Taishin Financial : 2023 1Q Consolidated financial statements

March 31, 2023 (Reviewed)

December 31, 2022 (Audited)

March 31, 2022 (Reviewed)

ASSETS

Amount

%

Amount

%

Amount

%

Cash and cash equivalents (Note 7)

$

34,189,578

1

$

31,549,218

1

$

35,796,387

1

Due from the Central Bank and call loans to banks (Note 8)

122,040,174

4

112,925,890

4

80,990,398

3

Financial assets at fair value through profit or loss (FVTPL) (Note 9)

165,329,849

6

153,775,905

6

158,570,469

6

Financial assets at fair value through other comprehensive income (FVTOCI) (Note 10)

141,620,933

5

142,346,349

5

178,613,162

7

Investments in debt instruments at amortized cost (Note 11)

722,900,910

25

642,508,812

23

499,288,210

19

Securities purchased under resell agreements

13,049,917

1

13,907,236

1

10,287,532

1

Receivables, net (Notes 12 and 13)

148,426,536

5

153,714,625

6

176,523,645

7

Current tax assets (Note 41)

-

-

119,036

-

95,232

-

Loans, net (Note 13)

1,448,161,455

50

1,416,015,097

51

1,393,135,917

53

Reinsurance contract assets, net

515,701

-

566,564

-

417,560

-

Investments accounted for using equity method (Note 14)

341,247

-

341,325

-

354,836

-

Other financial assets, net (Notes 13, 15 and 31)

38,454,472

1

36,393,161

1

33,836,891

1

Investment properties, net (Note 16)

3,804,678

-

3,811,280

-

2,854,440

-

Property and equipment, net (Note 17)

25,910,106

1

26,025,852

1

22,421,709

1

Right-of-use assets, net (Note 18)

2,512,364

-

2,282,006

-

2,492,318

-

Intangible assets, net (Note 19)

3,496,754

-

3,530,907

-

3,217,777

-

Deferred tax assets

7,711,646

-

8,025,525

-

8,117,362

-

Other assets, net (Note 20)

13,931,289

1

16,965,759

1

27,152,868

1

TOTAL

$

2,892,397,609

100

$

2,764,804,547

100

$

2,634,166,713

100

LIABILITIES AND EQUITY

Deposits from the Central Bank and banks (Note 21)

$

24,844,543

1

$

18,213,533

1

$

53,341,019

2

Due to the Central Bank and banks

-

-

-

-

4,279,510

-

Financial liabilities at fair value through profit or loss (FVTPL) (Note 9)

41,923,692

1

54,334,795

2

54,196,233

2

Securities sold under repurchase agreements

85,507,410

3

84,562,582

3

112,213,742

4

Commercial papers issued, net (Note 22)

18,599,114

1

16,054,562

1

22,025,631

1

Payables (Note 23)

46,249,905

2

30,774,802

1

33,672,833

1

Current tax liabilities (Note 41)

2,649,657

-

2,221,109

-

2,576,741

-

Deposits and remittances (Note 24)

2,010,538,160

70

1,914,666,125

69

1,739,246,731

66

Bonds payable (Note 25)

68,050,887

2

68,020,216

3

70,100,000

3

Other borrowings (Note 26)

12,018,491

-

12,265,346

-

12,722,238

1

Provisions (Notes 27 and 28)

229,172,477

8

224,439,809

8

208,805,615

8

Other financial liabilities (Notes 29 and 31)

131,995,965

5

125,615,854

5

105,388,960

4

Lease liabilities (Note 18)

2,630,458

-

2,360,330

-

2,602,230

-

Deferred tax liabilities

1,327,755

-

1,400,365

-

1,747,115

-

Other liabilities (Note 30)

5,996,208

-

6,981,307

-

10,530,956

-

Total liabilities

2,681,504,722

93

2,561,910,735

93

2,433,449,554

92

EQUITY ATTRIBUTABLE TO OWNERS OF PARENT (Note 33)

Share capital

Ordinary shares

119,741,476

4

119,741,476

4

114,093,832

5

Preferred shares

11,000,000

-

11,000,000

1

8,000,000

-

Capital surplus

38,197,778

1

38,197,778

1

35,921,647

1

Retained earnings

Legal reserve

15,244,071

1

15,244,071

-

13,196,771

1

Special reserve

8,698,118

-

8,698,118

-

393,716

-

Unappropriated earnings

22,263,404

1

17,279,705

1

27,259,764

1

Other equity

(4,278,119)

-

(7,293,518)

-

1,820,059

-

Total equity attributable to owners of parent

210,866,728

7

202,867,630

7

200,685,789

8

NON-CONTROLLING INTERESTS

26,159

-

26,182

-

31,370

-

Total equity

210,892,887

7

202,893,812

7

200,717,159

8

TOTAL

$

2,892,397,609

100

$

2,764,804,547

100

$

2,634,166,713

100

For the Three Months Ended March 31

2023

2022

Amount

%

Amount

%

INTEREST INCOME (Note 34)

$ 16,722,904

87

$ 8,772,602

53

INTEREST EXPENSES (Note 34)

(9,389,567)

(49)

(2,054,474)

(12)

NET INTEREST INCOME (Note 34)

7,333,337

38

6,718,128

41

NET INCOME OTHER THAN NET INTEREST

INCOME

Net service fee and commission income (Note 35)

2,514,276

13

3,520,428

21

Net income from insurance operations (Note 36)

5,495,056

29

6,182,159

37

Gain (loss) on financial assets and liabilities at

FVTPL (Note 37)

5,262,049

28

(781,350)

(5)

Realized gain (loss) on financial assets at FVTOCI

(Note 38)

22,078

-

(211,126)

(1)

Gain (loss) on derecognition of financial assets at

amortized cost (Note 11)

303

-

(620,858)

(4)

Foreign exchange gain

63,982

-

817,030

5

(Impairment loss on assets) reversal of impairment

loss on assets (Notes 10, 11 and 20)

(5,597)

-

(12,590)

-

Share of (loss) profit of associates accounted for

using equity method (Note 14)

(78)

-

3,689

-

Gain (loss) on reclassification using the overlay

approach (Note 9)

(1,685,873)

(9)

1,146,519

7

Net other non-interest income

Net other miscellaneous income

223,120

1

(150,988)

(1)

Net income other than net interest income

11,889,316

62

9,892,913

59

NET REVENUE AND GAINS

19,222,653

100

16,611,041

100

BAD DEBT EXPENSES, COMMITMENTS AND

GUARANTEES LIABILITIES PROVISION

(Notes 12, 13 and 27)

(243,800)

(1)

(556,783)

(3)

NET CHANGES IN INSURANCE LIABILITY

RESERVE (Note 28)

(5,274,898)

(28)

(6,060,527)

(36)

OPERATING EXPENSES

Employee benefits expenses (Notes 5 and 39)

(4,382,574)

(23)

(3,941,635)

(24)

Depreciation and amortization expenses (Note 40)

(655,061)

(3)

(635,154)

(4)

Other general and administrative expenses

(2,711,390)

(14)

(2,482,137)

(15)

Total operating expenses

(7,749,025)

(40)

(7,058,926)

(43)

(Continued)