Taishin Financial Holding Co., Ltd. and Subsidiaries
Consolidated Financial Statements for the
Nine Months Ended September 30, 2022 and 2021 and Independent Auditors' Review Report
INDEPENDENT AUDITORS' REVIEW REPORT
The Board of Directors and Shareholders
Taishin Financial Holding Co., Ltd.
Introduction
We have reviewed the accompanying consolidated balance sheets of Taishin Financial Holding Co., Ltd. ("Taishin Financial Holding") and its subsidiaries (collectively, the "Group") as of September 30, 2022 and 2021, the related consolidated statements of comprehensive income for the three months ended September 30, 2022 and 2021 and for the nine months ended September 30, 2022 and 2021, the consolidated statements of changes in equity and cash flows for the nine months then ended, and the related notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the "consolidated financial statements"). 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 Securities Issuers, the Regulations Governing the Preparation of Financial Reports by Insurance Enterprises, and International Accounting Standard 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 Standards No. 65 "Review of Financial Information Performed by the Independent Auditor of the Entity". A review of 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 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 caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as of September 30, 2022 and 2021, its consolidated financial performance for the three months ended September 30, 2022 and 2021 and its consolidated financial performance and its consolidated cash flows for the nine months ended September 30, 2022 and 2021 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
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Securities Issuers, the Regulations Governing the Preparation of Financial Reports by Insurance Enterprises, and International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
The engagement partners on the reviews resulting in this independent auditors' review report are Han-Ni Fang and Ching-Cheng Yang.
Deloitte & Touche
Taipei, Taiwan
Republic of China
November 17, 2022
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with 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 applied in the Republic of China.
For the convenience of readers, the independent auditors' review report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' review report and consolidated financial statements shall prevail.
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TAISHIN FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
September 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||
(Reviewed) | (Audited) | (Restated - Note 43) | ||||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | ||||||||||||||||
Cash and cash equivalents (Note 7) | $ | 34,438,618 | 1 | $ | 27,561,283 | 1 | $ | 36,291,205 | 2 | |||||||||||||
Due from the Central Bank and call loans to banks (Note 8) | 96,773,180 | 4 | 86,817,297 | 4 | 69,078,394 | 3 | ||||||||||||||||
Financial assets at fair value through profit or loss (FVTPL) (Note 9) | 202,763,049 | 8 | 150,375,077 | 6 | 136,187,880 | 6 | ||||||||||||||||
Financial assets at fair value through other comprehensive income (FVTOCI) (Note 10) | 147,186,403 | 6 | 176,881,749 | 7 | 169,362,515 | 7 | ||||||||||||||||
Financial assets in debt instruments at amortized cost (Note 11) | 556,695,496 | 20 | 461,273,302 | 18 | 451,709,647 | 18 | ||||||||||||||||
Securities purchased under resale agreements | 9,848,528 | - | 10,859,842 | - | 9,026,475 | - | ||||||||||||||||
Receivables, net (Notes 12 and 13) | 160,401,991 | 6 | 180,655,171 | 7 | 176,001,150 | 7 | ||||||||||||||||
Current tax assets (Note 41) | 101,579 | - | 291,168 | - | 289,877 | - | ||||||||||||||||
Loans, net (Note 13) | 1,432,082,968 | 52 | 1,327,126,117 | 53 | 1,339,633,066 | 54 | ||||||||||||||||
Reinsurance contract assets, net | 470,713 | - | 503,918 | - | 431,226 | - | ||||||||||||||||
Investments accounted for using the equity method, net (Note 14) | 339,420 | - | 351,147 | - | 83,720 | - | ||||||||||||||||
Other financial assets, net (Notes 13, 15 and 31) | 34,411,718 | 1 | 36,450,354 | 2 | 31,957,240 | 1 | ||||||||||||||||
Investment properties, net (Note 16) | 2,846,087 | - | 2,858,617 | - | 2,858,743 | - | ||||||||||||||||
Property and equipment, net (Note 17) | 22,317,604 | 1 | 22,469,854 | 1 | 22,490,949 | 1 | ||||||||||||||||
Right-of-use assets, net (Note 18) | 2,321,804 | - | 2,573,461 | - | 2,695,310 | - | ||||||||||||||||
Intangible assets, net (Note 19) | 3,466,048 | - | 3,284,761 | - | 3,240,539 | - | ||||||||||||||||
Deferred tax assets (Note 41) | 7,685,319 | - | 8,325,121 | - | 8,034,541 | - | ||||||||||||||||
Other assets, net (Note 20) | 31,243,663 | 1 | 13,902,250 | 1 | 12,617,208 | 1 | ||||||||||||||||
TOTAL | $ | 2,745,394,188 | 100 | $ | 2,512,560,489 | 100 | $ | 2,471,989,685 | 100 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||
Deposits from the Central Bank and banks (Note 21) | $ | 24,916,693 | 1 | $ | 57,075,272 | 2 | $ | 47,337,652 | 2 | |||||||||||||
Due to the Central Bank and banks | - | - | 3,984,460 | - | 4,716,970 | - | ||||||||||||||||
Financial liabilities at FVTPL (Note 9) | 96,902,350 | 4 | 31,940,397 | 1 | 29,672,485 | 1 | ||||||||||||||||
Securities sold under repurchase agreements | 103,903,403 | 4 | 86,210,606 | 3 | 76,274,972 | 3 | ||||||||||||||||
Commercial papers issued, net (Note 22) | 18,798,911 | 1 | 22,963,111 | 1 | 20,045,868 | 1 | ||||||||||||||||
Payables (Note 23) | 38,242,012 | 1 | 34,536,010 | 1 | 43,397,897 | 2 | ||||||||||||||||
Current tax liabilities (Note 41) | 1,467,803 | - | 2,360,788 | - | 2,044,509 | - | ||||||||||||||||
Deposits and remittances (Note 24) | 1,821,583,867 | 66 | 1,681,331,592 | 67 | 1,671,791,775 | 68 | ||||||||||||||||
Bonds payable (Note 25) | 74,788,863 | 3 | 70,100,000 | 3 | 70,100,000 | 3 | ||||||||||||||||
Other borrowings (Note 26) | 12,868,085 | 1 | 12,867,620 | 1 | 12,698,391 | - | ||||||||||||||||
Provisions (Notes 27 and 28) | 222,167,871 | 8 | 200,846,734 | 8 | 195,068,264 | 8 | ||||||||||||||||
Other financial liabilities (Notes 29 and 31) | 120,275,056 | 4 | 92,423,614 | 4 | 92,984,324 | 4 | ||||||||||||||||
Lease liabilities (Note 18) | 2,422,368 | - | 2,653,717 | - | 2,769,865 | - | ||||||||||||||||
Deferred tax liabilities (Note 41) | 1,786,661 | - | 1,087,573 | - | 1,126,336 | - | ||||||||||||||||
Other liabilities (Note 30) | 11,715,356 | - | 14,077,667 | 1 | 7,076,112 | - | ||||||||||||||||
Total liabilities | 2,551,839,299 | 93 | 2,314,459,161 | 92 | 2,277,105,420 | 92 | ||||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF PARENT (Note 33) | ||||||||||||||||||||||
Share capital | ||||||||||||||||||||||
Ordinary shares | 119,741,476 | 4 | 114,093,832 | 5 | 114,093,832 | 5 | ||||||||||||||||
Preferred shares | 11,000,000 | 1 | 8,000,000 | - | 8,000,000 | - | ||||||||||||||||
Capital surplus | 38,197,778 | 1 | 35,921,647 | 1 | 35,921,647 | 1 | ||||||||||||||||
Retained earnings | ||||||||||||||||||||||
Legal reserve | 15,244,071 | 1 | 13,196,771 | 1 | 13,196,771 | 1 | ||||||||||||||||
Special reserve | 8,698,118 | - | 393,716 | - | 393,716 | - | ||||||||||||||||
Unappropriated earnings | 10,425,821 | - | 25,110,517 | 1 | 22,851,730 | 1 | ||||||||||||||||
Other equity | (9,777,862) | - | 1,350,795 | - | 389,440 | - | ||||||||||||||||
Total equity attributable to owners of parent | 193,529,402 | 7 | 198,067,278 | 8 | 194,847,136 | 8 | ||||||||||||||||
NON-CONTROLLING INTERESTS | 25,487 | - | 34,050 | - | 37,129 | - | ||||||||||||||||
Total equity | 193,554,889 | 7 | 198,101,328 | 8 | 194,884,265 | 8 | ||||||||||||||||
TOTAL | $ | 2,745,394,188 | 100 | $ | 2,512,560,489 | 100 | $ | 2,471,989,685 | 100 | |||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
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TAISHIN FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) (Reviewed, Not Audited)
For the Three Months Ended September 30 | For the Nine Months Ended September 30 | ||||||||||||||||||||||||
2022 | 2021 (Restated - Note 43) | 2022 | 2021 (Restated - Note 43) | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||
(Note 34) | $ 12,491,270 | 76 | $ 8,541,257 | 44 | $ 31,342,666 | 66 | $ 24,065,592 | 51 | |||||||||||||||||
INTEREST EXPENSES | |||||||||||||||||||||||||
(Note 34) | (4,889,968) | (30) | (2,015,260) | (10) | (9,943,989) | (21) | (6,260,877) | (13) | |||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||||
(Note 34) | 7,601,302 | 46 | 6,525,997 | 34 | 21,398,677 | 45 | 17,804,715 | 38 | |||||||||||||||||
NET INCOME OTHER | |||||||||||||||||||||||||
THAN NET INTEREST | |||||||||||||||||||||||||
INCOME | |||||||||||||||||||||||||
Net service fee and | |||||||||||||||||||||||||
commission income | |||||||||||||||||||||||||
(Note 35) | 3,321,874 | 20 | 4,165,977 | 22 | 9,725,806 | 21 | 12,031,151 | 25 | |||||||||||||||||
Net income from insurance | |||||||||||||||||||||||||
operations (Note 36) | 3,037,439 | 19 | 5,568,676 | 29 | 12,537,716 | 26 | 5,568,676 | 12 | |||||||||||||||||
Gains (losses) on financial | |||||||||||||||||||||||||
assets and liabilities at | |||||||||||||||||||||||||
FVTPL (Note 37) | (2,255,144) | (14) | 804,846 | 4 | (5,293,350) | (11) | 3,352,083 | 7 | |||||||||||||||||
Realized gains on financial | |||||||||||||||||||||||||
assets at FVTOCI | |||||||||||||||||||||||||
(Note 38) | 554,729 | 3 | 1,673,445 | 9 | 191,275 | - | 2,090,893 | 4 | |||||||||||||||||
Gains (losses) on | |||||||||||||||||||||||||
derecognition of financial | |||||||||||||||||||||||||
assets in debt instruments | |||||||||||||||||||||||||
at amortized cost | 54 | - | 121,240 | - | (619,522) | (1) | 121,024 | - | |||||||||||||||||
Foreign exchange gains | |||||||||||||||||||||||||
(losses) | 3,405,501 | 21 | (38,774) | - | 4,682,310 | 10 | (23,969) | - | |||||||||||||||||
(Impairment losses on | |||||||||||||||||||||||||
assets) reversal of | |||||||||||||||||||||||||
impairment losses on | |||||||||||||||||||||||||
assets (Notes 10, 11 | |||||||||||||||||||||||||
and 20) | 21,957 | - | (31,062) | - | 8,586 | - | (33,708) | - | |||||||||||||||||
Share of profits (losses) of | |||||||||||||||||||||||||
associates accounted for | |||||||||||||||||||||||||
using the equity method | |||||||||||||||||||||||||
(Note 14) | (281) | - | 1,945 | - | 6,353 | - | (3,550,653) | (7) | |||||||||||||||||
Gains (losses) on | |||||||||||||||||||||||||
reclassification using the | |||||||||||||||||||||||||
overlay approach | |||||||||||||||||||||||||
(Note 9) | 972,823 | 6 | 329,341 | 2 | 5,265,507 | 11 | 329,341 | 1 | |||||||||||||||||
Net other non-interest | |||||||||||||||||||||||||
income | |||||||||||||||||||||||||
Gains from bargain | |||||||||||||||||||||||||
purchase (Note 43) | - | - | - | - | - | - | 9,227,113 | 19 | |||||||||||||||||
Net other miscellaneous | |||||||||||||||||||||||||
income | (235,022) | (1) | 104,157 | - | (501,294) | (1) | 354,368 | 1 | |||||||||||||||||
Total net income other | |||||||||||||||||||||||||
than net interest | |||||||||||||||||||||||||
income | 8,823,930 | 54 | 12,699,791 | 66 | 26,003,387 | 55 | 29,466,319 | 62 | |||||||||||||||||
(Continued) |
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Taishin Financial Holding Co. Ltd. published this content on 16 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2022 10:02:07 UTC.