汇丰银行-韩国银行业-korea banks：2q17 trends，sharply lower credit cost lift earnings-20170721-hsbc.pdfVIP

21 July 2017   Korea Banks EQUITIES FIG 2Q17 trends: Sharply lower credit cost lift earnings Korea  Sharply lower credit costs lift 2Q earnings at Hana FG and IBK Sinyoung Park* Analyst, Korea Financials  Hana continues to run a tight ship; well-rounded 2Q17 results The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch IBK’s 2Q17 was better-than-expected but still lacking potential sinyoungpark@ +822 3706 8770 to narrow the profitability gap vs. large commercial banks * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations Hana FG (Buy): 16% beat due to stronger NIM and sharply lower credit cost Hana FG reported 2Q17 net profit of KRW539bn, 16% above consensus estimates despite net one-off loss of KRW107bn. Yet another earnings beat was dri