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JONBUR Research · Initiation

You're reading an earlier report from Oct 13, 2026. See the latest report

Kbank · 279570 · Banks

Kbank: Recently Listed Digital Bank Trades Near 52-Week Low as Earnings Dip

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Kbank, listed on KOSPI on 2026-03-05, closed at ₩5,260 on 2026-10-12, near its 52-week low of ₩5,200 and well below the high of ₩9,880. Filed earnings show profit falling from 2024 to 2025 and a trailing P/E of 29.9 against a P/B of 0.9.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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

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Thesis

The data supports a picture of a young bank with volatile profits and a share price that has fallen since listing. The price is down 7.6% over one month and 6.9% over three months, and sits only about 1.2% above the 52-week low. Net income was ₩128.1B in 2024 and ₩112.6B in 2025, and H1 2026 net income was ₩71.3B. ROE was 3.2% on the H1 2026 figure, below the 5.4% in 2025 and 6.6% in 2024. The P/B of 0.9 is below KakaoBank's 1.4 but above Industrial Bank of Korea's 0.4. The P/E of 29.9 is well above both peers (6.0 and 19.2). Two news headlines dated 2026-10-13 cite a Goldman view that Kbank is undervalued and has a dividend yield above 4%, but our data has no dividend yield, so we cannot verify that. Investor flows, foreign ownership and short interest are not available.

Business overview

Kbank (케이뱅크) is a bank in the Banks sector, founded on 2016-01-14 and led by CEO 최우형. It has 405,695,151 listed shares and a market capitalisation of about ₩2.1T. Its history in the data is short: operating income was ₩16.5B in 2023, ₩133.0B in 2024 and ₩117.1B in 2025. Net income followed the same pattern at ₩12.8B, ₩128.1B and ₩112.6B. Among listed peers in the data, it is much smaller than Industrial Bank of Korea (₩15.9T) and KakaoBank (₩9.5T), and larger than Jeju Bank (₩288.8B) and Pureun Savings Bank (₩150.4B).

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Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 30, 2026Update noteEarningsKbank Q3 2026 Preliminary Earnings: Operating Profit More Than Doubles Year on Year
  2. Oct 13, 2026InitiationStart of coverage (300 largest)Kbank: Recently Listed Digital Bank Trades Near 52-Week Low as Earnings Dip

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