iM Financial Group: 2Q26 earnings preview: Weaker NIM and modest credit cost increases, Neutral

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iM Financial Group: 2Q26 earnings preview: Weaker NIM and modest credit cost increases, Neutral

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

08 July 2026

iM Financial Group Neutral

139130.KS, 139130 KS

2Q26 earnings preview: Weaker NIM and modest credit Price (08 Jul 26):W18,280

cost increases, Neutral Price Target (Jun-27):W20,000

We expect 2Q26 net profit of W145bn (below Street estimates), mainly due to Diversified Banks

ACweaker NIM (~1bp erosion) as higher funding costs offset asset repricing, while Jihyun Cho

improved loan growth (~2% q/q) and a non-bank earnings rebound from a low 1Q (82-2) 758-5480

base remain positives. Seasonally higher—though still manageable—credit costs jihyun.cho@jpmorgan.com

add to the drag. While PF-related risks have eased, elevated NPL/delinquency Tae Wook Kim

remains a concern. With an SME-heavy and regionally concentrated book, we (82-2) 758-5719

expect investor focus to remain on asset quality issues and the provisioning/credit- taewook.kim@jpmorgan.com

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

cost trajectory going forward. In shareholder returns, we see potential for Branch

incremental buybacks to come following the W40bn program in 1H26, but a tight

capital buffer (~12% CET1 ratio) is likely to cap meaningful upside to shareholder

returns. We trim our earnings estimates on a weaker NIM path and higher credit Key Changes (FYE Dec)

costs and retain Neutral. Prev Cur Δ

Adj. EPS - 26E (W) 2,703 2,733 1.1%

• 2Q26 earnings preview. We expect W145bn in net profit in 2Q26, below street Adj. EPS - 27E (W) 2,988 2,973 -0.5%

estimates owing to: 1) NIM downtick (~1bp), 2) solid loan growth (~2% q/q),

Quarterly Forecasts (FYE Dec)

3) improved non-bank earnings from 1Q’s low base; and 4) seasonally

Adj. EPS (W)