iM Financial Group (139130.KS): 2Q26 Review: Profit softens on higher cost and delayed NIM expansion; Neutral

Research evidence excerpt

iM Financial Group (139130.KS): 2Q26 Review: Profit softens on higher cost and delayed NIM expansion; Neutral

Equity Research

27 July 2026 | 9:29PM KST

iM Financial Group (139130.KS): 2Q26 Review: Profit softens on higher

cost and delayed NIM expansion; Neutral

Slight miss due to sharply higher education tax weighing on earnings Sinyoung Park

+82(2)3788-1778 |

iM FG reported 2Q26 net profit of W141bn (down 9% y-o-y), missing GSe/BBG sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

consensus estimates by 9%/5%. While top-line revenue growth met expectations Branch

with fee income strength (+47% y-o-y) and front-loaded loan growth (+4.3% YTD),

special cost items (i.e., higher education tax, ordinary wage) weighed on bottom-line

earnings. Still, sustained profit recovery and tight RWA management lifted the

group’s CET1 ratio to 12.27% and added W30bn buyback up till Oct26, lifting the run

rate of its plan to carry out W150bn buyback/cancellation by 2027E to 87%.

Softer profits but delivering on buybacks and CET1 ratio improvement targets

While 2Q26 profits softer than expectation, iM FG continues to make progress on

buyback execution and CET1 improvement. On shareholder returns, we believe the

group is likely to complete W150bn buyback/cancellation program this year (ahead

of its vs. by 2027E planned). More importantly, its CET1 improved to 12.27%, putting

the group closer to the 12.3% threshold where, once exceeded, the group will no

longer be subject to 40% TSR cap and move towards 50% as shareholders are based

on CET1 ratio ranges. To maximize investor tax-benefits, a strategic decision was

made to forego interim dividends and focus on buyback and year-end dividends.

Expecting profit momentum to strengthen, targeting 8% ROE in 2026E