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Annual Report 2017

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Annual Report 2017 Stock Code: 5880 TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. ANNUAL REPORT 2017 Proactive．Agile．Innovative ANNUAL REPORT 2017 Proactive．Agile．Innovative TAIWAN COOPERATIVE FINANCIAL HOLDING CO.,LTD. No.225, Section 2, Chang’an East Road, Taipei City, 105, Taiwan R.O.C. Tel : +886-2-2173-8888 Fax : +886-2-2731-3677 This annual report is available at our website: http://www.tcfhc.com.tw Printed on April 24, 2018 Spokesperson Taiwan Cooperative Securities Investment Trust Co., Ltd. Name: Mei-Tsu Chen Address: 13th Floor, No.85&87, Section 2, Nanjing East Road, Zhongshan Position: Executive Vice President District, Taipei City, 104, Taiwan R.O.C. Tel: +886-2-2173-8888 Tel: +886-2-2181-5999 Email: [email protected] Website: http://www.tcb-am.com.tw Taiwan Cooperative Venture Capital Co., Ltd. Deputy Spokesman Address: 13th Floor, No.325, Section 4, Zhongxiao East Road, Da’an Name: Chun-Lung Chou District, Taipei City, 106, Taiwan R.O.C. Position: Executive Vice President Tel: +886-2-8772-6718 Tel: +886-2-2173-8888 Email: [email protected] BNP Paribas Cardif TCB Life Insurance Co., Ltd. Address: 10th Floor, No.325, Section 4, Zhongxiao East Road, Da’an TCFHC Group Contact Information District, Taipei City, 106, Taiwan R.O.C. Tel: +886-2-2772-6772 Taiwan Cooperative Financial Holding Co., Ltd. Website: http://www.tcb-life.com.tw Address: 17th & 19th Floors, No.225, Section 2, Chang’an East Road, Songshan District, Taipei City, Stock Transfer Agent 105, Taiwan R.O.C. Yuanta Securities Co., Ltd. Tel: +886-2-2173-8888 (switchboard) Address: B1 Floor, No.210, Section 3, Chengde Road, Datong District, Website: http://www.tcfhc.com.tw Taipei City, 103, Taiwan R.O.C. Taiwan Cooperative Bank, Ltd. Tel: +886-2-2586-5859 Address: No.225, Section 2, Chang’an East Road, Website: http://www.yuanta.com.tw Songshan District, Taipei City, 105, Taiwan R.O.C. Tel: +886-2-2173-8888 (switchboard) Credit Rating Agency Website: http://www.tcb-bank.com.tw Taiwan Ratings Corporation Taiwan Cooperative Securities Co., Ltd. Address : 49th Floor, (Taipei 101 Tower), No.7, Xinyi Road, Section 5, Address: 6th Floor, No.325, Section 4, Zhongxiao East Taipei City, 110, Taiwan R.O.C. Road, Da’an District, Taipei City, 106, Taiwan, R.O.C. Tel: +886-2-8722-5800 Tel:+886-2-2731-9987 ’ Website: http://www.tcfhc-sec.com.tw Standard & Poor s Ratings Services Address : Unit 1, Level 69, International Commerce Centre, 1 Austin Road Taiwan Cooperative Bills Finance Corporation Ltd. West, Kowloon, Hong Kong Address: 14th Floor, No.85&87, Section 2, Nanjing Tel: +852-2533-3500 East Road, Zhongshan District, Taipei City, 104, Taiwan R.O.C. Auditors Tel: +886-2-2522-1656 Deloitte & Touche Website: http://www.tcb-bills.com.tw Address: 12th Floor, No.156, Section 3, Minsheng East Road, Songshan Co-operative Assets Management Co., Ltd. District, Taipei City, 105, Taiwan R.O.C. Address: 7th Floor, No.325, Section 4, Zhongxiao East Tel: +886-2-2545-9988 Road, Da’an District, Taipei City, 106, Taiwan R.O.C. Website: http://www.deloitte.com.tw Tel: +886-2-8772-0868 Website: http://www.coamc.com.tw 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 14 2. About TCFHC Group 16 3. Corporate Governance Report 24 4. Capital Overview 30 5. Operating Overview 37 6. Financial Information 170 7. Financial Status Review and Risk Management Discussion 2 Letter to Shareholders 1. Letter to Shareholders 03 1.1 TCFHC Group’s Performance in 2017 09 1.2 Overview of Operating Plans for 2018 11 1.3 Future Development Strategies 11 1.4 Influence of External Competitive Environment & Influence of Macroeconomic Situation 13 1.5 Credit Ratings and Evaluation Dates 2017 ANNUAL REPORT 1. Letter to Shareholders 1.1 TCFHC Group’s Performance in 2017 1.1.1 Domestic and Overseas Financial Environments The global economy experienced synchronized growth in 2017 mainly due to the steady recovery of the U.S. economy which has been brought about by Trump’s G.O.P. tax plan and the increase of interest rates by the Federal Reserve, China’s potential economic growth of 6.5 percent or higher, and steady increases in international raw material prices over the past few years. In January 2018, International Monetary Fund (IMF) reported that the 2017 global growth rate 1. Letter to reached 3.7 percent, which was a 0.5-percentage point upward revision. IMF further projected that the global outlook will be upbeat, and GDP will reach a new high of 3.9 percent over nearly seven years although markets Shareholders face many uncertainties, including the global growth merely reflects the remained strength to expectations for U.S. tax reform, the China’s massive debt risk that has been brought about by over-reliance on credit loans, and a slower-than-expected Japanese recovery with quantitative easing policies under synchronized global growth. Under these uncertainties, it remains to be seen how long the growth will continue even if the upward trend in GDP has been reported. In 2017, Taiwan’s economy grew beyond expectations. Output growth was driven by increase in global demand, and domestic consumer’s expenditure was raised by stock trading volume increases. According to the latest estimate released by the Directorate General of Budget, Accounting, and Statistics of Executive Yuan, R.O.C. in February 2018, the 2017 economy grew at an annual rate of 2.86 percent in 2017, marking a growth of 1.36 percent from 1.50 percent in 2016. In spite of the solid domestic economic growth in 2017 and the global synchronized expansion, Taiwan’s economic growth for 2018 is expected to maintain a cautious outlook going forward due to factors, such as the associated impact of recent protectionist U.S. trade policy, the crowding-out effect of China’s industrial restructuring, and Taiwan’s geopolitical risk related to its relationship with China with periodic tensions. Major foreign and domestic financial institutions have projected Taiwan’s economic growth rate to decrease between 2.27 percent and 2.43 percent for the year 2018. Chairman Chung-Dar Lei 3 4 Letter to Shareholders 1.1.2 TCFHC Organization Reform At December 31, 2017, TCFHC Group consisted of seven primary business segments; 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. 1.1.3 Operating Plans and Accomplishments Summary Despite the heated competition in the financial markets, we continued to strength and soared to a new height in profitability with the support of our shareholders. In 2017, our consolidated net income grew by 4.05 percent to reach NT$14.712 billion, which was NT$0.573 billion more than the NT$14.139 billion in 2016. Post-tax earnings per share reached NT$1.17, and the returns on both equity and assets were 7.28 percent and 0.44 percent, respectively. We continued to strength despite a global lackluster outturn in 2016. The ranking of our earnings-per-share has been steadily increased from the 10th place in 2014 to the 8th place in 2017. The TCFHC Group will keep pursuing growth and excellence based on continuous improvements. In 2017, we achieved the following accomplishments: Profitability a. Our profitable bank subsidiary continued to improve its deposit structure and lower capital expenditure. Given consideration of providing good quality and quantity of banking services, it increased undertakings in both SME financing and loans to the pillar industries identified in the 5+2 Major Innovative Industries policy. Our bank also sought to increase its corporate lending market shares by making an effort to maintain corporate financing customers’ continuity and providing incentive measures. Moreover, our bank actively expanded overseas units and operations in order to increase its overseas share of revenue. In 2017, our bank and its sub-subsidiaries’ operations generated NT$12.524 billion in net profit, growing by 2.99 percent with an increase of NT$0.375 billion from NT$12.899 billion in the previous year. b. Stable business growth was seen in our life insurance, bills finance, and securities investment trust subsidiaries, as they posted annual after-tax net incomes of NT$780 million, NT$552 million and NT$22 million, respectively. These figures represented an increase of over 5 percent from prior year. Both our securities and venture capital subsidiaries also increased their profits from engaging in proprietary trading activities and raised their long-term investment performances. Their after-tax net incomes reached NT$321 million and NT$26 million, respectively. Net incomes increased more than 70 percent when compared to 2016. Although the reduction of non-performing assets (loans) in other banks lowered the after-tax net income of our assets management subsidiary to NT$337 million, all of our seven subsidiaries have maintained profitable for over two years in a raw. Capital Allocation a. For the medium- to long-term development of the Group and to enhance the capability of expanding into new territories, we (TCFHC) transferred a private placement of cash assets for about NT$5.0 billion to our bank in the second quarter of 2017.
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