iM Financial Group: 2Q earnings within recently lowered expectations; sustainable earnings growth a key focus; Neutral

研报英文原文证据摘录

iM Financial Group: 2Q earnings within recently lowered expectations; sustainable earnings growth a key focus; Neutral

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

28 July 2026

iM Financial Group Neutral

139130.KS, 139130 KS

2Q earnings within recently lowered expectations; Price (27 Jul 26):W18,120

sustainable earnings growth a key focus; Neutral Price Target (Jun-27):W20,000

iM FG delivered W141bn in net profit, largely in line with recently lowered Street Diversified Banks

ACestimates. Top-line trends were solid—net interest income held up on resilient loan Jihyun Cho

growth (+2% QoQ) and stable NIM (Group -1bp, Bank flat), while non-interest (82-2) 758-5480

income improved on fee growth despite subdued trading gains. SG&A costs jihyun.cho@jpmorgan.com

surged, although lower credit costs provided a partial offset. On shareholder Tae Wook Kim

returns, after completing the W40bn buyback announced in Feb-26, iM announced (82-2) 758-5719

an additional W30bn buyback/cancellation, taking cumulative progress to ~87% taewook.kim@jpmorgan.com

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

of the ~W150bn 2027 target. Capital discipline has also improved, with CET1 at Branch

12.27% (+25bp QoQ) on tighter RoRWA controls. Altogether, we view iM’s

continued focus on shareholder returns alongside prudent CET1 management as

positives, but remain cautious given (1) credit risk sensitivity from an SME-heavy Key Changes (FYE Dec)

loan book, (2) relatively weak non-bank earnings limiting incremental growth, and Prev Cur Δ

Adj. EPS - 27E (W) 2,973 2,780 -6.5%

(3) a tight CET1 buffer constraining TSR hikes (~40% below 12.3% CET1 ratio

and ~50% below 13%). We therefore await clearer evidence of asset quality Quarterly Forecasts (FYE Dec)