iM Financial Group is a bank holding company built around its main bank iM Bank (formerly Daegu Bank) and overseeing securities, life-insurance and capital subsidiaries, with interest income anchored in the Daegu and North Gyeongsang region at its core. Of the group's ₩443.9 billion net profit in 2025, iM Bank accounted for ₩389.5 billion, while the non-bank share rose as high as 34% in Q1 2026. Under its value-up plan it is pursuing ₩150 billion in total treasury-share buybacks and cancellations through 2027, and for 2025 it resolved a total shareholder-return ratio of 38.8% with a ₩700 per-share dividend. The recent point of note is a mix: the strengths are the lowest P/B among bank holding peers (0.44x), a dividend in the 4% range with steady treasury-share cancellations, and an undervaluation at a forward multiple of about 6.1x; the caution is that the ROE of 7.1% at the root of that low P/B is below that of large bank holding companies (9-10%), so whether the company actually delivers on its 2027 target of 9% ROE is the key to a re-valuation.
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 7.1% (controlling-interest basis). It is below the sector average.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder OK Savings Bank 3.49% (corporate)
Controlling bloc incl. related parties 9.99%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
Financial-group subsidiaries stake
| iM Lao Leasing | sub-subsidiary | 95% |
🔎 In-depth analysis
- iM Financial Group is a bank holding company (the controlling company of a bank-centered financial group) that oversees several financial subsidiaries.
- Most of the group's profit comes from its main bank, iM Bank (formerly Daegu Bank). iM Bank's core is lending to businesses and households in the Daegu and North Gyeongsang region and earning on the gap between deposit and loan rates (interest income); of the group's ₩443.9 billion net profit in 2025, iM Bank accounted for ₩389.5 billion.
- Added to this are non-bank subsidiaries such as securities (iM Securities), life insurance (iM Life) and capital (iM Capital), so trading and fee income, insurance and installment-finance profit are layered on top of the bank's interest income.
- Recently the non-bank subsidiaries' share has grown, with the non-bank portion of group profit rising as high as 34% in Q1 2026.
- The latest close is ₩17,310 and the market cap is ₩2.8 trillion.
- The price sits above the 20-day line (₩17,196) and below the 60-day line (₩18,018).
- With the short- and medium-term trends diverging, direction is best read separately.
- The RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 48.8, a neutral level.
- The one-month change is +0.1%, the three-month change is +4.4%, and the position versus the 52-week high is -20.1%.
- Relative strength against the KOSPI is 41 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 59% of all stocks by strength.
- Over the past three months it lagged the index by 18.3%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The P/E (how many times one year's profit the share price is) is 6.26x and the P/B (how many times book net assets the share price is) is 0.45x.
- It has the lowest P/B among bank holding peers, so it is clearly cheap on an asset basis too.
- ROE (how much is earned in a year on shareholders' equity) is 7.1%, below that of large bank holding companies (9-10%), and this lower profitability is the main reason for the low P/B.
- The dividend yield is 4.2% (₩700 per share) and the payout ratio is 25.3%, returning part of profit steadily.
- By the nature of banking, deposits are booked as liabilities, so the debt ratio and interest-coverage ratio are hard to read by ordinary manufacturing standards; instead, soundness metrics (a delinquency rate of 0.86%, a substandard-and-below loan ratio of 0.83%) are being managed stably.
- For reference, the P/E on last year's confirmed figures reflects already-recovered profit, after earnings that were pressed down by 2024 project-finance provisions normalized in 2025.
- Looking at the profit path by year, net profit went from ₩387.8 billion in 2023 to ₩214.9 billion in 2024 (a sharp drop under the burden of real-estate project-finance loan-loss provisions) to ₩443.9 billion in 2025, recovering to a normal level after the temporary 2024 trough.
- The large 2025 increases (net profit +106.6%, operating profit +121.4%) are less a doubling of the business than a normalization in which pressed-down profit returned to its place.
- Group net profit in Q1 2026 was ₩154.5 billion, effectively similar to the year-earlier quarter, and the modest growth trend continued, with won-denominated loans up 2.7% during the quarter and interest income +4.6% and non-interest income +8.3%.
- Carrying this trend (Q1 is typically a bank's seasonally strong quarter) into the full year, a path to 2026 net profit in the ₩440 billion range, similar to 2025, is reasonable, and the forward P/E on that basis is about 6.1x.
- With the company having set a target of lifting ROE to 9% by 2027, the profit direction is seen as a modest uptrend rather than stagnation.
- Most recent disclosures are trust-based treasury-share acquisition status reports and changes in executive and major-shareholder holdings, tied to the ongoing treasury-share buyback and cancellation.
- Under the corporate value-up plan announced in 2024, the company is pursuing ₩150 billion in total treasury-share buybacks and cancellations through 2027; having completed ₩60 billion in 2025, it is carrying out about ₩40 billion in the first half of 2026.
- For full-year 2025 it resolved a ₩700 per-share cash dividend, with group net profit of ₩443.9 billion, a payout ratio of 25.3% and a total shareholder-return ratio of 38.8% (a record high).
- In May it held an IR session alongside its quarterly report, presenting its results and shareholder-return plans.
- The watch points are clear.
- The lowest P/B among bank holding peers (0.44x) combined with a dividend in the 4% range and steady treasury-share cancellations makes shareholder returns and the undervaluation appeal distinct, and profit is back on a normal track after shedding the 2024 project-finance burden.
- Even on a forward basis it is around 6.1x, so it reads as cheap even now that profit has recovered.
- The caution is the ROE of 7.1% at the root of that low P/B, with profitability below that of large bank holding companies (9-10%).
- The more the company delivers on its 2027 target of 9% ROE, the more room there is to narrow the low P/B; conversely, if delivery is slow, the undervaluation can linger as an undervaluation for a long time.
- Regional economic conditions and loan soundness, and shifts in the largest shareholder's stake tied to treasury-share cancellations (overhang), are also areas to watch together.
🔎 Valuation vs peers Undervalued
A comparison of domestic bank holding companies, placing large names (KB, Shinhan, Hana) and regional financial groups (BNK, JB) side by side to see iM Financial's relative position.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Financial Group | 8.40x | 0.75x | 8.98% |
| BNK Financial Group | 6.56x | 0.50x | 7.55% |
| JB Financial Group | 6.60x | 0.79x | 12.01% |
| Shinhan Financial Group | 10.02x | 0.86x | 8.58% |
The P/B of 0.44x is the lowest in the whole comparison set, below even regional peers BNK (0.5) and JB (0.78). The root of this discount is the lowest ROE in the set (7.1%): with profitability short of the large names (9-10%), the assets are priced cheaply. That said, the P/E of 6.1x sits within the regional band (BNK 6.6, JB 6.5), and since it reflects profit that normalized in 2025 after being pressed down by 2024 project-finance provisions, it is not excessively expensive on an earnings basis either. It stays around 6.1x on a forward basis as well, so this is judged an undervalued spot where the low P/B has ample room to narrow if the company delivers on its value-up target (9% ROE by 2027).
Price history Close · MA20 · MA60
The latest close is ₩17,310 and the market capitalization is ₩2.8 trillion. The price sits above its 20-day moving average (₩17,196) and below its 60-day moving average (₩18,018). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.8, a neutral level. The one-month change is +0.1%, the three-month change is +4.4%, and the position relative to the 52-week high is -20.1%. Relative strength versus the KOSPI is 42 (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 41% of all stocks. Over the past three months it lagged the index by 18.3%. 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 -18.29% / 6M -30.56% / 12M -44.38%
Key metrics vs sector median
Valuation
The P/E of 6.26x is in line with the sector median (7.06x). The P/B of 0.45x is below the sector median (0.75x).
Profitability & financials
Return on equity (ROE) is 7.1%, below the sector average (9.0%). The debt ratio is 1589.4%, 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 | $354.1M | $174.6M | $386.6M | +121.40% ↑ faster |
| Net profit | $257.0M | $142.4M | $294.2M | +106.59% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $354.1M | $174.6M | $386.6M |
| Net profit | — | — | $257.0M | $142.4M | $294.2M |
Operating profit rose 121.4% 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
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.0%, 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
- 2026-05-15EarningsQ1 2026 quarterly report filed. Group net profit attributable to owners of ₩154.5 billion, holding at the year-earlier level, with won-denominated loans +2.7% and a non-bank profit share of 34%.Confirms stable maintenance even after profit normalized. Loan growth and expanding non-bank contribution broaden the medium-term profit base. Source
- 2026-05-26IRNotice-disclosure of an IR session. Explained Q1 results and shareholder-return plans to the market.Communication that publicizes profit normalization and the shareholder-return policy to help resolve the undervaluation. Source
- 2026-05-27DividendTrust-contract treasury-share acquisition status report. About ₩40 billion in treasury-share buybacks and cancellations underway in the first half of 2026.Part of the plan to cancel ₩150 billion of treasury shares through 2027, cutting share count to lift per-share value and the shareholder-return ratio. Source
- 2025-10-30FilingVoluntary disclosure of the corporate value-up plan. Presented targets of 9% ROE, 12.3% CET1 and a 40% total shareholder-return ratio by 2027.The company's official target to lift the low ROE and P/B. The degree of delivery is the core variable for a re-valuation. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipLargest-shareholder ownership change report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27Disclosure
- 2026-05-26Disclosure
- 2026-05-26Disclosure
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 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.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.