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Hana Financial Group: Loan And Margin Growth Behind The Earnings Beat

Summary

Hana Financial Group (HFG) reported net income of KRW658.4bn (+3.8% YoY), higher than the consensus estimate of KRW636.2bn.

Even without one-offs, net income would have been modest at KRW643.5bn. Core income (interest plus commissions) was 2.2% higher than the same period last year.

An interim DPS of KRW500 (+KRW100 YoY) and strong dividend yield of over 5% are an additional plus. We maintain BUY and our target price of KRW54,500.

hana hfg

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.