Far Eastern International Bank Ltd. and Subsidiaries
Consolidated Financial Statements for the
Nine Months Ended September 30, 2022 and 2021 and Independent Auditors' Review Report
The engagement partners on the reviews resulting in this independent auditors' review report are Chun-Hung Chen and Yin-Chou Chen.
Deloitte & Touche
Taipei, Taiwan
Republic of China
November 3, 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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FAR EASTERN INTERNATIONAL BANK LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
September 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||
ASSETS | (Reviewed) | (Audited) | (Reviewed) | |||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents (Note 6) | $ | 5,787,751 | 1 | $ | 5,017,087 | 1 | $ | 6,713,097 | 1 | |||||||||||
Due from the Central Bank and other banks (Notes 7, 39 and 40) | 37,438,105 | 5 | 45,873,426 | 6 | 46,113,919 | 7 | ||||||||||||||
Financial assets at fair value through profit or loss (Notes 8, 39 and 43) | 54,893,850 | 7 | 37,662,767 | 5 | 33,165,285 | 5 | ||||||||||||||
Financial assets at fair value through other comprehensive income (Notes 9, 11, | ||||||||||||||||||||
21, 28, 40, 43 and 44) | 77,677,451 | 10 | 113,429,715 | 16 | 147,792,861 | 21 | ||||||||||||||
Investment in debt instruments at amortized cost, net (Notes 10, 11, 40 and 43) | 77,341,309 | 10 | 71,374,127 | 10 | 498,629 | - | ||||||||||||||
Securities purchased under resale agreements, net (Note 12) | 4,570,375 | 1 | 5,888,595 | 1 | 8,319,247 | 1 | ||||||||||||||
Receivables, net (Notes 13 and 44) | 19,092,633 | 3 | 24,331,835 | 3 | 22,346,005 | 3 | ||||||||||||||
Discounts and loans, net (Notes 14, 39 and 44) | 456,590,958 | 61 | 407,441,765 | 56 | 427,370,009 | 61 | ||||||||||||||
Investment accounted for using equity method (Notes 15 and 28) | 1,788,762 | - | 1,970,175 | - | 1,957,761 | - | ||||||||||||||
Other financial assets, net (Notes 16 and 40) | 10,521,786 | 1 | 3,971,314 | 1 | 3,773,847 | 1 | ||||||||||||||
Property and equipment, net (Notes 17 and 39) | 3,040,721 | 1 | 2,984,077 | 1 | 2,961,277 | - | ||||||||||||||
Right-of-use assets, net (Notes 18 and 39) | 1,030,400 | - | 1,018,720 | - | 1,053,395 | - | ||||||||||||||
Intangible assets, net (Note 19) | 1,604,041 | - | 1,623,153 | - | 1,629,524 | - | ||||||||||||||
Deferred tax assets (Notes 4 and 36) | 192,859 | - | 209,623 | - | 188,152 | - | ||||||||||||||
Other assets (Note 39) | 295,198 | - | 258,134 | - | 265,575 | - | ||||||||||||||
TOTAL | $ | 751,866,199 | 100 | $ | 723,054,513 | 100 | $ | 704,148,583 | 100 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||
Due to the Central Bank and other banks (Notes 20 and 44) | $ | 981,550 | - | $ | 1,791,820 | - | $ | 928,802 | - | |||||||||||
Funds borrowed from the Central Bank and other banks (Notes 44 and 46) | - | - | 77,240 | - | 59,940 | - | ||||||||||||||
Financial liabilities at fair value through profit or loss (Notes 8, 39, 43 and 44) | 16,927,444 | 2 | 3,002,289 | 1 | 2,753,546 | 1 | ||||||||||||||
Securities sold under repurchase agreements (Notes 9, 21, 44 and 46) | - | - | 4,959 | - | 4,991 | - | ||||||||||||||
Payables (Notes 22 and 44) | 8,304,082 | 1 | 5,564,647 | 1 | 7,425,013 | 1 | ||||||||||||||
Current tax liabilities (Note 4) | 225,833 | - | 175,662 | - | 136,920 | - | ||||||||||||||
Deposits and remittances (Notes 23, 39 and 44) | 618,869,805 | 83 | 612,106,685 | 85 | 593,837,369 | 84 | ||||||||||||||
Bank debentures (Notes 24, 43, 44 and 46) | 20,901,900 | 3 | 23,901,900 | 3 | 25,001,900 | 4 | ||||||||||||||
Principal received on structured products (Note 44) | 29,534,136 | 4 | 23,050,606 | 3 | 21,031,101 | 3 | ||||||||||||||
Other financial liabilities (Notes 25, 44 and 46) | 1,287,487 | - | 979,213 | - | 958,594 | - | ||||||||||||||
Provisions (Notes 26 and 39) | 895,723 | - | 1,056,482 | - | 976,233 | - | ||||||||||||||
Lease liabilities (Notes 18, 39, 44 and 46) | 1,036,806 | - | 1,026,881 | - | 1,060,150 | - | ||||||||||||||
Other liabilities | 537,834 | - | 614,178 | - | 622,405 | - | ||||||||||||||
Total liabilities | 699,502,600 | 93 | 673,352,562 | 93 | 654,796,964 | 93 | ||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF THE BANK (Notes 9, 15, 28 | ||||||||||||||||||||
and 38) | ||||||||||||||||||||
Share capital | ||||||||||||||||||||
Ordinary shares | 35,694,838 | 5 | 35,139,632 | 5 | 35,139,632 | 5 | ||||||||||||||
Advance receipts for share capital | 3,893,470 | - | - | - | - | - | ||||||||||||||
Total share capital | 39,588,308 | 5 | 35,139,632 | 5 | 35,139,632 | 5 | ||||||||||||||
Capital surplus | 349,974 | - | 456,426 | - | 456,426 | - | ||||||||||||||
Retained earnings | ||||||||||||||||||||
Legal reserve | 11,206,638 | 2 | 10,294,866 | 1 | 10,294,866 | 2 | ||||||||||||||
Special reserve | 5,922 | - | 5,922 | - | 5,922 | - | ||||||||||||||
Unappropriated earnings | 3,271,489 | - | 3,786,263 | 1 | 3,157,462 | - | ||||||||||||||
Total retained earnings | 14,484,049 | 2 | 14,087,051 | 2 | 13,458,250 | 2 | ||||||||||||||
Other equity | (2,058,732) | - | 18,842 | - | 297,311 | - | ||||||||||||||
Total equity | 52,363,599 | 7 | 49,701,951 | 7 | 49,351,619 | 7 | ||||||||||||||
TOTAL | $ | 751,866,199 | 100 | $ | 723,054,513 | 100 | $ | 704,148,583 | 100 | |||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
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FAR EASTERN INTERNATIONAL BANK 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 | 2022 | 2021 | |||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||
INTEREST REVENUES | ||||||||||||||||||||||||
(Notes 29 and 39) | $ 3,346,828 | 116 | $ 2,375,237 | 85 | $ 8,463,871 | 101 | $ 7,047,855 | 84 | ||||||||||||||||
INTEREST EXPENSES | 52 | 720,533 | 26 | 3,191,414 | 38 | 2,235,354 | 27 | |||||||||||||||||
(Notes 18, 29 and 39) | 1,495,601 | |||||||||||||||||||||||
NET INTERESTS | 1,851,227 | 64 | 1,654,704 | 59 | 5,272,457 | 63 | 4,812,501 | 57 | ||||||||||||||||
NET REVENUES AND GAINS | ||||||||||||||||||||||||
OTHER THAN INTEREST | ||||||||||||||||||||||||
Net service fee income | ||||||||||||||||||||||||
(Notes 30 and 39) | 591,568 | 21 | 773,463 | 28 | 2,059,703 | 25 | 2,424,672 | 29 | ||||||||||||||||
Gain on financial assets and | ||||||||||||||||||||||||
liabilities at fair value | ||||||||||||||||||||||||
through profit or loss | ||||||||||||||||||||||||
(Notes 31, 39 and 43) | 101,856 | 4 | 172,677 | 6 | 215,544 | 3 | 726,959 | 9 | ||||||||||||||||
Realized gain on financial | ||||||||||||||||||||||||
assets at fair value through | ||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||
(Notes 9 and 28) | 92,913 | 3 | 72,847 | 3 | 168,565 | 2 | 73,094 | 1 | ||||||||||||||||
Net foreign exchange gain | 148,872 | 5 | 42,500 | 1 | 368,979 | 4 | 53,078 | 1 | ||||||||||||||||
Shares of profit of associates | ||||||||||||||||||||||||
for using equity method | ||||||||||||||||||||||||
(Note 15) | 28,808 | 1 | 30,683 | 1 | 86,889 | 1 | 120,709 | 1 | ||||||||||||||||
Others | 61,820 | 2 | 57,902 | 2 | 196,674 | 2 | 176,059 | 2 | ||||||||||||||||
Total net revenues and | ||||||||||||||||||||||||
gains other than interest | 1,025,837 | 36 | 1,150,072 | 41 | 3,096,354 | 37 | 3,574,571 | 43 | ||||||||||||||||
NET REVENUES | 2,877,064 | 100 | 2,804,776 | 100 | 8,368,811 | 100 | 8,387,072 | 100 | ||||||||||||||||
PROVISION FOR LOSS ON | ||||||||||||||||||||||||
BAD DEBTS EXPENSE, | ||||||||||||||||||||||||
COMMITMENT AND | ||||||||||||||||||||||||
GUARANTEE (Notes 13, 14, | ||||||||||||||||||||||||
16, 26 and 39) | 111,999 | 4 | 277,459 | 10 | 400,354 | 5 | 866,914 | 10 | ||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Employee benefits expense | ||||||||||||||||||||||||
(Notes 4, 27, 32, 33, 38 | ||||||||||||||||||||||||
and 39) | 1,057,085 | 37 | 988,439 | 35 | 3,092,253 | 37 | 3,046,652 | 36 | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||
(Notes 17, 18, 19 and 34) | 186,511 | 6 | 178,732 | 6 | 548,611 | 6 | 534,474 | 7 | ||||||||||||||||
Other general and | ||||||||||||||||||||||||
administrative expenses | ||||||||||||||||||||||||
(Notes 18, 35 and 39) | 545,905 | 19 | 499,463 | 18 | 1,426,011 | 17 | 1,436,297 | 17 | ||||||||||||||||
Total operating expenses | 1,789,501 | 62 | 1,666,634 | 59 | 5,066,875 | 60 | 5,017,423 | 60 | ||||||||||||||||
INCOME BEFORE INCOME | ||||||||||||||||||||||||
TAX | 975,564 | 34 | 860,683 | 31 | 2,901,582 | 35 | 2,502,735 | 30 | ||||||||||||||||
INCOME TAX EXPENSE | ||||||||||||||||||||||||
(Notes 4 and 36) | 121,096 | 4 | 94,653 | 4 | 397,713 | 5 | 287,656 | 3 | ||||||||||||||||
NET INCOME FOR THE | ||||||||||||||||||||||||
PERIOD | 854,468 | 30 | 766,030 | 27 | 2,503,869 | 30 | 2,215,079 | 27 | ||||||||||||||||
(Continued)
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Far Eastern International Bank published this content on 23 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2023 10:17:05 UTC.