: 12F., No.156, Sec. 3, Minsheng E. Rd., Songshan Dist., Taipei Zhongshan Dist., Taipei City 104, Taiwan, R.O.C. City 105, Taiwan, R.O.C. Tel: +886-2-2522-1656 Tel: +886-2-2545-9988 Website: http://www.tcb-bills.com.tw Website: http://www.deloitte.com.tw Taiwan Cooperative Securities Co., Ltd. Address: 2, 6F., No.325, Sec. 4, Zhongxiao E. Rd., Credit Rating Agency Da'an Dist., Taipei City 106, Taiwan, R.O.C. Taiwan Ratings Corp. Tel: +886-2-2731-9987 Address: 49th Floor Taipei 101 Tower No. 7, Xinyi Road, Section 5, Taipei Website: http://www.tcfhc-sec.com.tw 110,Taiwan, R.O.C. Co-operative Assets Management Co., Ltd. Tel: +886-2-8722-5800 Address: 7F., No.325, Sec. 4, Zhongxiao E. Rd., Da'an Dist., Taipei City 106, Taiwan, R.O.C. Standard & Poor’s Ratings Services Address: Unit 1, Level 69, International Commerce Centre, 1 Austin Road Tel: +886-2-8772-0868 West, Kowloon, Hong Kong Website: http://www.coamc.com.tw Tel: +852-2533-3500 Notice to readers This English version annual report is a summary translation of the Chinese version and is not an official document of the shareholders' meeting. If there is any discrepancy between the English version and Chinese version, the Chinese version shall prevail. CONTENTS 02 1. Letter to Shareholders 10 2. About TCFHC 12 3. Corporate Governance Report 20 4. Capital Overview 28 5. Business Operation Overview 37 6. Financial Information 154 7. Financial Status and Risk Management 2 Letter to Shareholders 1. Letter to Shareholders 03 1.1 Business Performance in 2015 07 1.2 Business Plan for 2016 09 1.3 Latest Credit Ratings and Evaluation Dates 2015 ANNUAL REPORT 1. Letter to Shareholders 1.1 Business Performance in 2015 The global economy underperformed in 2015. Several macroeconomic developments in the second half of the year weighed on its performance, including the unexpected depreciation of the RMB, a delay in the raising of interest rates in the U.S., competitive depreciation among Asian currencies, a slowdown in economic growth in China and other emerging markets, plummeting oil and other commodity prices, and an increase in geopolitical risks. However, helped by relatively stable economic growth in the U.S., 1. Letter to the global economy is expected to recover and grow moderately in 2016. According to the IMF’s World Economic Outlook released in January 2016, global economic growth, currently estimated at 3.1%, is Shareholders projected at 3.4% in 2016. That said, there are still many global uncertainties, including the impact of China’s slowing economy and the global effects of the localization of supply chains; the potential impact of rising interest rates in the U.S. and quantitative easing policies in Japan and Europe on the foreign exchange, bond, and stock markets; the future trend in oil and commodity prices; and the impact of geopolitical risks on global trade, consumption, and corporate confidence, which may affect the pace of economic recovery. In 2015, foreign demand for Taiwan’s exports was negatively affected by the slowing down of the global economy, while domestic demand remained weak. According to statistics of the Directorate-General of Budget, Accounting, and Statistics of Executive Yuan, R.O.C. in February 2016, the economy grew at just 0.75% in 2015, marking a significant drop of 3.17 percentage points from 3.92% in 2014. Against a backdrop of a weak global economic recovery, major foreign and domestic institutions have projected Taiwan’s economic growth rate to decrease between 1.47% and 2.7% in 2016, and maintain a cautious outlook going forward. Chairman Tsan-Chang Liao 3 4 Letter to Shareholders As at the end of 2015, TCFHC had seven subsidiaries, namely Taiwan Cooperative Bank, Ltd., Taiwan Cooperative Securities Co., Ltd., Taiwan Cooperative Bills Finance Corporation Ltd., Co-operative Assets Management Co., Ltd., Taiwan Cooperative Securities Investment Trust Co., Ltd., BNP Paribas Cardif TCB Life Insurance Co., Ltd., and Taiwan Cooperative Venture Capital Co., Ltd., which was founded in 2015. With the trust and support of our shareholders over the past year, TCFHC was able to continue to grow and reach higher profitability despite the economic strains in the era of the ‘New Mediocre’ and heated competition in the financial markets. In 2015, our consolidated net income grew significantly by 30% to reach TWD13.462 billion, 3.048 billion more than the TWD10.414 billion in 2014. Post-tax earnings per share came in at TWD1.22, and the return on equity and return on assets were 7.72% and 0.43%, respectively, setting new records for TCFHC. The Group pursues growth and excellence based on a foundation of making continuous improvements. Our business performance in 2015 are summarized below: Consolidated Budget and Review for TCFHC in 2015: Unit: NT$ million, Except EPS in NT$ Item Actual Amount Budget Amount Achieving Rate (%) Net interest 32,075 33,929 94.54 Net revenues and gains other than interest 6,248 8,241 75.82 Total net revenues 38,323 42,170 90.88 Bad-debt expense and provision for losses on guarantees ( 2,225 ) ( 2,517 ) 111.60 Net change in reserves for insurance liabilities 4,344 2,092 207.65 Operating expenses ( 24,830 ) ( 25,826 ) 103.86 Income before income taxes 15,612 15,919 98.07 Income tax expense ( 2,150 ) ( 2,465 ) 112.78 Net income 13,462 13,454 100.06 Other comprehensive income, net of income tax 1,345 ( 290 ) 663.79 Total comprehensive income 14,807 13,164 112.48 Earnings per share 1.22 1.24 98.39 Non-Consolidated Budget Review for TCFHC in 2015: Unit: NT$ million, Except EPS in NT$ Item Actual Amount Budget Amount Achieving Rate (%) Revenues and gains 13,337 13,695 97.39 Expenses and losses ( 291 ) ( 350 ) 116.86 Income before income tax 13,046 13,345 97.76 Income tax expense 33 ( 85 ) 238.82 Net income 13,079 13,260 98.63 Other comprehensive income 1,236 ( 131 ) 1,143.51 Total comprehensive income 14,315 13,129 109.03 Earnings per share 1.22 1.24 98.39 2015 ANNUAL REPORT Earning Reporting for TCFHC and its Subsidiaries in 2015: Unit: NT$ million, Except EPS in NT$ Net income before Net income after Earnings per Net profit Return on Return on tax from continuing tax from continuing share ratio (%) assets (%) equity (%) operations operations TCFHC and its subsidiaries 15,612 13,462 1.22 35.13 0.43 7.72 TCFHC (unconsolidated) 13,046 13,079 1.22 98.75 7.12 7.65 Taiwan Cooperative Bank (unconsolidated) 14,082 12,129 1.52 30.99 0.41 7.28 Taiwan Cooperative Securities 195 170 0.44 24.51 1.52 4.15 Taiwan Cooperative Bills Finance 480 479 1.35 100.74 1.21 10.21 Co-operative Assets Management (unconsolidated) 395 328 1.25 43.93 6.04 10.82 BNP Paribas Cardif TCB Life Insurance 847 753 1.25 52.73 0.59 11.22 Taiwan Cooperative Securities Investment Trust ( 21 ) ( 21 ) ( 0.69 ) ( 13.58 ) ( 5.59 ) ( 6.06 ) Taiwan Cooperative Venture Capital ( 2 ) ( 2 ) ( 0.02 ) ( 151.06 ) ( 0.21 ) ( 0.21 ) Note: 1. Net income before/after taxes from continuing operations get round off to the nearest dollar 2. Return on assets = profit after income tax÷Average assets 3. Return on equity = profit after income tax÷Average stockholders’ equity 4. Net profit ratio = profit after income tax÷Total net revenue In 2015, we also achieved the following accomplishments: Profitability a. The bank subsidiary was the main source of revenue for the Group.
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