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Market Analysis
Our Goals for 2002
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STATEMENTS OF INCOME
For the Years Ended December 31, 2001 and 2000
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2001 2000
Amount % Amount %
OPERATING REVENUES(Note2)
Interest $ 14,915,014 77 $ 16,192,080 82
Service fees 632,879 3 590,271 3
Income from sale of securities - net 3,700,282 19 2,773,237 14
Equity in net income of investee companies - net 24,930 - 24,451 -
Foreign exchange gain - net 223,659 1 167,510 1
Other 22,626 - - -
Total Operating Revenues 19,519,390 100 19,747,549 100
OPERATING COSTS
Interest 10,521,157 54 12,020,452 61
Service charges 117,095 1 12,020,452 61
Provisions for losses (Note 2) 2,816,952 14 1,651,210 8
Total Operating Costs 13,455,204 69 13,778,128 70
GROSS PROFIT 6,064,186 31 5,969,421 30
OPERATING EXPENSES
Administrative 2,535,898 13 2,660,171 13
General 1,190,104 6 1,149,050 6
Other 16,880 - 18,942 -
Total Operating Expenses 3,742,882 19 3,828,163 19
INCOME FROM OPERATIONS 2,321,304 12 2,141,258 11
NON-OPERATING INCOME 259,779 1 327,868 1
NON-OPERATING EXPENSES 17,447 - 19,009 -
INCOME BEFORE INCOME TAX 2,563,636 13 2,450,117 12
INCOME TAX (Notes 2 and 6) 407,714 2 594,067 3
NET INCOME $ 2,155,922 11 $ 1,856,050 9
EARNINGS PER SHARE
Based on weighted average shares outstanding, 1,803,810 thousand shares in 2001 and 1,733,417 thousand shares in 2000 $1.2 $1.07
Based on 1,803,810 thousand shares - representing weighted average shares outstanding in 2000 adjusted to reflect stock dividends and stock bonuses distributed in 2001 $1.03
The accompanying notes are an integral part of the financial statements.