Q2 2026 Sinopac Financial Holdings Co Ltd Earnings Call
Speaker #1: 0.1 billion. New Taiwan dollars, and net income was 13.5 billion NTD, both. Setting new quarterly records. In the first half of this year, net income grew by 94% year-over-year to 24.5 billion NTD, with an annualized return on equity of 18.98%.
[Company Representative] (SinoPac Holdings): TWD 1.1 billion, and net income was TWD 13.5 billion, both setting new quarterly records. In H1 of this year, net income grew by 94% year-over-year to 24.5 billion TWD, with an annualized Return on Equity of 18.98%. All three major revenue pillars registered growth. Driven by lower funding costs and expanding loan momentum, net interest income grew by 42% year-over-year. Net fee income surged by 69% year-over-year, propelled by strong performance in wealth management and securities brokerage. Additionally, other net income rose by 66% year-over-year, thanks to active capital markets and solid results from both proprietary trading and venture capital businesses. In terms of asset size, the holding company's total assets grew by 8.1% year-to-date to 4 trillion TWD. The consolidated loans also grew by 8.0% year-to-date to 2.1 trillion TWD.
Speaker #2: 好，谢谢。各位投资先进大家午安。感谢各位拨冗来参加我们永丰金控第二季的法说会。今年上半年永丰金控的净收益跟税后的净利双双创下了单季的历史新高，年化的股东权益报酬率达到将近19%。这样亮眼的成绩除了受惠于资本市场的热络，以及过去并购案的正面效益，和新业务持续的展现我们稳定的成长动能。此外，为了强化永丰金证券子公司的资本实力，掌握未来成长的契机，本公司在6月26号董事会通过办理200亿的现金增资案，以厚实资本结构来支持证券业务的长期发展，展现我们金控双支柱的布局的一个策略。不过因为今天我们已经进入前末期，所以这场法说会我们将无法给予预测性的相关指引。感谢大家的谅解。接下来我们就请财务长为各位做第二季详细的营运报告。谢谢。
[Company Representative] (SinoPac Financial Holdings): 好，谢谢。各位投资先进，大家午安。感谢各位拨冗来参加我们永丰金控第二季的法说会。今年上半年永丰金控的净收益跟税后的净利双双创下了单季的历史新高，年化的股东权益报酬率达到了将近19%。这样亮眼的成绩除了受惠于资本市场的热络以及过去并购案的正面效益和新业务持续地展现我们稳定的成长动能。此外，为了强化永丰金证券子公司的资本的实力，掌握未来成长的契机，本公司在6月26号董事会通过办理200亿的现金增资案，以厚实资本结构来支持证券业务的长期发展，展现我们金控双支柱的布局策略。不过因为今天我们已经进入静默期，所以这场法说会我们将无法给予预测性的相关指引，感谢大家的谅解。接下来我们就请财务长为各位做第二季详细的营运报告。谢谢。
Speaker #1: All three major revenue pillars registered growth: driven by lower funding costs and expanding loan momentum, net interest income grew by 42% year-over-year. Net fee income surged by 69% year-over-year, propelled by strong performance in wealth management and securities brokerage.
Speaker #1: Additionally, other net income rose by 66% year-over-year. Thanks to active capital markets and solid results from both proprietary trading and venture capital businesses. In terms of asset size, the holding companies' total assets grew by 8.1%, year-to-date to 4 trillion NTD, the consolidated loans also grew by 8.0% year-to-date to 2.1 trillion NTD, our capital level remained robust, with the holding companies' capital adequacy ratio maintained at 127%.
[Company Representative] (SinoPac Holdings): Our capital level remained robust, with the holding company's capital adequacy ratio maintained at 127%. Bank SinoPac's consolidated CET1 ratio at 10.8% and consolidated CAR at 14.3%. In addition, we won 84 domestic and international awards in H1 of this year. Please refer to the bottom right of the presentation for a detailed list. Next, please look at page 2, the holding company's detailed financial summary. We discussed the growth of net revenue on the previous page. Next is operating expenses. We continued to maintain good cost control, driving the cost-to-income ratio down 7 percentage points year-to-year to 45%. The strong revenue performance also drove pre-provision operating profit to 30.6 billion TWD, up 80% year-over-year. Due to the bad debt write-backs from King's Town Bank offsetting the increased provisioning at Bank SinoPac, net profit grew 94% year-over-year to 24.5 billion TWD.
Speaker #1: Bank SINOPAC's consolidated CET1 ratio at 10.8% and consolidated CAR at 14.3%. In addition, we won 84 domestic and international awards in the first half of this year.
Speaker #3: 各位投资先进大家午安。现在我们来看一下第二页的营运摘要。第二季金控的净收益跟税后净利Q2QYOY都有双位数的一个成长，累计上半年亦同步续创历史同期的一个新高。年化ROE是18.98%，三大收益的部分都有所成长，其中在利息净收益的部分，受惠在资金成本的减价，以及放款量能的成长，累计上半年YOY有42.3%的成长。手续费净收益部分，因为整个证券日均量较去年大幅的一个增长，上半年经济所收有160%的一个成长，银行的财富管理在资本市场热络的一个带动下，共同基金也有超过50%的一个增长，使得金控上半年整体的手续费净收益YOY有69%的一个成长。其他净收益部分，受惠在整个资本市场多头走势自营还有创投都有不错的表现，年成长是66%。在资产方面，金控的第二季资产规模是4兆元，成长主要是来自于银行放款规模的成长，第二季合并放款规模是2.1兆元YTD，约有8%的一个成长。金控第二季荣获了51个奖项，累计上半年共获得84个奖项，详细的内容再请各位参阅本页的一个说明。下一页我们看一下金控的财务摘要。净收益的部分，刚才已经有做说明了，那接下来我们来看一下营业费用方面。我们持续维持良好的一个成本管控，带动这个成本收入比较去年同期是下降了7个百分点到45%，强劲的营收表现也带动我们在提存钱的税前净利达306亿元，年成长是80%。由于上半年京城银行呆账的回冲抵消了银行的一个部分呆账提存，使得税后净利年增是94%，达245亿元，ROA 1.28%，也是历史的一个同期新高。下一页我们看一下银行的这个财务摘要。 在获利部分，上半年银行税后净利YOY成长了20.9%，那成长的动能主要是来自于利息净收益，还有手续费净收益。利息净收益部分成长主要是因为放款规模的成长，尤其是在这个外币放款增加，还有资金成本的一个下滑，使得净利差来到了1.42%，那YOY是增加了21个BP。手续费净收益部分主要是来自于财富管理所收的一个成长，约有22%，使整体的手续费YOY是增加了12%。费用控管方面，年增约仅8.4%，成长率是远低于净收益的一个成长，使得CI ratio优化了4个百分点，来到44%。存放比的部分，银行第二季放款是YTD成长8%，存款受到整个资本市场热络的影响，那YTD是成长约有3.6%，放存比提升到74.57%。那其中外币的放存比是52.4%，YTD是增加了1.3%，这有助于我们在第二季净利差的一个表现。下一页是京城银行的部分。京城银行今年上半年净收益YOY是成长了17.8%，成长最主要是来自于手续费净收益，尤其是在保险所收YOY有18.6%的一个成长。利息净收益的部分表现持平，净利差YOY是减少了15个BP，那这个最主要是因为在我们去年6月有认列了华映的呆收息，垫高了基期约有21个BP。如果我们把这个因素排除，那整个净利差的话，年增是6个BP。第二季有呆账回收，在呆账费用回冲的一个挹注下，税后净利年成长是138.6%，来到了37.56亿元。另外逾放比的部分仍然维持在0.05%的这个低水平的水准，放款覆盖率是1.47%，资本结构方面CET1跟BIS分别是19.9%跟21%，都维持在一个强劲的水平。下一页我们看一下永丰金证券的财务摘要。证券在上半年表现是相当亮眼，累计经常性收益年增是101%，达到了112亿元。那手续费净收益YOY成长123%，来到了106亿元，其中受惠在台股资本市场热络，在经济所收的部分，年增是160%，半财管手续费包括付委托，还有其他的财管业务的话，也成长了70%。再加上资本利得的贡献，整体净收益YOY是成长130%，达到了167亿元，受惠在整个经济规模的一个效益，今年上半年营业费用仅增加73%，CI ratio因此较去年同期大幅改善了16个百分点到49%。那税后净利是73.54亿元，上半年累计获利已经超过了前一整年的一个水准，年增是249%，年化的ROE高达了34.86%。证券的经纪业务市占率跟去年同期相比的话，提升了22个基点，来到了5.02%。融资余额市占率也增加了66个基点，达到了7.79%。下一页我们看一下金控各子公司的一个获利贡献。上半年金控长投收益占比由54%是来自于永丰银行，29%是来自于证券。如果我们加计京城银行13%的一个贡献的话，那整体银行业务的获利贡献占比是67%。如果从QOQ跟YOY来看的话，那证券贡献增加分别是111%跟249%，这是我们金控上半年最主要的一个成长动能。下一页看一下金控获利的一个变动分析。从上面的图来看的话，第二季单季净收益跟营业费用QOQ分别是增加了11%跟14%，不过提存费用刚刚有提到整个京城银行呆收回冲，所以有减少，因此在这个单季的税后净利还是有23%的一个增幅。累计上半年来看的话，净收益年增是56%，营业费用仅年增33%，使得税后净利有94%，强劲的一个年成长。下一页看一下金控净收益的一个趋势。第二季净收益是290.82亿元，QOQ跟YOY都有双位数的一个成长。那从下面的图表来看的话，金控整体净收益都是持续呈现一个成长的趋势，由2024到26年这三年的这个净收益的年复合成长率有达到20%，维持良好的一个成长动能。下一页我们看一下银行净利差跟存放利差。从左边的图来看，第二季银行的升息资产是2.88兆元，QOQ是增加了1.07%。那这主要是来自于外币放款的成长，搭配美元资金成本下降跟放款的成长。那利息净收益QOQ是增加了5.9%。第二季的净利差提升3.6个BP，来到了1.44%。由于这个台美利差持续收窄，FX swaps的净收益季减约2.6亿元。那我们现在单季已经不到1亿元了，那今年上半年来看的话，约仅去年同期的两成，所以整个调整后的利息净收益QOQ约仅增加3.15%，那调整前后的净利差已经相差不大了。由于目前整体市场的流动性是相当紧俏，这对于我们调整后的净利差也造成了不少的一个压力。下一页是银行的放款结构。第二季那银行放款的余额是1.89兆元，YTD是成长了8.1%，其中大型企业的放款需求强劲，年初至今成长是14.3%，中小企业放款也有9.2%的一个成长。那目前SME的放款占总放款比重提升到26.7%，那QOQ是增加了0.3个百分点，以B比来看的话，那放款增长主要是来自于外币放款，年初至今是成长了11.5%。这是我们在外币放款的占比，从去年的23.5%进一步提升到24.3%。那外币的放存比也相较于去年底提升了1.3个百分点，来到了52.4%。下一页是银行的存款结构。由左边图来看，第二季底我们的总存款是2.54兆元，YTD是成长了3.6%。那由于今年台股交易活络，那客户倾向是解台币的定存，转到活存，使我们台币的活存年初至今是成长了9.6%。那整体的活存比相较于去年底的话，提升了1.9个百分点至53.9%。下一页是金控的手续费收入。受惠这个台股还有全球股市的一个表现，那第二季金控的手续费净收益达97亿元，季增是5.4%，年增105.5%，动能主要是来自于证券台股跟复委托手续费收入，季增是大幅攀升了54%。那从右边年度手续费组合图来看的话，那上半年累计的净手收是189.6亿元，YOY是成长了69%。财富管理还有这个手续费的部分的话，是年增了33%，但是如果我们加计银行结构型产品的收益的话，那财富管理的手续费有48%的一个成长。同时在证券经纪业务的手收年增幅是高达了135%，那上半年证券的手收已经达到金控手收的52%。下一页是金控的营业费用。第二季金控的CI ratio相较于第一季的话持平，维持在45%左右。不过以下面年度的趋势来看的话，受惠在营运杠杆带来的经济规模效益，成本收入比相较于前两个年度来看的话，有显著优化的一个趋势。好，最后一页我们看一下银行放款的资产品质。第二季预放比是提升到0.23%，那主要这个是单一旧案因为延滞而列报了预放。那备抵呆账覆盖率跟放款覆盖率都维持在一个稳健的水平。上半年信用成本约有23个BP，新增一类提存还有这个个案提存大概各占一半。那由于整个中国房地产市场仍然不好，还有近期有一些风电设备的一个个案，因此信用成本也受到了一些影响。那以上是金控第二季的一个营运简报。那当总经理也提到，因为申请现金增资，目前在这个建末期期间，所以今天仅就以规定公告的财务数字做说明跟回复，谢谢大家。
[Company Representative] (SinoPac Financial Holdings): 各位投资先进，大家午安。现在我们来看一下第二页的营运摘要。第二季金控的净收益跟税后净利QoQ、YoY都有双位数的成长，累计上半年亦同步续创历史同期的新高，年化ROE是18.98%。三大收益的部分都有所成长，其中在利息净收益的部分，受惠在资金成本的减价以及放款量能的成长，累计上半年YoY有42.3%的成长。手续费净收益部分，因为整个证券日均量较去年大幅地增长，上半年经纪手收有160%的成长。银行的财富管理在资本市场热络的带动下，共同基金也有超过50%的增长，使得金控上半年整体的手续费净收益YoY有69%的成长。其他净收益部分，受惠在整个资本市场多头走势，自营还有创投都有不错的表现，年成长是66%。在资产方面，金控的第二季资产规模是4兆元，成长主要是来自于银行放款规模的成长。第二季合并放款规模是2.1兆元，YTD约有8%的成长。金控第二季荣获了51个奖项，累计上半年共获得84个奖项。详细的内容再请各位参阅本页的说明。 下一页我们看一下金控的财务摘要。净收益的部分刚才已经有做说明了。接下来我们来看一下营业费用方面。我们持续维持良好的成本管控，带动成本收入比较去年同期是下降了7个百分点，到45%。强劲的营收表现也带动我们在提存前的税前净利达306亿元，年成长是80%。由于上半年京城银行呆帐的回冲，抵消了银行的部分呆帐提存，使得税后净利年增是94%，达245亿元，ROA 1.28%，也是历史的同期新高。 下一页我们看一下银行的财务摘要。在获利部分，上半年银行税后净利YoY成长了20.9%，成长的动能主要是来自于利息净收益，还有手续费净收益。利息净收益部分成长主要是因为放款规模的成长，尤其是在外币放款增加，还有资金成本的下滑，使得净利差来到了1.42%，那YoY是增加了20个BP。手续费净收益部分主要是来自于财富管理手收的成长约有22%，使整体的手续费YoY增加了12%。费用控管方面，年增约仅8.4%，成长率远低于净收益的成长，使得CIR ratio优化了4个百分点，来到44%。存放比的部分，银行第二季放款是YTD成长8%，存款受到整个资本市场热络的影响，YTD成长约有3.6%，放存比提升到74.57%。其中外币的放存比是52.4%，YTD增加了1.30百分点，这有助于我们在第二季净利差的一个表现。 下一页是京城银行的部分。京城银行今年上半年净收益YoY成长了17.8%。成长最主要是来自于手续费净收益，尤其是在保险手收，YoY有18.6%的一个成长。利息净收益的部分表现持平，净利差YoY是减少了15个BP。这个最主要是因为在我们去年6月有认列了华印的呆帐收息，垫高了基期约有21个BP。如果我们把这个因素排除，那整个净利差的话，年增是6个BP。第二季有呆帐回收，在呆帐费用回冲的一个挹注下，税后净利年成长是138.6%，来到了37.56亿元。另外，逾放比的部分仍然维持在0.05%的低水平的水准，放款覆盖率是1.47%。资本结构方面，CET1跟BIS分别是19.9%跟21%，都维持在一个强劲的水平。 下一页，我们看一下永丰金证券的财务摘要。证券在上半年表现是相当亮眼，累计经常性收益年增是101%，达到了112亿元。手续费净收益YoY成长123%，来到了106亿元，其中受惠在台股资本市场热络，在经纪手收的部分，年增是160%。财管手续费，包括复委托，还有其他的财管业务也成长了70%。再加上资本利得的贡献，整体净收益YoY成长130%，达到了167亿元。受惠在整个经纪规模的一个效益，今年上半年营业费用仅增加73%，CIR ratio因此较去年同期大幅改善了16个百分点，到49%。税后净利是73.54亿元，上半年累计获利已经超过了前一整年的水准，年增是249%，年化的ROE高达了34.86%。证券的经纪业务市占率跟去年同期相比的话，提升了22个基点，来到了5.02%。融资余额市占率也增加了66个基点，达到了7.79%。 下一页，我们看一下金控各子公司的获利贡献。上半年金控长投收益占比有54%来自于永丰银行，29%是来自于证券。如果我们加计京城银行13%的一个贡献的话，整体银行业务的获利贡献占比是67%。如果从QoQ跟YoY来看的话，证券贡献增加分别是111%跟249%，这是我们金控上半年最主要的一个成长动能。 下一页看一下金控获利的一个变动分析。从上面的图来看的话，第二季单季净收益跟营业费用QoQ分别是增加了11%跟14%。不过提存费用，刚刚有提到整个京城银行呆帐回冲，所以有减少，因此在这个单季的税后净利还是有23%的一个增幅。累计上半年来看的话，净收益年增是56%，营业费用仅年增33%，使得税后净利有94%强劲的一个年成长。 下一页看一下金控净收益的一个趋势。第二季净收益是290.82亿元，QoQ跟YoY都有双位数的一个成长。从下面的图表来看的话，金控整体净收益都是持续呈现一个成长的趋势，由2024到2026年这三年的净收益的年复合成长率有达到20%，维持良好的成长动能。 下一页，我们看一下银行净利差跟存放利差。从左边的图来看，第二季银行的生息资产是2.88兆元，QoQ是增加了1.07%，这主要是来自于外币放款的成长，搭配美元资金成本下降跟放款的成长，利息净收益QoQ是增加了5.9%。第二季的净利差提升3.6个BP，来到了1.44%。由于台美利差持续收窄，FX swaps的净收益季减约2.6亿元，我们现在单季已经不到1亿元了。今年上半年来看的话，约仅去年同期的两成，所以整个调整后的利息净收益QoQ约仅增加3.15%，调整前后的净利差已经相差不大了。由于目前整体市场的流动性是相当紧俏，这对于我们调整后的净利差也造成了不少的压力。 下一页是银行的放款结构。第二季银行放款的余额是1.89兆元，YTD是成长了8.1%，其中大型企业的放款需求强劲，年初至今成长是14.3%，中小企业放款也有9.2%的一个成长。目前SME的放款占总放款比重提升到26.7%，那QoQ是增加了0.3个百分点。以币别来看的话，放款增长主要是来自于外币放款，年初至今是成长了11.5%，这使我们在外币放款的占比从去年的23.5%进一步提升到24.3%，那外币的放存比也相较于去年底提升了1.30百分点，来到了52.4%。 下一页是银行的存款结构。由左边图来看，第二季底我们的总存款是2.54兆元，YTD是成长了3.6%。由于今年台股交易活络，客户倾向是解台币的定存转到活存，使我们台币的活存年初至今是成长了9.6%，那整体的活存比相较于去年底的话，提升了1.90百分点，至53.9%。 下一页是金控的手续费收入。受惠台股还有全球股市的表现，第二季金控的手续费净收益达97亿元，季增是5.4%，年增105.5%。动能主要是来自于证券台股跟复委托手续费收入，季增是大幅攀升了54%。那从右边年度手续费组合图来看的话，上半年累计的净手收是189.6亿元，YoY是成长了69%。财富管理还有手续费的部分的话是年增了33%。如果我们加计银行结构型产品的收益的话，财富管理的手续费有48%的一个成长。同时在证券经纪业务的手收，年增幅是高达了135%，上半年证券的手收已经达到金控手收的52%。 下一页是金控的营业费用。第二季金控的CIR ratio相较于第一季的话持平，维持在45%左右。不过以下面年度的趋势来看的话，受惠在营运杠杆带来的经济规模效益，成本收入比相较于前两个年度来看的话，有显著优化的一个趋势。 最后一页，我们看一下银行放款的资产品质。第二季逾放比是提升到0.23%，那主要这个是单一旧案，因为延滞而列报了逾放。那备抵呆帐覆盖率跟放款覆盖率都维持在一个稳健的水平。上半年信用成本约有23个BP，新增疑虑提存，还有个案提存大概各占一半。由于整个中国房地产的市场仍然不好，还有近期有一些风电设备的一个个案，因此信用成本也受到了一些影响。以上是金控第二季的一个营运简报。刚刚总经理也提到，因为申请现金增资，目前在静默期期间，所以今天仅就以规定公告的财务数字做说明跟回复。谢谢大家。
Speaker #1: Please refer to the bottom right of the presentation for a detailed list. Next, please look at page 2. The holding companies' detailed financial summary.
Speaker #1: We discussed the growth of net revenue on the previous page. Next is operating expenses. We continued to maintain good cost control, driving the cost-to-income ratio down 7 percentage points year-to-year to 45%.
Speaker #1: The strong revenue performance also drove pre-provision operating profit to 30.6 billion NTD, up 80% year-over-year. Due to the bad debt writebacks from Kingstown Bank offsetting the increased provisioning at Bank SINOPAC, net profit grew 94% year-over-year to 24.5 billion NTD, first half earnings per share stood at 1.66 NTD, while book value per share rose to 18.3 NTD, in terms of the balance sheet, driven by the strong loan demand, total assets increased by 8.1% year-to-date, total equity grew by 3.7%, and the double leverage ratios slightly decreased by 1 percentage point to 119%.
[Company Representative] (SinoPac Holdings): H1 Earnings Per Share stood at 1.66 TWD, while Book Value Per Share rose to 18.3 TWD. In terms of the balance sheet, driven by the strong loan demand, total assets increased by 8.1% year-to-date, total equity grew by 3.7%, and the double leverage ratio slightly decreased by 1 percentage point to 119%. Next, page 3, Bank SinoPac's financial summary. The bank's H1 net revenue was 32.5 billion TWD, up 18.1% year-over-year. Among this, net interest income, benefiting from the decline in USD interest costs and strong foreign currency loan growth, increased by 26% year-over-year to 20.3 billion TWD. Excluding the impact of foreign exchange swap net revenue, the net interest margin expanded by 21 basis points to 1.42%. Net fee income was 7.5 billion TWD, up 11.9% year-over-year, mainly contributed by the wealth management business.
Speaker #1: Next, page 3, Bank SINOPAC's financial summary. The bank's first half net revenue was 32.5 billion NTD, up 18.1% year-over-year. Among this, net interest income, benefiting from the decline in USD interest costs and strong foreign currency loan growth, increased by 26% year-over-year to 20.3 billion NTD.
Speaker #1: Excluding the impact of foreign exchange swap net revenue, the net interest margin expanded by 21 basis points to 1.42%. Net fee income was 7.5 billion NTD, up 11.9% year-over-year, mainly contributed by the wealth management business.
Speaker #1: Effective expense control kept expense growth well below net revenue growth, with operating expenses rising just 8.4% year-over-year. This improved the cost-to-income ratio by 4 percentage points to 44%.
[Company Representative] (SinoPac Holdings): Effective expense control kept expense growth well below net revenue growth, with operating expenses rising just 8.4% year-over-year. This improved the cost-to-income ratio by 4 percentage points to 44%. Although bad debt provisions increased, primarily driven by loan growth and provisions for specific cases, net profit still delivered robust growth of 20.9% to reach 13.5 billion TWD, with annualized Return on Equity reaching 13.4%. Asset quality remained stable, with the NPL ratio of 0.23% and the NPL coverage ratio reaching 618%. Benefiting from robust loan demand, loans expanded by 8.1% year-to-date and 11.7% year-over-year. Meanwhile, deposits grew at a slower pace of 3.6% year-to-date and 9.9% year-over-year, pushing the loan-to-deposit ratio steadily higher to 74.6%. Regarding capital structure, the CET1 ratio and CAR slipped slightly due to asset growth and the upstreaming of cash dividends, but remained robust at 10.8% and 14.3% respectively.
Speaker #1: Although bad debt provisions increased, primarily driven by loan growth and provisions for specific cases, net profit still delivered robust growth of 20.9% to reach 13.5 billion NTD, with annualized return on equity reaching 13.4%.
Speaker #1: Asset quality remained stable, with the NPL ratio of 0.23% and the NPL coverage ratio reaching 618%. Benefiting from robust loan demand, loans expanded by 8.1% year-to-date and 11.7% year-over-year.
Speaker #1: Meanwhile, deposits grew at a slower pace of 3.6% year-to-date and 9.9% year-over-year, pushing the loan-to-deposit ratio steadily higher to 74.6%. Regarding capital structure, the CET1 ratio and CAR slipped slightly due to asset growth and the upstreaming of cash dividends, but remained robust at 10.8% and 14.3% respectively.
Speaker #1: Next, let's look at page 4. The profitability of Kingstown Bank. First half net interest income edged up by 0.4% year-over-year. While net interest margin compressed by 15 basis points to 1.92%.
[Company Representative] (SinoPac Holdings): Next, let's look at page 4, the profitability of King's Town Bank. H1 net interest income edged up by 0.4% year-over-year, while net interest margin compressed by 15 basis points to 1.92%. This was mainly due to a high base effect, as a bad debt interest recovery was recognized in June last year. Excluding the one-off effect, net interest margin actually expanded by 6 basis points year-over-year. Net fee income grew by 18.6% year-over-year to TWD 1.21 billion, a very stellar performance, primarily driven by wealth management businesses such as bancassurance. Overall, net revenue grew by 17.8% year-over-year to TWD 4.7 billion. Furthermore, in terms of bad debt recovery, the TWD 800 million from Kingsin case was fully recovered in June.
Speaker #1: This was mainly due to a high base effect, as a bad debt interest recovery was recognized in June last year. Excluding the one-off effect, net interest margin actually expanded by 6 basis points year-over-year.
Speaker #1: Net fee income grew by 18.6% year-over-year to 1.21 billion NTD. A very stellar performance. Primarily driven by wealth management businesses such as Bank Assurance.
Speaker #1: Overall net revenue grew by 17.8% year-over-year to 4.7 billion NTD, furthermore in terms of bad debt recovery, the 800 million NTD from Kingston case was fully recovered in June.
Speaker #1: Driven by this recovery, net profit surged 139% year-over-year to 3.8 billion NTD, however, excluding the 288 million NTD disposal gain from Kingstown Bank International Lease Company Limited, the net income would grow by 32%, and the annualized return on equity would reach 12.6%.
[Company Representative] (SinoPac Holdings): Driven by this recovery, net profit surged 139% year-over-year to TWD 3.8 billion. However, excluding the TWD 288 million disposal gain from King's Town Bank International Lease Company Limited, the net income would grow by 32%, and the annualized Return on Equity would reach 12.6%. Asset quality maintained a top-tier level with an NPL ratio of only 0.05% and a coverage ratio of 2,685%. Since year-to-date deposit and loan growth was relatively flat, capital ratios slightly changed, with the CET1 ratio and CAR at 19.9% and 21.2%, respectively. Page 5 shows the financial performance of SinoPac Securities. The securities business also performed year-over-year exceptionally well in H1, with recurring net revenue growing by 101% to TWD 11.2 billion, of which net fee income grew by 123% to TWD 10.6 billion. Benefiting from the buoyant Taiwan stock market, brokerage fees surged by 162% year-over-year to TWD 7.2 billion.
Speaker #1: Asset quality maintained a top-tier level, with an NPL ratio of only 0.05% and a coverage ratio of 2,685%. Since year-to-date deposit and loan growth was relatively flat, capital ratios slightly changed, with the CET1 ratio and CAR at 19.9% and 21.2%.
Speaker #1: Respectively. Page 5 shows the financial performance of SINOPAC Securities. The securities business also performed year-over-year exceptionally well in the first half, with recurring net revenue growing by 101% to 11.2 billion NTD, of which net fee income grew by 123% to 10.6 billion NTD, benefiting from the buoyant Taiwan stock market, brokerage fees surged by 162% year-over-year to 7.2 billion NTD, and wealth management fees which includes sub-brokerage business and other financial product distribution services also grew by 70%.
[Company Representative] (SinoPac Holdings): Wealth management fees, which include sub-brokerage business and other financial product distribution services, also grew by 70%. Coupled with the contribution of capital gains, overall net revenue reached TWD 16.7 billion, a year-over-year increase of 130%. Benefiting from economies of scale, operating expenses only increased by 73%, and the cost-to-income ratio significantly improved by 16 percentage points to 49%. Net income reached TWD 7.4 billion, growing by 249% year-over-year with an annualized Return on Equity as high as 34.9%. Our securities brokerage market share expanded by 22 basis points year-over-year to 5.02%, while our margin trading market share also gained 66 basis points to reach 7.79%. Page 6 explains the profit contribution of each subsidiary to the holding company. Compared to Q1, due to a seasonal moderation in fee income momentum and higher provisioning, Q2 of Bank SinoPac's profit contribution decreased by 18% quarter-over-quarter.
Speaker #1: Coupled with the contribution of capital gains, overall net revenue reached 16.7 billion NTD, a year-over-year increase of 130%. Benefiting from economies of scale, operating expenses only increased by 73%, and the cost-to-income ratio significantly improved by 16 percentage points to 49%.
Speaker #1: Net income reached 7.4 billion NTD, growing by 249% year-over-year, with an annualized return on equity as high as 34.9%. Our securities brokerage market share expanded by 22 basis points year-over-year to 5.02%, while our margin trading market share also gained 66 basis points to reach 7.79%.
Speaker #1: Page 6 explains the profit contribution of each subsidiary to the holding company. Compared to the first quarter, due to a seasonal moderation in fee income momentum and higher provisioning, the second quarter of Bank SINOPAC's profit contribution decreased by 18%.
Speaker #1: Quarter over quarter. SINOPAC Securities, benefiting from the Taiwan stock bull market, saw its profit contribution grow by 111% quarter over quarter. For Kingstown Bank, a significant bad debt recovery pushed its profit contribution up 65% quarter over quarter.
[Company Representative] (SinoPac Holdings): SinoPac Securities, benefiting from the Taiwan stock bull market, saw its profit contribution grow by 111% quarter-over-quarter. For King's Town Bank, a significant bad debt recovery pushed its profit contribution up 65% quarter-over-quarter, even after excluding the disposal gain from the leasing business. Compared to the same period last year, profit contributions from the bank and securities subsidiaries grew by 21% and 249% year-over-year, accounting for 54% and 29% of the holding company's long-term investment income, respectively. If we add the 13% contribution from King's Town Bank, the profit contribution share of the overall banking business will increase to 67%. Next, please look at pages 7 and 8 for the trend analysis of the holding company's profit and net revenue.
Speaker #1: Even after excluding the disposal gain from the leasing business. Compared to the same period last year, profit contributions from the bank and securities subsidiaries grew by 21% and 249% year-over-year.
Speaker #1: Accounting for 54% and 29% of the holding company's long-term investment income, respectively. If we add the 13% contribution from Kingstown Bank, the profit contribution share of the overall banking business will increase to 67%.
Speaker #1: Next, please look at pages 7 and 8 for the trend analysis of the holding company's profit and net revenue. Looking at the consolidated statement on page 7, the second quarter net revenue rose 11% quarter over quarter, while operating expenses grew at a faster pace of 14% quarter over quarter.
[Company Representative] (SinoPac Holdings): Looking at the consolidated statement on page 7, the Q2 net revenue rose 11% quarter-over-quarter, while operating expenses grew at a faster pace of 14% quarter-over-quarter. However, as provisions declined significantly due to bad debt write-backs at King's Town Bank, net profit was still able to deliver a 23% quarter-over-quarter increase. On a cumulative H1 basis, net revenue grew 56% year-over-year, while operating expenses rose by only 33%. Although provisions were higher, net profit still delivered a strong 94% year-over-year growth. Turning to page 8, the trend chart shows that the holding company's net revenue continues to maintain its upward momentum. Specifically, the Q2 net revenue reached an all-time quarterly high of NT$29.1 billion, delivering double-digit growth both quarter-over-quarter and year-over-year, while net interest income and net fee income both hit record-high single-quarter levels as well.
Speaker #1: However, as provisions declined significantly due to bad debt writebacks at Kingstown Bank, net profit was still able to deliver a 23% quarter over quarter increase.
Speaker #1: On accumulative first-half basis, net revenue grew 56% year-over-year, while operating expenses rose by only 33%. Although provisions were higher, net profit still delivered a strong 94% year-over-year growth.
Speaker #1: Turning to page 8, the trend chart shows that the holding company's net revenue continues to maintain its upward momentum. Specifically, the second quarter net revenue reached an all-time quarterly high of 29.1 billion NTD, delivering double-digit growth both quarter over quarter and year-over-year.
Speaker #1: While net interest income and net fee income both hit record highs single-quarter levels as well. Moving to page 9, let's break down the bank's net interest margin and loan-to-deposit spread.
[Company Representative] (SinoPac Holdings): Moving to page 9, let's break down the bank's net interest margin and lending-deposit spread. Benefiting from the strong growth momentum of foreign currency loans, the Q2 interest-earning assets grew by 1.07%. Coupled with the drop in USD funding costs and loan growth, net interest income grew by 5.9% quarter-over-quarter, driving the quarterly net interest margin up by 4 basis points to 1.44%. With the Taiwan and US interest rate spread continuing to compress, foreign exchange swap net revenue fell by around NT$260 million quarter-over-quarter to under NT$100 million. Therefore, against a reported net interest income growth of 5.9% quarter-over-quarter, the adjusted net interest income grew by just 3.15% quarter-over-quarter. The adjusted net interest margin remained flat quarter-over-quarter at 1.45%, which is still 4 basis points higher than the 2025 full-year level of 1.41%.
Speaker #1: Benefiting from the strong growth momentum of foreign currency loans, the second quarter interest-earning assets grew by 1.07%. Coupled with the drop in USD funding costs and loan growth, net interest income grew by 5.9%.
Speaker #1: Quarter over quarter, driving the quarterly net interest margin up by 4 basis points to 1.44%. With the Taiwan and US interest rate spread continuing to compress, foreign exchange swap net revenue fell by around 260 million NTD, quarter over quarter to under 100 million NTD, therefore against a reported net interest income growth of 5.9%.
Speaker #1: Quarter over quarter, the adjusted net interest income grew by just 3.15% quarter over quarter, the adjusted net interest margin remained flat quarter over quarter at 1.45%, which is still 4 basis points higher than the 2025 full-year level of 1.41%.
Speaker #1: However, tight market liquidity and rising funding costs are currently posing significant pressure on the adjusted net interest margin. Next, let's turn to page 10.
[Company Representative] (SinoPac Holdings): However, tight market liquidity and rising funding costs are currently posing significant pressure on the adjusted net interest margin. Next, let's turn to page 10, Bank SinoPac's loan structure. The left chart shows that the Q2 loan balance reached NT$1.89 trillion, a year-to-date growth of 8.1%. Among them, the demand for both Taiwan dollar and foreign currency loans from large corporates was robust, growing 14.3% year-to-date growth, while SME loans also maintained a steady growth of 9.2%. Looking at the right chart, loan growth was primarily driven by foreign currency loans, which grew 11.5% year-to-date. This pushed the proportion of foreign currency loans up to 24.3% from 23.5% at the end of last year.
Speaker #1: Bank SINOPAC's loan structure. The left chart shows that the second quarter loan balance reached 1.89 trillion NTD, a year-to-date growth of 8.1%. Among them, the demand for both NTD and foreign currency loans from large corporates was robust, growing 14.3% year-to-date growth, while SME loans also maintained a steady growth of 9.2%.
Speaker #1: Looking at the right chart, loan growth was primarily driven by foreign currency loans, which grew 11.5% year-to-date. This pushed the proportion of foreign currency loans up to 24.3% from 23.5% at the end of last year.
Speaker #1: In addition to the foreign currency loan-to-deposit spread being significantly wider than that of NTD loans, the foreign currency loan-to-deposit ratio rose by 1.3 percentage points from the end of last year to 52.4%, which will help enhance capital efficiency.
[Company Representative] (SinoPac Holdings): In addition to the foreign currency loan-to-deposit spread being significantly wider than that of Taiwan dollar loans, the foreign currency loan-to-deposit ratio rose by 1.3 percentage points from the end of last year to 52.4%, which will help enhance capital efficiency. On page 11, let's look at the deposit structure. The left chart shows the Q2 total deposits reached NT$2.54 trillion, a year-to-date growth of 3.6%. Driven by active trading in the domestic stock market, customers increasingly shifted funds from Taiwan dollar time deposits to demand deposits, fueling a 9.6% year-to-date growth in Taiwan dollar demand deposits. Consequently, the CASA ratio increased by 1.9 percentage points from the end of last year to 53.9%. Looking ahead, we will continue to manage our deposit mix to optimize funding costs. Page 12 analyzes the holding company's fee income.
Speaker #1: On page 11, let's look at the deposit structure. The left chart shows the second quarter total deposits reached 2.54 trillion NTD, a year-to-date growth of 3.6%.
Speaker #1: Driven by active trading in the domestic stock market, customers increasingly shifted funds from NTD time deposits to demand deposits, fueling a 9.6% year-to-date growth in NTD demand deposits, consequently the cost ratio increased by 1.9 percentage points from the end of last year to 53.9%.
Speaker #1: Looking ahead, we will continue to manage our deposit mix to optimize funding costs. Page 12 analyzes the holding company's fee income. Driven by the strong performance of NTD and global stock markets, the second quarter net fee income reached 9.7 billion NTD, up 5.4%.
[Company Representative] (SinoPac Holdings): Driven by the strong performance of Taiwan and global stock markets, the Q2 net fee income reached TWD 9.7 billion, up 5.4% quarter-over-quarter and 106% year-over-year. While wealth management fees decreased by 28% quarter-on-quarter due to seasonality, securities fee income significantly surged by 54% quarter-on-quarter. The cumulative H1 net fee income reached TWD 19 billion, surging 69% year-over-year. Wealth management fee income grew by 33% year-over-year. However, when including bank-structured product gains, wealth management fee income grew by 48%. Meanwhile, securities brokerage fee income saw a massive year-over-year increase of 135%. Regarding expenses, please look at page 13. In the Q2, the holding company's net revenue and operating expenses grew at comparable rates quarter-over-quarter, keeping the cost-to-income ratio relatively flat.
Speaker #1: Quarter over quarter and 106% year-over-year. While wealth management fees decreased by 28% quarter on quarter due to seasonality, securities fee income significantly surged by 54% quarter on quarter.
Speaker #1: The cumulative first-half net fee income reached 19 billion NTD, surging 69% year-over-year. Wealth management fee income grew by 33% year-over-year. However, when including bank-structured product gains, wealth management fee income grew by 48%.
Speaker #1: Meanwhile, securities brokerage fee income saw a massive year-over-year increase of 135%. Regarding expenses, please look at page 13. In the second quarter, the holding company's net revenue and operating expenses grew at comparable rates quarter over quarter, keeping the cost-to-income ratio relatively flat.
Speaker #1: However, looking at the annual trend, benefiting from economies of scale driven by positive operating leverage, our cost-to-income ratio improved to 45%. As cumulative first-half net revenue surged 55% while operating expenses rose by only 33%.
[Company Representative] (SinoPac Holdings): However, looking at the annual trend, benefiting from economies of scale driven by positive operating leverage, our cost-to-income ratio improved to 45%, as cumulative H1 net revenue surged 55%, while operating expenses rose by only 33%. Finally, please move on to page 14, Bank SinoPac's loan asset quality. The consolidated NPL ratio edged up to 0.23%, primarily due to a single legacy loan case being classified as non-performing due to payment delays. The NPL coverage ratio and loan coverage ratio declined to 618% and 1.40%, respectively remaining benign. The credit cost in the H1 was approximately 23 basis points, with general provisions and specific provisions accounting for roughly half each. However, credit costs have also been impacted by the weak Chinese real estate market and recent specific cases in wind power equipment. This concludes the Q2 operational presentation of SinoPac Holdings.
Speaker #1: Finally, please move on to page 14, Bank SINOPAC's loan asset quality. The consolidated NPL ratio edged up to 0.23%, primarily due to a single legacy loan case being classified as non-performing due to payment delays.
Speaker #1: 接下来进入问答时间，欢迎各位投资人踊跃提问。如果您想使用语音提问，请先点击系统上的举手。当我们点名您发言时，请您点选解除静音。那提问的时候也是麻烦您先说出您的服务机构与姓名。那回答完毕以后，也请您点击放下手。那如果您要使用文字提问，请在问答视窗内输入您的服务机构姓名跟问题。那我们会汇总后解答，谢谢。 那我们先汇总文字提问，我们来发问。第一个问题是有关于现金增资，投资人请想请教说我们可不可以说明一下现金增资的确切时程。
Dexter Hsu: 接下来进入问答时间，欢迎各位投资人踊跃提问。如果您想使用语音提问，请先点击系统上的举手。当我们点名您发言时，请您点选解除静音。提问的时候也麻烦您先说出您的服务机构与姓名，那回答完以后，也请您点击放下手。那如果您要使用文字提问，请在问答视窗内输入您的服务机构、姓名跟问题，那我们会汇总后解答。谢谢。那我们先汇总文字提问，我们来发问。第一个问题是有关于现金增资，投资人想请教说我们可不可以说明一下现金增资的确切时程。
Speaker #1: The NPL coverage ratio and loan coverage ratios declined to 618% and 1.40%, respectively remaining benign. The credit cost in the first half was approximately 23 basis points with general provisions and specific provisions accounting for roughly half each.
Speaker #1: However, credit costs have also been impacted by the weak Chinese real estate market and recent specific cases in wind power equipment. This concludes the second quarter operational presentation of SINOPAC Holdings.
Speaker #2: 请财务长。现金增资，谢谢。
[Company Representative] (SinoPac Financial Holdings): 请财务长，现金增资，谢谢。
Speaker #3: 那我们现金增资目前已经送件，那预计的话，希望可能是在9月底的时候可以做定价，然后整个交换的时间应该会预计是在11月初。那目前暂定的时程大概是这样的一个安排。
[Company Representative] (SinoPac Financial Holdings): 我们现金增资目前已经送件，那预期的话，希望可能是在九月底的时候可以做定价，然后整个缴款的时间应该会预计是在11月初。目前暂定的时程大概是这样的一个安排。
Speaker #2: 不过这个还是要主管机关，看主管机关核准的速度。目前是这样预计，谢谢。
[Company Representative] (SinoPac Financial Holdings): 不过这个还是要看主管机关核准的速度，目前是这样预计。谢谢。
Speaker #1: 好，谢谢。那我们第二个问题是关于净利差。那投资人再请问，第二季的存放利差比第一季下滑，但是净利差却呈现季增的原因，然后也问到说第二季是否也遇到了市场资金偏紧的问题，所以这会影响银行接下来的利差吗？
Dexter Hsu: 好，谢谢。那我们第二个问题是关于净利差。投资人再请问你，第二季的存放利差比第一季下滑，但是净利差却呈现季增的原因。然后也问到说第二季是否也遇到了市场资金偏紧的问题，所以这会影响银行接下来的利差吗？
Speaker #2: 谢谢。
Speaker #1: 好，那个我想，之前当然因为股市很热络，那当然资金有就涌向股市这个状况。那所以的确在存款上面面临一些压力。那不过因为我们也在放款的组合上面也好，或者说利益上面也好，我们也在做努力的提升，所以我们希望压力是一定有的。那我们就希望能够减缓这个这个状态。 好。谢谢。好，那我们第三个问题是，我们银行第二永丰银行的第二季的预放比有所提升，那想请问是什么样的个案？那详细的曝险金额跟提存进度为何？
[Company Representative] (永丰銀行): 之前因为股市很热络，资金有涌向股市这个状况，所以的确在存款上面面临一些压力。不过因为我们也在放款的组合上面，或者利益上面，我们也在做努力的提升，压力是一定有的，我们就希望能够减缓这个状态。
Dexter Hsu: 好，谢谢。我们第三个问题是，永丰银行的第二季的逾放比有所提升，想请问是什么样的个案？详细的曝险金额跟提存进度为何？
Speaker #4: 好，我想第二季这个提升的主要来源是一个旧案。我想各位可能记得就是去年我们台中有个那个建案叫新朗，那那个案子后续本来有这个所谓第三方就代销机构进来取得这个代销权，那他就代为缴息。那不过经过这个大概差不多半年以上这个时间呢，那当然有销售有去化，但是时间不如预期，所以这个这个代销商呢就回来跟银行团协商说是不是能够在条件上有些放宽。那目前还在协商当中，那所以在这个时候呢，我们就先把它先列为这个NPL。那这这这个目前这个这个新朗这个案子的数字呢，大概就是8亿多。那我们已经提存了大概10%。那这个案子其实我们并没有那么担心，因为它的整个它的LTV大概是差不多70出头这样子。那我们还在跟这个代销商协商，那看后续的状况。
[Company Representative] (永丰銀行): 第二季这个提升的主要来源是一个旧案。各位可能记得，就是去年我们台中有个建案叫新朗日匯，那个案子后续本来有第三方代销机构进来取得代销权，然后就代为缴息。不过经过差不多半年以上的时间，当然有销售、有去化，但是时间不如预期，所以这个代销商就回来跟银行团协商，说是不是能够在条件上有些放宽。目前还在协商当中，所以在这个时候我们就先把它列为NPL。目前新朗日匯这个案子的数字大概就是8亿多，我们已经提存了大概10%。这个案子其实我们并没有那么担心，因为它的整个LTV大概是差不多70出头。我们还在跟代销商协商，看后续的状况。
Speaker #1: 谢谢庄总。那我们在下一个问题是京城银行第二季有大型的个案提存后回收，那如果有的话是什么样的个案？那金额大概多少？那我们还预期或者我们规划后面还有怎样的大型个案的提存或收回呢？
Dexter Hsu: 谢谢庄总。我们再下一个问题是京城银行第二季有大型的个案提存或回收，如果有的话，是什么样的个案？金额大概多少？我们还预期或者规划后面还有怎样的大型个案的提存或收回呢？
Speaker #2: 财务长来，谢谢。
[Company Representative] (SinoPac Financial Holdings): 财务长来，谢谢。
Speaker #3: 嗯，在京城银行的部分的话，上一次的法说会的时候，我们大概有说有个停薪的案子，那我们在第二季的时候已经有做回收了。对，那后续的部分的话，台开案目前还没有回收。那我想时程应该跟上一次说的应该是差不多的时间。
[Company Representative] (SinoPac Financial Holdings): 在京城银行的部分，上一次法说会的时候，我们大概有说有个停新的案子，我们在第二季的时候已经有做回收了。后续的部分，台开案目前还没有回收。我想时程应该跟上一次说的应该是差不多的时间。
Speaker #1: 好，谢谢。那我们下个问题是，想请教今年的净利差手续费收入for sale收入跟信用成本的看法，跟上次的法说会有有没有调整？
Dexter Hsu: 好，谢谢。我们下一个问题是想请教今年的净利差、手续费收入、voice of收入跟信用成本的看法，跟上次的法说会有没有调整？
Speaker #4: 我想这部分可能还是比较不适合回答，因为我想还是属于揭幕期，所以我想这有涉及到guidance的问题。那就是容我们下次再来跟各位报告。
[Company Representative] (SinoPac Financial Holdings): 我想这部分可能还是比较不适合回答，因为还是属于结末期，这里有涉及到 guidance 的问题，就请容我们下次再来跟各位报告。
Speaker #1: 好，那那个下一个问题是有关于现金增资后金控的双重杠杆比，然后债本比预期会降多少？
Dexter Hsu: 好，下一个问题是有关于现金增资后金控的双重杠杆比，然后再本比预期会降多少？
Speaker #2: 这应该可以答。你是把它问完吧？
[Company Representative] (SinoPac Financial Holdings): 这应该可以，一次把它问完吧。
Speaker #1: 好，下一个问题是有关于股利政策是否能够维持65到70%的配发率，那是否还会有股票股利？
Dexter Hsu: 好，下一个问题是有关于股利政策是否能够维持65到70%的配发率，是否还会有股票股利？
Speaker #2: 好，请财务长，谢谢。
[Company Representative] (SinoPac Financial Holdings): 好，请财务长，谢谢。
Speaker #3: 好，那这次的200亿的现金增资案的话，那预计对证券是增资了125亿，那金控的话是75亿的这一块部分，我们主要会在于还还偿还债务。那这部分的话，对于整个double leverage ratio的话，应该可以降低大概5.43%，5.43个百分点左右。
[Company Representative] (SinoPac Financial Holdings): 这次的TWD 200亿的现金增资案，预计对证券是增资了TWD 125亿，金控是TWD 75亿的这一块部分，我们主要会在于偿还债务。这部分对于整个double leverage ratio应该可以降低大概5.43个百分点左右。
Speaker #1: 那还有证券的股利的部分，证券的债本比跟。
Dexter Hsu: 还有证券的鼓励部分，证券的自有资本比率。
Speaker #3: 证券的债本比的话，原本是5.5下降到大概430%左右，550有550降到430%左右。
[Company Representative] (SinoPac Financial Holdings): 证券的自有資本比率的话，原本是由550%降到大概430%左右。
Dexter Hsu: 鼓励政策。
Speaker #1: 股利政策。
Speaker #3: 那股利政策的部分的话，我们还是维持在第一季跟各位说的的一个guidance。
[Company Representative] (SinoPac Financial Holdings): 股利政策的部分，我们还是维持在第一季跟各位说的一个guidance。
Speaker #1: 好，那谢谢大家参与今天。目前为止所有的提问都已经回答完毕，那我们请朱总经理总结。
Dexter Hsu: 好，谢谢大家参与。今天目前为止所有的提问都已经回答完毕，我们请朱总经理总结。
[Company Representative] (SinoPac Financial Holdings): 好，想谢谢各位投资人跟分析师的支持。因为今天是结末期，大家都非常有经验，有些关于预测性的相关指引的部分，就很抱歉，谢谢各位的谅解。我们下一季会更明确地跟各位做报告。我们在上半年交出了一个还不错的成绩单，感谢各位共同的支持。各位如果还有其他的问题，欢迎跟我们的IR团队来做联络。再次感谢各位今天的参与，谢谢大家。祝大家身体健康，万事如意。谢谢。
