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JONBUR Research · Update note

Hana Financial Group · 086790 · Holding companies

Hana Financial Group Reports Q3 2026 Preliminary Earnings: Operating Profit Up 10.4% Year on Year

Why this report

Written after:

Hana Financial Group's preliminary Q3 2026 results show operating profit of ₩1.63T, up 10.4% from a year earlier, while reported sales rose 83.6%. The profit growth fits the earlier thesis of steady earnings; the sales figure is distorted by how financial-company revenue is counted, so we give it little weight.

Written Oct 23, 2026 · Data as of Oct 22, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-23 the company filed preliminary consolidated results for July to September 2026. The filing notes the figures are provisional and may differ from final numbers.

Sales were ₩20.00T, up 83.6% from ₩10.89T a year earlier but down 26.6% from ₩27.26T in the second quarter. Operating profit was ₩1.63T, up 10.4% year on year and 2.3% from the prior quarter. Pre-tax profit from continuing operations was ₩1.69T (+10.2% y/y). Net income was ₩1.26T (+11.0% y/y, +4.5% q/q), and net income attributable to owners of the parent was ₩1.22T (+7.9% y/y).

For January to September, sales were ₩76.26T (+47.2%), operating profit ₩4.88T (+9.4%) and net income ₩3.70T (+6.9%).

The same day the company also filed share buyback and share cancellation decisions, a cash dividend decision and a record-date decision. The excerpts do not give the size of the buyback or cancellation.

What it changes for the thesis

The previous report described steadily growing profits, with net income of ₩3.42T in 2023, ₩3.74T in 2024 and ₩4.00T in 2025, and noted shareholder-return filings of unknown size. These results continue that pattern: operating profit and net income are both up around 10% year on year in the quarter, and nine-month net income is 6.9% higher.

The 83.6% sales jump is much larger than profit growth. It is more likely a reflection of how revenue is measured for a financial group than a sign of business growth, and the data gives no breakdown. The buyback and cancellation decisions add to the shareholder-return theme, but their size is not available, so we cannot judge their weight. Foreign investors sold a net ₩45.7B over the prior 20 days, while foreign ownership was little changed at 68.6%.

What it changes for the valuation

The previous report had no fair value estimate. The model now gives a range per share of ₩99,974 (bear), ₩158,255 (base) and ₩189,059 (bull)... correction: the bull case is ₩234,059. The model is an excess-return approach using a 9.7% rate and trailing figures to the first half of 2026, so it does not yet include these Q3 results. It is a model estimate based on the assumptions shown, not a price target.

The share price was ₩119,900 on 2026-10-22, below the base estimate and within the bear-to-bull range. Down 11.8% over one month, the shares trade at a P/E of 7.9 and P/B of 0.7, lower than the 8.6 and 0.8 in the previous report. Peers: KB Financial 8.9 and 0.9, Shinhan 7.9 and 0.7, Woori 7.2 and 0.6. The range is wide, showing how sensitive the result is to assumptions.

Closing view

The quarter supports the earlier picture of steady, moderate profit growth of roughly 10% a year, together with continued shareholder-return filings. Against that, the headline sales growth is hard to interpret, the buyback and cancellation sizes are unknown, the balance sheet is highly leveraged (liabilities to equity of 1,372.7%), and the model range is wide and not yet updated for these results. The evidence is mostly consistent with the previous thesis but does not point to any conclusion about future share price direction.

Model estimate of fair value

Bear
₩99,974
-13%
Base
₩158,255
+37%
Bull
₩234,059
+103%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the P/B vs ROE (excess return) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 23, 2026Update noteEarningsHana Financial Group Reports Q3 2026 Preliminary Earnings: Operating Profit Up 10.4% Year on Year
  2. Oct 13, 2026InitiationHana Financial Group: Earnings Growth and Share Cancellations Alongside a Pullback from the 52-Week High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information