汇丰银行-韩国-银行业-稳健盈利应继续-20171018-hsbc-korea_banks_3q17_preview：solid_earnings_should_continue.pdfVIP

18 October 2017   Korea Banks EQUITIES FIG 3Q17 preview: Solid earnings should continue Korea  Korean banks should continue to deliver solid earnings Sinyoung Park* Analyst, Korea Financials in 3Q17 The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch  NIM expansion is likely to slow but a sub-normal level of credit sinyoungpark@ +822 3706 8770 cost should support the steady risk-adjusted margin trend * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is  Regulatory concerns should ease given limited fundamental not registered/ qualified pursuant to FINRA regulations impact; our preferred plays are KBFG Hana (both Buy) 3Q17 preview: Solid earnings should continue Banks in our coverage release 3Q17 results from 26 October 2017. The magnitude of NIM expansion should slow (1-2bps q-o-q vs. +9bps in 1H17) but a sub-normal level of credit cost should continue at large commercial banks, supporting the risk-adjust