[Edaily Reporter Kwon Oh Seok ] NH INVESTMENT & SECURITIES announced on the 6th that it is maintaining its “Buy” investment rating and target price of 139,000 won for ShinhanFinancialGroup Co.,Ltd.(055550).

Jeong Jun-seop, an analyst at NH INVESTMENT & SECURITIES, stated, “Although the won-dollar exchange rate rose by about 30 won in the second quarter, we expect the CET1 (Common Equity Tier 1) ratio to rise to 13.4% thanks to solid earnings, moderate asset growth, and the government’s rationalization of RWA (risk-weighted assets) regulations.”
He added, “Based on second-quarter net income attributable to shareholders exceeding 1.7 trillion won and improvements in capital ratios, we expect active share buybacks and cancellations in the second half of the year as well,” noting, “The expected scale of share buybacks and cancellations for the second half is 750 billion won, which is higher than the second half of last year (600 billion won) and the first half of this year (700 billion won). “We also expect the total shareholder return ratio for 2026 to rise to 50.5%,” he added.
He projected that second-quarter net income attributable to shareholders would reach 1.7335 trillion won, with EPS (earnings per share) at 3,683 won, both exceeding market expectations. Analyst Jeong predicted, “Strong performance is expected, driven primarily by non-interest income.”
Net interest income is projected to reach 3.1 trillion won (+7.1% year-over-year), with the net interest margin (NIM) expected to remain nearly unchanged from the previous quarter. He explained, “Won-denominated loans are expected to increase slightly, and corporate lending is projected to grow, driven primarily by loans to large corporations.”
He added, “Non-interest income is expected to reach 1.4 trillion won (+12.5%), driven by improved performance at securities and asset management affiliates—as well as increased fee revenue—due to the strong stock market.”