韩亚金融公布上半年创纪录利润并上调股东回报目标

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Introduction & Market Context
Hana Financial Group unveiled its most ambitious shareholder return plan yet during its first-half 2026 results presentation on July 24, 2026, setting targets for 12% return on equity and a 50% shareholder return ratio while reporting record half-year profit. The South Korean financial conglomerate’s stock rose 1.46% to $132,400 following the announcement, positioning near its 52-week high of $142,500 as investors welcomed the enhanced capital allocation framework.
The presentation outlined "Value-up Plan 2.0," a comprehensive strategy to accelerate corporate value through differentiated profitability and predictable shareholder returns, even as the group navigated temporary headwinds from foreign exchange volatility and one-time provisions in the second quarter.
Value-up Plan 2.0: Three Strategic Pillars
Hana Financial’s refreshed strategic framework centers on three key financial targets designed to enhance long-term value creation. As illustrated in the company’s strategic overview, the plan establishes clear objectives across profitability, capital returns, and financial strength.
The first pillar targets return on equity of 12% or higher, up from the current 10.62%, through strengthening Hana Bank’s competitive advantages, improving non-bank profitability, and securing future growth engines. The second pillar commits to a shareholder return ratio of 50% or higher through a phased increase, introducing a framework of 1-(RWA growth / ROE) to make returns more predictable. The third pillar maintains a CET1 ratio in the 13.0-13.5% range through disciplined group-wide risk-weighted asset management.
"The new Value Up Plan is not merely an update of target numbers, but a meaningful new design that formalizes and institutionalizes a virtuous feedback cycle between increased shareholder return and enterprise value enhancement," said Jong-moo Park, group CFO, during the presentation.
Record First-Half Performance
The financial group delivered its strongest half-year performance on record, with net income reaching KRW 2,402.9 billion in the first half of 2026, up 4.4% from the prior year. The results demonstrated resilience despite several temporary challenges that affected second-quarter comparisons.
Core earnings—comprising net interest income and fee income—increased 13% year-over-year, reflecting improved profitability across major business lines. The group’s ROE reached 10.62%, while the CET1 ratio remained stable at 13.21%, comfortably above the 13% minimum target despite risk-weighted asset pressure from Korean won weakness.
Second-quarter results included one-time items totaling approximately KRW 155 billion before tax, including corporate rehabilitation-related provisions of KRW 74.9 billion, FX translation losses of KRW 27.5 billion, and changes in insurance actuarial assumptions of KRW 52.4 billion. Adjusting for these factors, underlying business momentum remained strong.
The comprehensive financial snapshot shows the breadth of improvement across key metrics, with the cost-to-income ratio improving to 38.76% from 41.20% in full-year 2025.
Interest Income and Margin Expansion
Net interest income growth accelerated through portfolio optimization and disciplined pricing, with group NII increasing 7.1% year-over-year to KRW 4,808.2 billion. The second quarter showed a sequential decline due to non-operating accounting effects related to Hana Life’s variable insurance business; excluding this impact, NII increased 3.6% quarter-over-quarter.
The margin expansion story proved particularly compelling, as shown in the detailed analysis of NIM and loan growth trends.
Hana Bank’s net interest margin reached 1.56% in the second quarter, up 3 basis points sequentially, while group NIM expanded 6 basis points to 1.88%. The improvement reflected well-managed funding costs despite higher market interest rates, supported by an improved funding portfolio mix favoring core deposits and money market deposit accounts.
Korean won loan growth remained solid at 2.6% quarter-over-quarter in the second quarter, supported by funding to large corporates, small and medium enterprises, and mortgage demand. The lending rate stood at 3.80% while the funding rate was 2.24%, producing a net interest spread of 1.56% at the bank level.
Fee Income Reaches Record High
Fee income performance exceeded expectations, surging 37.7% year-over-year to KRW 1,487.4 billion in the first half, driven by robust capital markets activity and strengthened wealth management capabilities across group subsidiaries.
Wealth management-related fees increased KRW 361.1 billion year-over-year, benefiting from favorable equity market conditions and enhanced business competitiveness. Asset management fees more than doubled, rising 100.5% year-over-year to KRW 720.3 billion, while brokerage fees surged 208.5% to KRW 249.7 billion. Trust fees increased 61.4% to KRW 253.1 billion.
M&A advisory fees contributed an additional KRW 44.3 billion in growth, supported by enhanced deal origination and execution capabilities through the group’s integrated investment banking platform. This diversified fee income stream provided important balance to interest-dependent revenues.
Disposition and valuation gains declined 20.1% year-over-year to KRW 660.2 billion, primarily reflecting FX translation losses from Korean won weakness during the period.
Disciplined Cost Management
Operating expenses remained well-controlled despite inflationary pressures, with the group maintaining its cost-to-income ratio below 40% through disciplined management of normalized expenses.
G&A expenses increased 9.8% year-over-year to KRW 2,489 billion, primarily driven by higher performance-based compensation at Hana Securities following improved earnings (up KRW 130.2 billion) and increased taxes and depreciation (up KRW 78.0 billion) mainly reflecting a higher education tax rate. The C/I ratio held steady at 38.8%, unchanged from the previous quarter, as revenue growth kept pace with expense increases.
Salary and benefits rose 11.4% to KRW 1,274.6 billion, while administrative expenses increased 4.3% to KRW 473.3 billion. Management emphasized that the expense growth reflected strategic investments in talent and technology rather than operational inefficiency.
Asset Quality and Provisions
Credit quality metrics showed some deterioration but remained manageable, with provisions increasing primarily due to a one-time corporate rehabilitation filing in the second quarter.
Total provisions rose 4.5% year-over-year to KRW 663 billion in the first half, with a sharp 86.3% quarter-over-quarter increase in the second quarter reflecting KRW 74.9 billion of one-off provisions related to a large corporate group’s rehabilitation filing. Excluding this event, normalized provisioning remained stable.
The credit cost ratio came in at 29 basis points for the first half, up 8 basis points sequentially but down 1 basis point year-over-year. Management expects credit costs to remain in the low 30-basis-point range in the second half, assuming no additional one-off events.
Asset quality indicators showed modest pressure, as illustrated in the detailed NPL and delinquency metrics.
The NPL ratio increased 13 basis points quarter-over-quarter to 0.93%, while the NPL coverage ratio declined 9.2 percentage points to 86.4%. However, approximately 90% of delinquent assets are secured loans, limiting additional provisioning requirements despite the increase in NPLs. The delinquency ratio actually improved 2 basis points to 0.59%, supported by efforts to reduce delinquent assets.
New NPL formation increased to KRW 1,210 billion in the second quarter, but excluding the corporate rehabilitation filing impact, normalized new NPL formation remained stable at approximately KRW 800 billion.
Capital Strength Maintained
Capital adequacy remained robust despite business growth and increased shareholder returns, with the CET1 ratio holding steady above the 13% threshold.
The CET1 ratio stood at 13.21% at the end of the first half, down just 2 basis points quarter-over-quarter and 17 basis points from year-end 2025. Risk-weighted assets increased 6.5% from year-end to KRW 307.8 trillion; excluding the impact of foreign exchange movements and the Dunamu equity investment, normalized RWA growth was approximately 4.0%.
Capital generated from net income was effectively balanced between business growth and shareholder returns, keeping the CET1 ratio broadly unchanged. The expanded scope of structural FX positions eligible under the capital regulation rationalization framework was retroactively reflected in the first-quarter ratio, providing a 12-basis-point benefit.
Enhanced Shareholder Returns
The group significantly expanded its capital return program, combining higher cash dividends with substantial share buybacks to approach the 50% shareholder return ratio target.
The board approved an additional KRW 250 billion share buyback and cancellation program, expected to complete within three months, bringing cumulative 2026 buybacks to KRW 700 billion. The cash dividend increased 26.5% year-over-year to KRW 1,155 per share, reflecting management’s commitment to becoming one of Korea’s leading dividend stocks.
Earnings per share rose 8.1% year-over-year to KRW 8,615, driven by improved profitability and the impact of continued share buybacks. Book value per share increased 10.9% to KRW 159,027, reflecting strong capital generation. The shareholder return ratio reached an estimated 47% for 2026, positioning the group to potentially achieve the 50% target as early as this year.
Management announced plans to increase total cash dividends by at least 10% annually until reaching a payout ratio of 40%, formalizing a predictable framework for capital returns.
Non-Bank Subsidiary Performance
The diversified business model delivered value through strong non-bank performance, particularly at Hana Securities and Hana Capital, which posted dramatic year-over-year earnings improvements.
Hana Securities reported net income of KRW 273.1 billion in the first half, up 155.7% year-over-year, with ROE reaching 8.72%. The turnaround reflected favorable equity market conditions and enhanced fee generation capabilities. Hana Capital’s net income surged 599.3% to KRW 104.5 billion, benefiting from lower provisions and improved operating income.
Hana Bank remained the primary earnings contributor with net income of KRW 2,121.1 billion, up 1.7% year-over-year and an ROE of 11.84%. Hana Card posted net income of KRW 125.9 billion, up 14.2% with an ROE of 8.10%. Non-bank businesses contributed 18.8% of consolidated net income in the first half of 2026.
The detailed performance breakdown for Hana Bank shows continued strength in the core banking franchise.
Hana Securities’ recovery proved particularly impressive, with the detailed earnings summary illustrating the magnitude of the turnaround.
Digital Transformation Progress
Digital platform adoption continued to accelerate, supporting the group’s strategy to enhance customer engagement and operational efficiency. Hana 1Q subscribers reached 18.2 million by the first half of 2026, while Hana Pay subscribers grew to 10.8 million.
Online mortgage origination reached KRW 5,450 billion cumulatively with 26,956 accounts, demonstrating strong customer acceptance of digital lending channels. Digital inclusion rates remained high across key retail products, with 96.9% of unsecured loans, 78.9% of mortgages, 69.7% of time deposits, and 81.6% of fund sales occurring through online channels in the second quarter.
Forward-Looking Outlook
Management provided measured guidance for the second half, expecting net interest margin to stabilize around 1.60% at Hana Bank under a neutral scenario. Possible upside could come from rate cuts or changes in the loan cycle, while downside risks include new rules limiting credit insurance premium pass-throughs and higher retail funding costs.
The strategic partnership with Dunamu, a digital asset platform, represents a key initiative to develop new growth engines supporting the 12% ROE target. The group plans to strengthen bank competitiveness, improve non-bank profitability—with Hana Securities targeting 10% ROE in the second half and 12% over three years—and pursue selective growth opportunities.
CFO Park acknowledged that while Hana Financial’s price-to-book ratio has improved from 0.4x at the end of 2024 to around 0.7x by mid-2026, "our valuation still at a relative low" compared to major global peers. The Value-up Plan 2.0 aims to close this gap through sustained execution on profitability, capital efficiency, and shareholder returns.
With the stock trading at $132,400 near its 52-week high range of $80,500 to $142,500, investors appear increasingly confident in management’s ability to deliver on these ambitious targets while maintaining financial strength through disciplined risk management.
Full presentation:
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