BNK Financial Group 2Q26 earnings preview: Softer results with limited catalysts for shareholder returns; Neutral

研报英文原文证据摘录

BNK Financial Group 2Q26 earnings preview: Softer results with limited catalysts for shareholder returns; Neutral

J P M O R G A N Asia Pacific Equity Research

08 July 2026

BNK Financial Group Neutral

138930.KS, 138930 KS

2Q26 earnings preview: Softer results with limited Price (08 Jul 26):W17,770

catalysts for shareholder returns; Neutral Price Target (Jun-27):W21,000

We expect 2Q26 net profit of W225bn, below Street estimates, as: 1) funding-cost Diversified Banks

ACpressures (amid ~3% q/q loan growth) drive a weaker NIM trajectory, partly offset Jihyun Cho

by 2) better-managed credit costs (with one-off write-backs) and 3) improving non- (82-2) 758-5480

interest income. Shareholder returns should be quiet in 2Q26, with the next actions jihyun.cho@jpmorgan.com

more likely in 3Q26 following the W60bn buyback/cancellation executed in the Tae Wook Kim

last three months. With relatively limited shareholder return catalysts versus peers (82-2) 758-5719

this earnings season, market focus should be on core earnings fundamentals – taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

specifically the operating path towards its 10% ROE target – and asset quality, Branch

given lingering concerns around the SME-heavy and regionally concentrated loan

book. We trim our earnings estimates on lower NIMs and increasing credit-cost

burdens going forward. Maintain Neutral. Key Changes (FYE Dec)

Prev Cur Δ

• 2Q26 earnings preview. We expect W225bn in net profit in 2Q26, below Adj. EPS - 26E (W) 2,336 2,346 0.4%

Street expectations, due to: 1) weaker NIM under funding cost pressure to Adj. EPS - 27E (W) 2,855 2,707 -5.2%

support higher lending growth (~3% q/q) despite 2) better-managed credit

Quarterly Forecasts (FYE Dec)