BNK Financial Group: 2Q earnings miss due to one-offs, but asset quality control a concern; Neutral

研报英文原文证据摘录

BNK Financial Group: 2Q earnings miss due to one-offs, but asset quality control a concern; Neutral

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

29 July 2026

BNK Financial Group Neutral

138930.KS, 138930 KS

2Q earnings miss due to one-offs, but asset quality Price (28 Jul 26):W17,250

control a concern; Neutral ▼Price Target (Jun-27):W20,000 Prior (Jun-27):W21,000

BNK reported W200bn net profit (-5%q/q and -35%y/y), below our/Street estimates;

however, adjusting for accounting-led cost inflation, we view 2Q results as in-line Banks and Healthcare

with Street estimates. Key earnings trends were mixed: (1) adjusted NII and non-II Jihyun Cho AC

held up as positive, (2) weaker NIM and higher credit costs remain the key concerns, (82-2) 758-5480

and (3) asset quality readings improved modestly from 1Q’s spike, but remain jihyun.cho@jpmorgan.com

elevated. On shareholder returns, the group continued its efforts to increase TSR, Diversified Banks

paying a steady W150 DPS and scheduling an additional buyback/cancellation to be Tae Wook Kim

unveiled in Oct-26 (after W60bn in 1H26). At 12.14% CET1 ratio (-16bps q/q, but still (82-2) 758-5719

within the 12.0–12.5% target range), management guides to mid-40% TSR in 2026 taewook.kim@jpmorgan.com

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

and 50% by 2027 under the Value-Up plan. Overall, we see the shareholder return Branch

initiatives as positive, but believe a more durable earnings trajectory is required to lift

ROE towards its 10% mid-term target. Altogether, we've cut our earnings estimates

down and trimmed our PT to W20K. Awaiting its value-up plan upgrade in October, Key Changes (FYE Dec)

we maintain our conservative stance on the stock and retain Neutral. Prev Cur Δ

Adj. EPS - 26E (W) 2,346 2,172 -7.4%

• Busan Bank (BS).