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One of Taiwan's oldest commercial banks, offering retail and corporate banking with a large domestic branch network.
One of Taiwan's oldest commercial banks, offering retail and corporate banking with a large domestic branch network.
Earns most of its income from the gap between what it pays depositors and charges borrowers, with fees on wealth products a smaller line. Its business is largely domestic, so results follow Taiwan's credit growth and interest-rate cycle.
In one line: A traditional, old-line Taiwan commercial bank.
Moat: narrow (scale, distribution, installed base). Long operating history and dense branch network in Taiwan's competitive but licence-controlled banking market.
Headquarters: Taichung, Taiwan · Founded: 1905 · Employees: 6,950
Size Chang Hwa Commercial Bank (2801.TW) is a Taiwan Financials company (Regional Banks) with a market value of $10.2B, the 55th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$27.90 on 6 Nov 2026.
Performance Over six months the shares gained 34.1%, against +5.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 3.2% over the last twelve months (peer median +7.0%); the operating margin is 44.8% (peer median 40.8%).
Valuation It trades at 1.46× book value against a peer median of 1.21× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 4.7%; Chang Hwa Commercial Bank delivers 9.2%, so the price asks less than the business earns today.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$103B | NT$99.8B | NT$97.5B | NT$81.9B | NT$50.8B |
| Revenue growth | — | +2% | +19% | +61% | — |
| Net income | NT$20.0B | NT$17.8B | NT$14.9B | NT$13.0B | NT$11.0B |
| Free cash flow | -NT$4.84B | NT$22.4B | NT$552M | NT$26.5B | NT$15.6B |
| Capital expenditure | NT$1.50B | NT$1.72B | NT$1.30B | NT$1.03B | NT$1.51B |
| Total debt | NT$458B | NT$393B | NT$288B | NT$175B | NT$107B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Chang Hwa Commercial Bank 2801.TW | $10.2B | +34% | +3% | 9% | 1.46× | 4.7% |
| Hua Nan Financial 2880.TW | $20.8B | +50% | -37% | 14% | 2.85× | 7.9% |
| First Financial 2892.TW | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% |
| Taiwan Cooperative Financial Hl 5880.TW | $13.6B | +22% | -3% | 9% | 1.55× | 4.8% |
| Sinopac Financial Hldgs 2890.TW | $19.3B | +36% | +31% | 16% | 2.34× | 7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2801.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +2.5% | 11th highest of 21 |
| 6-month return | +34.1% | +5.2% | 3rd highest of 21 |
| Return on equity | 9.2% | 9.2% | 11th highest of 21 |
| Price / book | 1.46× | 1.21× | 8th most expensive of 21 |
| Trailing P/E | 17.0× | 14.4× | 4th most expensive of 20 |
| ROE the price implies | 4.7% | 8.1% | 5th least demanding of 20 |
| ROE delivered | 9.2% | 9.5% | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Chang Hwa Commercial Bank 2801.TW | Taiwan | $10.2B | +34% | +3% | 9% | 1.46× | 4.7% | 9.2% |
| Wintrust Financial WTFC | United States | $10.2B | 0% | +6% | 13% | 1.49× | 12.2% | 12.9% |
| Chiba Bank 8331.T | Japan | $10.3B | +9% | +31% | 8% | 1.28× | 6.9% | 8.3% |
| Shizuoka Financial 5831.T | Japan | $10.0B | +6% | +18% | 8% | 1.21× | 10.5% | 8.2% |
| Popular BPOP | United States | $9.83B | +5% | +4% | 17% | 1.58× | 11.1% | 16.6% |
| Cullen/Frost Bankers CFR | United States | $9.65B | +12% | +2% | 16% | 2.52× | 14.2% | 16.2% |
| First Horizon FHN | United States | $10.9B | -6% | -8% | 8% | 1.34× | 9.7% | 8.0% |
| Yokohama Financial 7186.T | Japan | $11.1B | +7% | +21% | 8% | 1.21× | 8.1% | 8.0% |
| SBI Shinsei Bank 8303.T | Japan | $9.20B | -11% | +27% | 10% | 1.15× | 4.7% | 9.9% |
| IBK 024110.KS | South Korea | $11.4B | -14% | +28% | 8% | 0.49× | 4.2% | n/a |
| Central Bancompany CBC | United States | $9.04B | +38% | +10% | 13% | 2.35× | 10.9% | 12.6% |
| Chongqing Rural Commercial Bank 3618.HK | Hong Kong | $11.5B | -4% | +4% | 9% | 0.44× | 4.1% | 9.5% |
| Columbia Banking System COLB | United States | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% | 11.2% |
| Prosperity Bancshares, Inc.(R) PB | United States | $8.60B | +4% | +19% | 6% | 0.88× | 7.5% | 6.5% |
| CNPC Capital 000617.SZ | China | $12.3B | -31% | -14% | 5% | 0.76× | 7.9% | 4.6% |
| Western Alliance Bancorp WAL | United States | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% | 13.2% |
| Bank of Chengdu 601838.SS | China | $12.8B | +5% | +2% | 15% | 0.92× | 3.1% | 15.1% |
| Luzerner Kantonalbank LUKN.SW | Switzerland | $7.86B | +28% | -3% | 9% | 1.76× | n/a | 8.9% |
| Commerce Bancshares CBSH | United States | $7.82B | +6% | +9% | 15% | 1.87× | 12.1% | 14.9% |
| Taiwan Cooperative Financial Hl 5880.TW | Taiwan | $13.6B | +22% | -3% | 9% | 1.55× | 4.8% | 8.9% |
| Shanghai Commercial & Savings Bank 5876.TW | Taiwan | $7.56B | +34% | -17% | 9% | 1.17× | 4.0% | 8.6% |