Loading…
Taiwan financial holding around First Commercial Bank, one of the island's oldest state-linked banks serving retail and SME customers.
Taiwan financial holding around First Commercial Bank, one of the island's oldest state-linked banks serving retail and SME customers.
Earns mainly from lending: the gap between what it pays depositors and what it charges small businesses, corporates and households, with fees from wealth management and commissions from a securities arm.
In one line: A traditional state-linked Taiwan bank, like a conservative regional US bank holding compa.
Moat: narrow (scale, distribution, regulatory licence). Long-established branch network and state-linked ownership anchor a stable deposit franchise.
Headquarters: Taipei, Taiwan · Founded: 2003 · Employees: 10,353
Size First Financial (2892.TW) is a Taiwan Financials company (Major Banks) with a market value of $17.8B, the 32nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$40.95 on 6 Nov 2026.
Performance Over six months the shares gained 44.2%, against +3.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +1.0%); the operating margin is 39.3% (peer median 40.3%).
Valuation It trades at 1.95× book value against a peer median of 1.34× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 5.8%; First Financial delivers 10.9%, so the price asks less than the business earns today.
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$182B | NT$180B | NT$174B | NT$146B | NT$104B |
| Revenue growth | — | +4% | +19% | +40% | — |
| Net income | NT$30.8B | NT$26.9B | NT$25.4B | NT$22.5B | NT$20.6B |
| Free cash flow | -NT$2.25B | NT$23.7B | NT$18.5B | NT$40.5B | NT$81.6B |
| Capital expenditure | NT$1.68B | NT$1.88B | NT$2.26B | NT$1.93B | NT$2.11B |
| Total debt | NT$634B | NT$546B | NT$467B | NT$403B | NT$387B |
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 |
|---|---|---|---|---|---|---|
| First Financial 2892.TW | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% |
| Hua Nan Financial 2880.TW | $20.8B | +50% | -37% | 14% | 2.85× | 7.9% |
| Taiwan Cooperative Financial Hl 5880.TW | $13.6B | +22% | -3% | 9% | 1.55× | 4.8% |
| Chang Hwa Commercial Bank 2801.TW | $10.2B | +34% | +3% | 9% | 1.46× | 4.7% |
| Mega Financial 2886.TW | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% |
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 | 2892.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | +3.0% | 5th highest of 21 |
| 6-month return | +44.2% | +3.0% | highest of 21 |
| Return on equity | 10.9% | 11.9% | 9th lowest of 21 |
| Price / book | 1.95× | 1.34× | 7th most expensive of 21 |
| Trailing P/E | 19.1× | 11.1× | 3rd most expensive of 18 |
| ROE the price implies | 5.8% | 13.1% | 7th least demanding of 21 |
| ROE delivered | 10.9% | 12.2% | 7th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| First Financial 2892.TW | Taiwan | $17.8B | +44% | +5% | 11% | 1.95× | 5.8% | 10.9% |
| mBank MBK.WA | Poland | $17.7B | +37% | -1% | 19% | 3.05× | 37.6% | 19.1% |
| Banco Santander (Brasil) S.A. Sponsored ADR BSBR | United States | $17.4B | -20% | +18% | 10% | 2.10× | 12.6% | 10.2% |
| WooriFinancialGroup 316140.KS | South Korea | $17.0B | -5% | +37% | 10% | 0.71× | 4.8% | n/a |
| Banca Mediolanum BMED.MI | Italy | $19.1B | +17% | -34% | 30% | 3.73× | 35.6% | 30.1% |
| Banco de Sabadell SAB.MC | Spain | $19.2B | +8% | -35% | 5% | 1.40× | 15.5% | 5.1% |
| Banco de Chile Sponsored ADR BCH | United States | $19.6B | +7% | +4% | 22% | 3.15× | 13.6% | 21.8% |
| Hua Xia Bank 600015.SS | China | $15.7B | -5% | -1% | 8% | 0.32× | 1.8% | 7.6% |
| Punjab National Bank PNB.NS | India | $15.4B | +16% | +3% | 15% | 0.90× | 17.0% | 15.1% |
| FinecoBank FBK.MI | Italy | $15.4B | +3% | +5% | 32% | 5.71× | 43.8% | 32.3% |
| Union Bank of India UNIONBANK.NS | India | $15.1B | +12% | 0% | 16% | 0.99× | 16.4% | 16.3% |
| China Minsheng Banking 600016.SS | China | $21.3B | -8% | -10% | 4% | 0.26× | 1.6% | 4.5% |
| Bankinter BKT.MC | Spain | $14.5B | +4% | 0% | 18% | 1.87× | 12.4% | 17.6% |
| KeyCorp KEY | United States | $22.0B | -3% | +9% | 11% | 1.39× | 13.1% | 11.2% |
| Hanafinancialgr 086790.KS | South Korea | $22.5B | -7% | +39% | 10% | 0.79× | 5.3% | n/a |
| Banco BPM BAMI.MI | Italy | $22.8B | +1% | -4% | 12% | 1.30× | 13.5% | 12.5% |
| Bank of Nanjing 601009.SS | China | $22.8B | +5% | +6% | 12% | 0.77× | 2.8% | 11.9% |
| Bank of Baroda BANKBARODA.NS | India | $13.7B | -7% | +8% | 12% | 0.74× | 13.2% | 11.8% |
| Mega Financial 2886.TW | Taiwan | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% | 10.0% |
| Regions Financial RF | United States | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% | 12.4% |
| Shanghai Rural Commercial Bank 601825.SS | China | $13.1B | +1% | -8% | 10% | 0.65× | 2.5% | 9.6% |