Investor Presentation May 19, 2015
Investor Presentation
May 19, 2015
Disclaimer
This presentation may include forward looking statements. All statements, other than statements of historical facts, that address activities, events or developments that Taishin Financial Holding Co. Ltd. (“Taishin”) expects or anticipates will or may occur in the future are forward-looking statements. Taishin’s actual results or developments may differ from those indicated by these forward-looking statements as a result of various factors and uncertainties which are beyond our control. In addition, Taishin makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.
1
Executive Summary
1Q15 FHC
Performance
• 1Q15 net profit NT$4.6bn versus NT$4.8bn in 1Q14
• Book value NT$11.72/share, EPS NT$0.49, ROE 17.04%
• Continuous YoY improvement in NII (+13.5%) and net fee income (+20.1%)
• Operating expenses up 6.2% YoY
• Capital strength sufficient with FHC CAR at 124.7% and Bank BIS at 11.3%
1Q15 Bank
Earnings
• NII NT$4.2bn, up 10.6% YoY, NIM 1.52% in 1Q, with loan growth 12.7% YoY
• Net fee income NT$2.7bn, up 21% YoY
• Operating expenses NT$4.4bn, up 6% YoY
• NPL ratio at 0.16% and coverage at 788.9%
• Bank ROE 16.6%
2015 Outlook
• Loan growth momentum remains, with focusing on Home equity, Unsecured
personal lending and SME
• Positive trend on fee income growth, with focusing on Wealth management
• NIM outlook overall stable
2
Agenda
1Q15 FHC Financial Performance
1Q15 Bank Earning Drivers
2015 Business Outlook
3
Financial Holding Company: Earnings Results
1Q14 1Q15 YoY 1Q14 (adj)
1Q15
(adj) YoY
Pretax Earnings (NT$mn) 4,810 4,505 -6.4% 4,793 4,284 -10.6%
Net Income after Tax (NT$mn) 4,824 4,550 -5.7% 4,807 4,288 -10.8%
EPS (NT$) 0.56 0.49 -12.1% 0.55 0.46 -17.1%
Book Value (NT$) 13.62 11.72 -14.0% - - -
ROE (%) 18.50 17.04 - 18.43 16.03 -
Note:
1. FHC pretax earnings here are FHC standalone pretax profit including net profits from major subsidiaries plus 22.55% stake in
Chang Hwa Bank’s net profit minus FHC operating and interest expenses.
2. Preliminary figures.
3. 1Q14 Excluding one-time item: recovery from Lehman.
4. 1Q15 Excluding one-time items: retention refund from Taiwan Securities and recovery from Lehman
5. For common shares only.
2 2,4
1
3
5
4
5
5
127.9% 129.7% 132.6% 133.1%
122.7%
124.7%
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Key Capital & Risk Ratios
FHC CAR
8.3% 8.6%8.3% 8.8%8.5%8.4%
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Tier 1 %
Bank BIS
11.1% 10.9% 11.0% 11.0% 11.0% 11.3%
5
131.3%1
Note
1. If removing the impact from loss of losing majority of CHB board ,
Taishin FHC CAR would be at 131.3%.
2014/12 2015/03
Double Leverage : 109.3% 108.8%
Debt/Equity : 21.7% 20.49%
2014/12 2015/03
NPL: 0.14% 0.16%
Coverage: 977.5% 788.9%
Reserve / Loan: 1.32% 1.30%
4,904225 5,129
777 320 149 64308
3,22362
Adjusted
4Q14
Pretax
Earnings
NII Net Fee
Income
Investment/
Trading
Others Expenses Provisions,
Net
Adjusted
1Q15
Pretax
Earnings
One-time
Factors
1Q15
Pretax
Earnings
Better
Worse
NT$mn
FHC’s Aggregate Profit
4,904
516
225 5,129
539
(1,349) (198) (283)
2055,474
Adjusted
1Q14
Pretax
Earnings
NII Net Fee
Income
Investment/
Trading
Others Expenses Provisions,
Net
Adjusted
1Q15
Pretax
Earnings
One-time
Factors
1Q15
Pretax
Earnings
Note
1. FHC aggregate earnings here are pretax earnings from major subsidiaries plus 22.55% stake from CHB net profit minus FHC operating
and interest expenses.
2. The analysis on the following pages is based on adjusted numbers excluding one-time items.
1Q15 vs. 4Q14
1Q15 vs. 1Q14
6
3.4
2.32.0
0.2
3.8
2.7
3.2
0.5
4.3
1.9
0.3
3.2
NII Fee Income Investment &
Trading
Others
FHC Revenue Mix
1Q15 FHC Revenue Mix Historical Trend
1Q13 1Q14 1Q15 1Q13 1Q14 1Q15 1Q13 1Q14 1Q15 1Q13 1Q14 1Q15
YoY +13.5%
NT$bn
YoY +20.1 % YoY
-42.1%
YoY -42.1%
TMU
5.0%
Trading
7.2%
7
1Q15 Total Revenue: NT$10bn, YoY - 4.8%
Net Interest Income 44.8%
Net Fee Income 33.2%
Investment
& Trading 19.2%
Other Income
2.8%
LT-Inv.1
7.0%
Note:
1. LT-Investment mostly comes from CHB
Trading
7.2%
TMU
5.0%
1,275
319 379
125
166
1,642
291
442
140 168
1,573
307 398
163 176
1,557
267
433
165 134
1,516
304 327
162 134
1,964
260
702
148 146
Wealth Management Credit Card Corporate Banking Consumer Banking Others
Wealth Management Credit Card Corporate Banking Consumer Banking Others
3,221
2,682
1Q14 1Q15
FHC Net Fee Income
QoQ: +29.5% QoQ: -14.5% QoQ: +115.0% QoQ: -9.0% QoQ: +9.5%
YoY: +19.6% YoY: -10.5% YoY: +58.9% YoY: +5.7% YoY: -12.7%
NT$mn
4Q13 1Q15 4Q13 1Q15 4Q13 1Q15 4Q13 1Q15 4Q13 1Q15
+20.1%
8
FHC Cost Income Ratio
4.7 4.6 4.7 4.7 4.9 4.8
7.9
10.2
8.8 8.98.4
9.7
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Revenue Operating Expense
NT$bn
C/I Ratio 60.1% 44.8% 53.6% 53.2% 58.5% 50.0%
9
FHC Core Business PPOP
2,4442,5552,6172,682
2,264
3,221
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
FHC Net Fee Income
1,841
2,1882,3492,130
3,677
1,661
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Investment/Trading & Others
4,725 4,557 4,731 4,707 4,904 4,840
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
FHC Operating Expenses
4,103
4,846
3,4734,144
5,621
3,138
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
FHC Pre-Provision Operating Profit
NT$mn
4,3354,2734,108
3,8673,8193,758
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
QoQ: + 1.5% YoY: +13.5%
QoQ: +31.8% YoY: +20.1%
QoQ: +28.2% YoY: -42.1%
QoQ: +39.5% YoY : -13.8%
QoQ: -1.3% YoY : +6.2%
FHC Net Interest Income
10
Agenda
1Q15 FHC Financial Performance
1Q15 Bank Earning Drivers
2015 Business Outlook
11
Bank Earnings
Key Profit Drivers: 1Q15 vs. 1Q14
• NII +10.6%
• Net fee income +21.0%
• Investment / trading & others -46.9%
• Operating expenses +6.0%
• Recoveries +21.4%
Note
1. 1Q14 bank earnings exclude one-time item: recovery from Lehman.
1Q15 bank earnings exclude one-time item: recovery from Lehman.
2. All figures are on consolidated basis.
2.3
4.3
3.8
3.4
2.6
4.0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Bank Pre-tax Profits1
NT$bn
12
4,2334,1664,0653,8603,8293,800
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
1,2571,431
1,2171,336
2,515
1,235
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Bank Core Business
2,688
1,884
2,221 2,1552,034 1,969
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Net Fee Income
4,3704,104 4,022
4,2464,533
4,351
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Operating Expenses
3,284
2,8362,571
4,461
3,210
3,906
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Pre-Provision Operating Profit
NT$mn
Net Interest Income
QoQ: +1.6%
YoY: +10.6%
QoQ: +36.5%
YoY: +21.0%
QoQ: +8.2%
YoY: -46.9%
QoQ: -4.0%
YoY: +6.0%
QoQ: +37.7%
YoY: -12.4%
Investment/Trading & Others
Note:
1. All figures are on consolidated basis
13
3449
102
221
316
3650
107
223
331
3851
113
225
350
40
53
120
227
348
42
54
128
231
371
44
55
134
233
376
Cor por at e Fir st M or t gages Hom e Equit y + Second M or t gage Unsecur ed O t her s
Stable Loan Growth
Note:
1. Home equity loan is in first-lien position on the property.
2. Others include auto loans, second mortgage, retail SME, and other consumer products.
NT$bn
QoQ: +1.4% QoQ: +0.9% QoQ: +4.4% QoQ: +0.7% QoQ: +3.9%
YoY: +13.5% YoY: +4.6% YoY: +25.4% YoY: +10.2% YoY: +21.6%
1Q15 Total Loan: NT$841bn, QoQ +1.8%, YoY +12.7%
4Q13 1Q15 4Q13 1Q15 4Q13 1Q15 4Q13 1Q15 4Q13 1Q15
Corporate First Mortgage Home Equity1 Consumer Unsecured Others2
14
FCY Loan 19.4%
NTD Loan 80.6%
1Q15 Loan Mix
% of Total Credit 1Q15
DRAM 0.3%
Solar 0.5%
LED 0.2%
By Product By Currency
(YoY: +23.8%)
(YoY: +10.4%)
Note:
1. Others include auto loans, second mortgage, retail SME, and other consumer products.
1
15
Corporate 44.7%
First Mortgage
27.7%
Home Equity 15.9%
Consumer Unsecured
6.5%
Others 5.2%
11.4 11.2 11.04.2 4.03.7
35.934.032.5
38.0 39.7 40.5
11.7 11.511.3
3.5 3.2
4.5
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Cash Card
Credit Card
Personal
Lending
Manufacturing 32.5%
Property & Construction
10.6%
Retail & Wholesale
18.6%
Transportation & Telecom
4.7%
Financials 22.7%
Others 11.0%
Tech
19.5%
Non Tech
13.0%
Credit Composition & Unsecured Lending
NT$bn
Corporate Credit Composition Consumer Unsecured Lending
53.0 54.4 54.7
49.7 48.8
QoQ YoY
Cash Card -6.8% -23.3%
Credit Card -1.7% -4.1%
Personal Lending +2.0% +19.2%
Total Unsecured +0.7% +10.2%
1
Note:
1. Credit card includes credit card revolving and credit card loan.
51.1
1
16
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
FCDemand
NTDDemand
FCTime
NTDTime
NT$bn
10.5% 10.8% 11.4% 11.9% 11.1% 11.0%
48.8% 47.2% 46.6% 45.9% 47.0% 46.7%
31.3% 32.7% 32.5% 33.0% 32.6% 32.1%
911
1,004
913 9.2%
9.4% 10.2%
9.4%
941 959
9.3% 9.5%
1,018
Deposit Mix
Loan-to-Deposit Ratio (%)1
1. Calculation of Loan-to-deposit ratio is based on regulator definition.
QoQ: + 1.3% YoY: +11.4%
81.4%
78.3%
80.7%81.7% 81.3%
81.8%
0.0
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
17
Deposit Mix (%)
Demand
deposit /
Total
Deposit
40.7% 42.0% 42.0% 42.2% 42.0% 42.2%
Bank NIM and Spread
1.521.53
1.571.55
1.53 1.52
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
NIM1.2 Overall Spread1.2
Note:
1. NIM & spread figures are quarterly average.
2. Both NIM & spread exclude structured deposit for peer comparison purpose.
NIM (%)
1.931.921.941.96
1.95 1.92
2.002.00 2.00 1.99 1.99 1.98
1.661.671.63
1.741.771.72
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Overall Spread % NTD Spread % FX Spread %
18
834 872 931
Credit Card Business
67,09073,957 75,319
+1.8%
2014.12 2013.12 2015.03
Note
1. Total spending excludes cash advance.
NT$bn
thousands
Number of Merchants Served
38.6 39.642.5
Spending
Active Cards
2,162
2,403 2,420+11.1%
2014.12 2013.12 2015.03
+2.4%
NT$mn
Gross Fee Income
1Q14 1Q13 1Q15
+6.7%
1Q14 1Q13 1Q15
19
+10.2%
+7.5%
+0.7%
+4.5%
580 528 514 516 522 481
29
256178
547
7930
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Corporate
Consumer
Recovery
NT$mn
695
QoQ : +33.8%
YoY : + 21.4%
737
610
1,062
551 607
20
0.16%0.14%0.21%
0.14%0.16%0.15%
788.9%
977.5%
656.6%
925.1%
828.7%826.9%
- 1. 00%
0. 00%
1. 00%
- 500. 00%
- 300. 00%
- 100. 00%
100. 00%
300. 00%
500. 00%
700. 00%
900. 00%
1100. 00%
NPL% Cov erage %
1,097 1,172 1,0831,613
1,106 1,371
10,815 10,81610,59110,016
9,7089,070
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
NPL NT$mn Reserve NT$mn
Note: NPL%, coverage%, NPL amount and reserve amount exclude A/R.
Taishin Bank NPL and Coverage
Reserve /
Loan Ratio 1.27% 1.32% 1.30% 1.36% 1.32% 1.30%
21
Agenda
1Q15 FHC Financial Performance
1Q15 Bank Earning Drivers
2015 Business Outlook
22
2015 Business Outlook
Business Line Direction
Consumer Lending
Secured Lending
First Mortgage
Home Equity
Auto Loan
=
Unsecured Lending
Corporate Lending =
SME
Wealth Management
> +15%
+5% ~ +15%
= -5% ~ +5%
-5% ~ -15%
-15% <
23
APPENDIX
24
Financial Summary – Taishin FHC (Consolidated)
NT$mn, except for percentages
25
Note 1. EPS has been retroactively adjusted with 9% and 10% of stock dividend in August 2013 and 2014. 2. Preliminary figures 3. Income statement data includes CHB’s performance of Jan 1st ~ Dec 8th, 2014, 2013 full-year, and 2012 full-year, and 1Q14 respectively. 4. CHB is excluded from consolidated entities in 2014 & 1Q15 balance sheet data. 5. Common shares only.
NT$mn, except for percentages
2012 2013 2014 change 1Q14 1Q15 2 change
Interest income 48,769 50,532 55,785 10.4% 13,840 7,205 -47.9%
Interest expense (19,207) (19,253) (22,087) 14.7% (5,505) (2,870) -47.9%
Net interest income 29,562 31,279 33,698 7.7% 8,335 4,335 -48.0%
Net fee income 12,079 13,281 14,718 10.8% 3,748 3,221 -14.1%
Other income 7,783 11,267 (3,776) -133.5% 4,353 2,355 -45.9%
Total revenue 49,424 55,827 44,640 -20.0% 16,436 9,911 -39.7%
Operating expense (30,307) (30,970) (32,222) 4.0% (7,999) (4,840) -39.5%
Provisions, net 1,550 547 750 37.1% 2 58 2800.0%
Net Profit before Income Tax 20,667 25,404 13,168 -48.2% 8,439 5,129 -39.2%
Tax Expense (3,796) (4,830) (3,521) -27.1% (1,217) (576) -52.7%
Net Income after Tax 16,871 20,574 9,647 -53.1% 7,222 4,553 -37.0%
Net Income to Parent Company 10,387 13,836 1,624 -88.3% 4,824 4,550 -5.7%
Net Income to Non-controlling Interests 6,484 6,738 8,023 19.1% 2,398 3 -99.9%
Net Income 16,871 20,574 9,647 -53.1% 7,222 4,553 -37.0%
EPS(NT$)1 1.10 1.57 0.08 -95.2% 0.56 0.49 -12.5%
Balance Sheet Data 4
Total Assets 2,727,366 2,870,987 1,382,953 -51.8% 2,951,421 1,421,023 -51.9%
Shareholders' Equity(incl. Non-controlling) 182,455 197,989 114,184 -42.3% 207,072 119,031 -42.5%
Shareholders' Equity-Common Stock 86,029 96,222 99,148 3.0% 102,550 103,768 1.2%
Summary Ratios
Equity/Assets 6.69% 6.90% 8.26% 7.02% 8.38%
Return on average assets (annualized) 0.63% 0.73% 0.45% 0.99% 1.30%
Return on average equity (annualized) 5 11.15% 14.19% 0.73% 18.50% 17.04%
Income Statement Data 3Quarterly ComparisonFull-Year Comparison
NT$mn, except for percentages
2012 2013 2014 Change 1Q14 1Q15 Change
Interest income 22,026 22,969 26,004 13.2% 6,153 6,957 13.1%
Interest expense (8,342) (8,550) (10,085) 18.0% (2,325) (2,724) 17.2%
Net interest income 13,684 14,419 15,919 10.4% 3,828 4,233 10.6%
Net fee income 6,822 7,511 8,379 11.6% 2,221 2,688 21.0%
Other income 4,135 8,182 7,150 -12.6% 2,536 1,361 -46.3%
Total revenue 24,641 30,112 31,448 4.4% 8,585 8,282 -3.5%
Operating expense (14,901) (15,672) (17,205) 9.8% (4,104) (4,351) 6.0%
Net Provisions 637 (113) 293 359.3% (155) 114 173.5%
Income before tax 10,377 14,327 14,536 1.5% 4,326 4,045 -6.5%
Net income 8,655 12,179 13,035 7.0% 3,761 3,498 -7.0%
Balance Sheet DataGross loans 666,729 712,764 817,107 14.6% 737,065 832,381 12.9%
Credit revolving loans 11,708 10,580 10,451 -1.2% 10,454 10,343 -1.1%
NPL 904 1,097 1,106 0.9% 1,172 1,371 17.0%
Allowance for Loan losses 7,833 9,070 10,821 19.3% 9,708 10,816 11.4%
Total assets 1,084,240 1,132,409 1,334,764 17.9% 1,166,478 1,370,594 17.5%
Deposits 825,408 879,294 973,569 10.7% 881,886 988,045 12.0%
Shareholders' equity 68,980 73,685 82,316 11.7% 77,548 86,113 11.0%
Summary RatiosLoan-to Deposit Spread 1.95% 1.95% 1.93% 1.96% 1.93%Net interest margin 1.49% 1.52% 1.54% 1.57% 1.52%Net fee income / Total revenue 27.7% 24.9% 26.6% 25.9% 32.5%Cost-to-Income ratio 60.5% 52.0% 54.7% 47.8% 52.5%Return on average assets(Annualized) 0.8% 1.1% 1.1% 1.3% 1.0%Return on average equity(Annualized) 13.1% 17.1% 16.8% 19.9% 16.6%NPLs / Gross loans 0.14% 0.15% 0.14% 0.16% 0.16%Allowance / Gross loans 1.17% 1.27% 1.32% 1.32% 1.30%Allowance / NPLs 866.8% 826.9% 977.5% 828.7% 788.9%Equity / Assets 6.4% 6.5% 6.2% 6.6% 6.3%Loan to deposit ratio 77.8% 78.3% 81.4% 80.7% 81.8%
Income Statement Data
Full-Year Comparison Quarterly Comparison
Financial Summary – Taishin Bank
Note: 1. Gross loans exclude credit card revolving and factoring NR but include over-due loans. 2. Deposits exclude postal deposits and interbank deposits. 3. Calculation of loan-to-deposit ratio is based on regulatory definition. 4. Preliminary figures
4
26
2
1
3
Deposit Mix
NT$bn 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 %
1Q15
v s 4Q14
1Q15
v s 1Q14
Current Deposits 370.9 383.9 395.1 404.2 421.4 429.8 42.2% 2.0% 12.0%
• Checking 4.3 7.7 5.5 4.4 5.2 4.4 0.4% -14.8% -43.1%
• Demand 77.9 80.3 88.2 93.8 92.3 87.8 8.6% -4.8% 9.3%
• Current Savings 203.4 210.8 211.8 217.9 229.9 234.0 23.0% 1.8% 11.0%
• Foreign Currency 85.3 85.1 89.6 88.1 94.1 103.6 10.2% 10.1% 21.7%
Time Deposits 540.2 529.5 546.2 554.6 583.1 588.0 57.8% 0.8% 11.0%
• Time 186.2 164.6 167.0 163.5 191.7 186.8 18.4% -2.5% 13.5%
• Time Savings 228.2 236.0 242.0 247.0 250.2 260.0 25.5% 3.9% 10.1%
• Interbank1
30.0 30.5 30.0 30.0 30.0 29.0 2.8% -3.4% -4.9%
• Foreign Currency 95.8 98.4 107.2 114.2 111.2 112.2 11.0% 0.9% 14.1%
Total Deposits (excl. structured deposit) 911.1 913.4 941.2 958.8 1004.4 1,017.8 100.0% 1.3% 11.4%
Total Deposits (incl. structured deposit) 942.2 953.4 991.1 1006.4 1056.3 1,069.6 1.3% 12.2%
Note:
1. Including postal deposits
2. Outstanding balance
27
NT$bn 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 %
1Q15
vs 4Q14
1Q15 vs
1Q14
Corporate Loans 316.0 331.1 350.2 348.1 370.7 375.9 44.7% 1.4% 13.5%
Consumer Loans 405.8 414.8 427.8 439.7 455.3 465.0 55.3% 2.1% 12.1%
• First Mortgage 220.6 222.5 225.0 226.6 230.7 232.8 27.7% 0.9% 4.6%
• Home Equity 102.2 106.8 113.4 120.0 128.2 133.9 15.9% 4.4% 25.4%
• Unsecured Loans1
48.8 49.7 51.1 53.0 54.4 54.7 6.5% 0.7% 10.2%
- Good Bank 44.2 45.4 47.1 49.3 51.0 51.6 6.1% 1.2% 13.5%
- Bad Bank 4.6 4.3 4.0 3.7 3.4 3.2 0.4% -7.0% -25.1%
• Other Consumer Loans 34.3 35.9 38.3 40.0 42.0 43.6 5.2% 3.9% 21.6%
- Auto Loan 24.5 25.6 27.4 29.0 30.9 32.5 3.9% 5.2% 26.9%
- Second Mortgage 6.9 6.7 6.6 6.6 6.5 6.4 0.8% -1.1% -3.8%
- Consumer SME & Others 2.9 3.6 4.3 4.5 4.6 4.7 0.6% 1.8% 30.6%
Total Loans 721.8 745.9 778.1 787.8 826.0 840.9 100.0% 1.8% 12.7%
Loan Mix
Note:
1. Unsecured loans include cash card, credit card revolving & loan products and personal lending.
28
NPL Ratios by Loan Book
Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15
Corporate Loan1 NPL %2 0.20% 0.21% 0.19% 0.34% 0.18% 0.26%
Consumer Loan1 NPL %2 0.14% 0.14% 0.12% 0.11% 0.11% 0.10%
- First Mortgage Loan NPL % 0.07% 0.08% 0.06% 0.06% 0.06% 0.05%
Consumer Unsecured IDRP
Default %3 0.07% 0.06% 0.07% 0.08% 0.09% 0.04%
NPL % 0.93% 0.99% 0.96% 1.07% 1.16% 1.23%
Note
1. NPL for corporate loan and overall consumer loan includes AR.
2. NPL calculation is NPL (including AR) / (total loan + overdue loan + credit card revolving).
3. IDRP monthly default rate is calculated as (current month default OS / last month pay).
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