Hana Financial Group is a financial holding company centered on Hana Bank, with securities, card, capital, and asset-management arms, and it earns most of its profit from the bank's net interest margin (the gap between deposit and loan rates) and fees. In 2025 it topped ₩4 trillion in annual net profit for the first time since the group was formed, and its shareholder-return ratio, including buybacks and cancellations, rose to 46.8%, returning a record roughly ₩1.9 trillion to shareholders. What stands out lately is that, while low leverage, a 3%-plus dividend, and continued share cancellations make its dividend appeal large even among bank stocks, bank earnings are sensitive to the direction of interest rates and to loan delinquency and defaults, so net profit can wobble if the economy worsens.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- ROE is 9.0% (controlling-interest basis). It is below the sector average.
Ownership & governance As of 2025-12-31
Largest shareholder National Pension Service 8.66% (corporate)
Controlling bloc incl. related parties 8.66%
With the controlling bloc holding 9%, ownership is dispersed, leaving room for control-related or activist dynamics.
Financial-group subsidiaries stake
| HFJ Corporate Financial Stability Private Equity Fund | sub-subsidiary | 90% |
🔎 In-depth analysis
- Hana Financial Group does not operate directly; it is a financial holding company overseeing subsidiaries such as Hana Bank, Hana Securities, Hana Card, Hana Capital, and Hana Asset Management.
- A large part of group profit comes from the core subsidiary, Hana Bank.
- A bank takes in money cheaply through deposits, lends it out at higher rates, and earns the rate gap (the net interest margin).
- Added to this are card fees, securities trading and product-sales fees, and capital interest income, which together make up group results.
- In short, this company's profit is heavily driven by the size of its loans, the level of interest rates, and how well the money it lends is recovered (delinquency and defaults).
- The latest close is ₩122,600 and market capitalization is ₩33.6 trillion.
- The price sits above its 20-day line (₩121,030) and its 60-day line (₩121,057).
- Trading above both the short- and medium-term moving averages, the trend is on the favorable side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.9, a neutral level.
- The one-month change is +4.0%, the three-month change is +10.2%, and the position versus the 52-week high is -7.1%.
- Relative strength versus the KOSPI is 47 (1-99, converting the past year's return versus the index with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 53% of all stocks by strength.
- Over the past three months it lagged the index by 15.7%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the price is) is 8.40x.
- P/B (how many times net assets the price is) is 0.75x, trading below net assets.
- ROE (how much is earned on equity in a year) is 9.0%, putting equity to reasonable use.
- A bank holding company's finances must be viewed differently from ordinary manufacturers.
- A bank books customer deposits as liabilities, so its liabilities are inherently very large.
- That makes it hard to judge risk by the usual debt-to-equity yardstick.
- The dividend yield is 3.4%, and the dividend per share is ₩4,105, up 14% from the prior year.
- It returns about 28% of profit as dividends, and with buybacks and cancellations added, actual shareholder returns are larger than that.
- Profit is growing steadily, if not quickly.
- Consolidated net profit rose three years running — ₩3.42 trillion in 2023, ₩3.74 trillion in 2024, and ₩4.00 trillion in 2025.
- Operating profit also grew each year, from ₩10.68 trillion to ₩11.21 trillion to ₩12.05 trillion.
- First-quarter 2026 net profit was ₩1.23 trillion, up 8.1% from the same quarter a year earlier, and operating profit rose 7.6% over the same period.
- If this trend continues, we expect this year's net profit to land in the low ₩4 trillion range, a bit above last year.
- On last year's earnings the P/E is 8.4x, but on this year's higher earnings it falls further, to about 7.8x.
- Disclosures related to shareholder returns continued through the first half of 2026.
- The company planned a total of ₩400 billion in buybacks and cancellations for the first half, split into ₩200 billion each in the first and second quarters.
- In June a disclosure announced the acquisition and cancellation of treasury shares.
- In May the first-quarter 2026 quarterly report was disclosed, confirming net profit of ₩1.23 trillion (+8.1% year over year).
- On dividends, it paid a ₩4,105 per-share cash dividend on the 2025 full-year basis, up 14% from the prior year.
- This flow ties into the value-up plan the company announced — its goal of reaching a 50% shareholder-return ratio by 2027.
- The strength is clear shareholder returns.
- With a 3.4%-plus dividend plus buybacks and cancellations, the amount actually returned to shareholders is large.
- The valuation carries little burden, too.
- An ROE of 9% is among the top tier of bank holding companies, yet the P/B of 0.75x trades below KB and Shinhan.
- If earnings come through at a similar pace, this discount has room to narrow.
- The caution is a bank's characteristic sensitivity to the economy.
- Because the root of profit is loans and the net interest margin, margins shrink if rates fall quickly, and delinquency and defaults rise — shaking profit — if the economy worsens.
- In sum, this is a stock whose dividend and returns appeal stands out when rates and lending are stable, and whose earnings volatility grows when the economy and default risk rise.
🔎 Valuation vs peers Undervalued
Among Korea-listed banks and financial holding companies, those with a similar business structure and scale.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KB Financial Group | 10.42x | 1.03x | 9.88% |
| Shinhan Financial Group | 10.02x | 0.86x | 8.58% |
| Woori Financial Group | 7.06x | 0.61x | 8.67% |
| JB Financial Group | 6.60x | 0.79x | 12.01% |
A bank holding company should be viewed by P/B and ROE together. A high ROE with a low P/B means it is relatively cheap. Hana Financial Group's ROE of 9.0% is higher than Shinhan (8.6%) and Woori (8.7%), yet its P/B of 0.75x trades below KB (1.03x) and Shinhan (0.88x). Among large holding companies with large earnings, the discount is on the wide side. On last year's earnings the P/E is 8.4x, but on this year's earnings reflecting the first-quarter +8.1% trend it falls further, to about 7.8x. Adding shareholder returns — a 3.4% dividend plus share cancellations — we view it as relatively undervalued within its bank-holding peers. That said, bank earnings are sensitive to rates and the economy, so this discount is more likely to narrow when the economy and default risk are stable.
Price history Close · MA20 · MA60
The latest close is ₩122,600 and the market capitalization is ₩33.6 trillion. The price sits above its 20-day moving average (₩121,030) and above its 60-day moving average (₩121,057). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.9, a neutral level. The one-month change is +4.0%, the three-month change is +10.2%, and the position relative to the 52-week high is -7.1%. Relative strength versus the KOSPI is 47 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 47% of all stocks. Over the past three months it lagged the index by 15.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -15.69% / 6M -19.82% / 12M -40.12%
Key metrics vs sector median
Valuation
The P/E of 8.40x is above the sector median (7.06x). The P/B is 0.75x.
Profitability & financials
Return on equity (ROE) is 9.0%, in line with the sector average (9.0%). The debt ratio is 1410.8%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating profit | $7.1B | $7.4B | $8.0B | +7.46% ↑ faster |
| Net profit | $2.3B | $2.5B | $2.7B | +7.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $7.1B | $7.4B | $8.0B |
| Net profit | — | — | $2.3B | $2.5B | $2.7B |
Operating profit rose 7.5% year over year. Profit is growing at an accelerating pace.
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- The dividend yield, at 3.4%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-04UpdateDisclosure on the acquisition and cancellation of treasury shares. Execution of the first-half plan for ₩400 billion in buybacks and cancellations (₩200 billion each in the first and second quarters).A factor that raises per-share value and the shareholder-return ratio by reducing the share count. Directly linked to the value-up plan. Source
- 2026-05-19IRDisclosure announcing an IR session. A venue to explain quarterly results and the shareholder-return plan to the market.Strengthens communication on results and capital policy. Over the medium term, affects confidence in the valuation. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report disclosed. Net profit ₩1.23 trillion (+8.1% year over year), operating profit ₩3.35 trillion (+7.6%).Confirms the profit-growth trend. Supports the likelihood of holding this year's net profit in the ₩4 trillion range. Source
- 2026-06-02FilingDisclosure of specified-securities ownership by executives and major shareholders. A periodic report on insider stake changes.Information on governance and insider-trading transparency. Limited short-term impact on results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Dividend per share (DPS) | ₩4,105 | ₩4,105 | Confirmed | link |
| 2025 consolidated net profit | ₩4.00 trillion | net profit ₩4 trillion(approx. ₩4.0 trillion) | Confirmed | link |
| First-quarter 2026 net profit | ₩1.23 trillion | — | Confirmed | link |
| This year's net profit estimate (forward) | approx. ₩4.32 trillion | — | Unverified | — |
Recent filings
- 2026-06-04OwnershipLargest-shareholder ownership change report
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Earnings disclosure
- 2026-05-29Disclosure
- 2026-05-22Disclosure
- 2026-05-22Amended filing
- 2026-05-22Material-fact report (amended)
- 2026-05-19Disclosure
- 2026-05-18Disclosure
- 2026-05-18Material-fact report (amended)
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
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