# BNK Financial Group (138930.KO)

Canonical: https://gigainvestors.com/s/138930.KO

Analysis as of: 2026-10-16T07:38:50.894Z. Financial observations: FY2016–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 14,240.00 per share; close as of 2026-10-15.

Estimated value: low KRW 11,965.27 per share, central KRW 14,300.37 per share, high KRW 17,767.88 per share. Buy at or below the central value KRW 14,300.37 per share. Valuation as of 2026-10-16T07:38:50.894Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.13×

Chart: Net income; fiscal year observations.

- FY2016: KRW 502B

- FY2017: KRW 403B

- FY2018: KRW 481B

- FY2019: KRW 537B

- FY2020: KRW 486B

- FY2021: KRW 760B

- FY2022: KRW 780B

- FY2023: KRW 640B

- FY2024: KRW 729B

- FY2025: KRW 815B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.8%

- FY2017: 6.0%

- FY2018: 6.5%

- FY2019: 6.7%

- FY2020: 5.8%

- FY2021: 8.4%

- FY2022: 8.1%

- FY2023: 6.4%

- FY2024: 7.0%

- FY2025: 7.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.8%

- Book return interval: 9 years

- Starting book value per share: KRW 18K

- Ending book value per share: KRW 32K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 18.0%

- FY2018: 23.4%

- FY2019: -16.9%

- FY2020: 25.2%

- FY2021: 9.0%

- FY2022: 5.0%

- FY2023: 7.3%

- FY2024: 7.5%

- FY2025: 6.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: -0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.25×

- Book value created per share: KRW 14K

- Earnings retained per share after dividends and buybacks: KRW 11K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 90

- FY2018: 81

- FY2019: 108

- FY2020: 93

- FY2021: 93

- FY2022: 96

- FY2023: 96

- FY2024: 96

- FY2025: 93

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 29% since Feb 2026 · net income +11.9%

Story as of 2026-10-16T10:00:10.299Z; price observation 2026-10-15.

The price assumes profits grow 4.9% a year forever

### Net income · FY2025

net income +11.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 502B 

- FY2017: KRW 403B 

- FY2018: KRW 481B 

- FY2019: KRW 537B 

- FY2020: KRW 486B 

- FY2021: KRW 760B 

- FY2022: KRW 780B 

- FY2023: KRW 640B 

- FY2024: KRW 729B 

- FY2025: KRW 815B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are KRW 4 trillion.

- Source: https://eodhd.com/api/fundamentals/138930.KO.json#2025-12-31 (filed 2026-10-16T07:38:50.894Z); FY2025: revenue 4025508394770.

### Why customers stay

It earns 6.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); 10-year return on tangible equity observations [[2016,0.07767666950531177],[2017,0.05976466685157005],[2018,0.06533975562153982],[2019,0.06694601246130923],[2020,0.05757049554021579],[2021,0.08409608604593147],[2022,0.08121954773950224],[2023,0.06425288548955119],[2024,0.0698529562192656],[2025,0.07772972936012841]]; median 0.06839948434028742. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 100 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); Dividend observations: [[2016,66753508650],[2017,108388473260],[2018,95915402260],[2019,160626910280],[2020,193405509000],[2021,178453560000],[2022,260039748000],[2023,299781148550],[2024,250147143780],[2025,301911305740]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/138930.KO.json#2025-12-31 (filed 2026-10-16T07:38:50.894Z); FY2025: cash repurchases 99999911450 KRW.

### Are managers owners

Insiders own 27.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 138930.KO SharesStats.PercentInsiders = 27.095999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); Price 14240; FX 1; original perpetual distributable cash 732.7639980005749; discount 0.1; growth 0.048541854072993336. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 9,290.00 per share

- 2016-11: KRW 8,960.00 per share

- 2016-12: KRW 8,680.00 per share

- 2017-01: KRW 8,530.00 per share

- 2017-02: KRW 8,680.00 per share

- 2017-03: KRW 9,180.00 per share

- 2017-04: KRW 9,560.00 per share

- 2017-05: KRW 10,000.00 per share

- 2017-06: KRW 10,950.00 per share

- 2017-07: KRW 11,300.00 per share

- 2017-08: KRW 9,860.00 per share

- 2017-09: KRW 10,000.00 per share

- 2017-10: KRW 9,940.00 per share

- 2017-11: KRW 9,510.00 per share

- 2017-12: KRW 9,420.00 per share

- 2018-01: KRW 10,600.00 per share

- 2018-02: KRW 11,200.00 per share

- 2018-03: KRW 10,400.00 per share

- 2018-04: KRW 10,450.00 per share

- 2018-05: KRW 9,530.00 per share

- 2018-06: KRW 9,350.00 per share

- 2018-07: KRW 8,970.00 per share

- 2018-08: KRW 8,340.00 per share

- 2018-09: KRW 8,600.00 per share

- 2018-10: KRW 7,590.00 per share

- 2018-11: KRW 7,670.00 per share

- 2018-12: KRW 7,330.00 per share

- 2019-01: KRW 7,350.00 per share

- 2019-02: KRW 7,090.00 per share

- 2019-03: KRW 6,680.00 per share

- 2019-04: KRW 7,010.00 per share

- 2019-05: KRW 6,900.00 per share

- 2019-06: KRW 7,490.00 per share

- 2019-07: KRW 7,000.00 per share

- 2019-08: KRW 6,700.00 per share

- 2019-09: KRW 7,190.00 per share

- 2019-10: KRW 6,950.00 per share

- 2019-11: KRW 6,960.00 per share

- 2019-12: KRW 7,660.00 per share

- 2020-01: KRW 6,750.00 per share

- 2020-02: KRW 6,170.00 per share

- 2020-03: KRW 4,435.00 per share

- 2020-04: KRW 5,050.00 per share

- 2020-05: KRW 5,080.00 per share

- 2020-06: KRW 5,000.00 per share

- 2020-07: KRW 5,140.00 per share

- 2020-08: KRW 5,080.00 per share

- 2020-09: KRW 5,060.00 per share

- 2020-10: KRW 5,510.00 per share

- 2020-11: KRW 5,630.00 per share

- 2020-12: KRW 5,680.00 per share

- 2021-01: KRW 5,510.00 per share

- 2021-02: KRW 5,900.00 per share

- 2021-03: KRW 6,790.00 per share

- 2021-04: KRW 7,670.00 per share

- 2021-05: KRW 7,950.00 per share

- 2021-06: KRW 7,730.00 per share

- 2021-07: KRW 7,750.00 per share

- 2021-08: KRW 7,760.00 per share

- 2021-09: KRW 8,840.00 per share

- 2021-10: KRW 8,800.00 per share

- 2021-11: KRW 8,000.00 per share

- 2021-12: KRW 8,400.00 per share

- 2022-01: KRW 8,040.00 per share

- 2022-02: KRW 7,880.00 per share

- 2022-03: KRW 7,960.00 per share

- 2022-04: KRW 7,880.00 per share

- 2022-05: KRW 7,890.00 per share

- 2022-06: KRW 6,710.00 per share

- 2022-07: KRW 6,790.00 per share

- 2022-08: KRW 6,710.00 per share

- 2022-09: KRW 6,020.00 per share

- 2022-10: KRW 6,410.00 per share

- 2022-11: KRW 7,390.00 per share

- 2022-12: KRW 6,500.00 per share

- 2023-01: KRW 7,080.00 per share

- 2023-02: KRW 6,700.00 per share

- 2023-03: KRW 6,510.00 per share

- 2023-04: KRW 6,640.00 per share

- 2023-05: KRW 6,710.00 per share

- 2023-06: KRW 6,930.00 per share

- 2023-07: KRW 6,760.00 per share

- 2023-08: KRW 6,820.00 per share

- 2023-09: KRW 6,850.00 per share

- 2023-10: KRW 6,780.00 per share

- 2023-11: KRW 7,170.00 per share

- 2023-12: KRW 7,140.00 per share

- 2024-01: KRW 7,530.00 per share

- 2024-02: KRW 7,500.00 per share

- 2024-03: KRW 7,770.00 per share

- 2024-04: KRW 8,390.00 per share

- 2024-05: KRW 8,450.00 per share

- 2024-06: KRW 8,470.00 per share

- 2024-07: KRW 9,520.00 per share

- 2024-08: KRW 10,160.00 per share

- 2024-09: KRW 9,040.00 per share

- 2024-10: KRW 9,440.00 per share

- 2024-11: KRW 10,560.00 per share

- 2024-12: KRW 10,340.00 per share

- 2025-01: KRW 12,160.00 per share

- 2025-02: KRW 11,160.00 per share

- 2025-03: KRW 10,250.00 per share

- 2025-04: KRW 10,350.00 per share

- 2025-05: KRW 11,060.00 per share

- 2025-06: KRW 12,450.00 per share

- 2025-07: KRW 14,590.00 per share

- 2025-08: KRW 14,400.00 per share

- 2025-09: KRW 14,590.00 per share

- 2025-10: KRW 13,810.00 per share

- 2025-11: KRW 15,050.00 per share

- 2025-12: KRW 15,870.00 per share

- 2026-01: KRW 16,610.00 per share

- 2026-02: KRW 19,930.00 per share

- 2026-03: KRW 17,890.00 per share

- 2026-04: KRW 18,730.00 per share

- 2026-05: KRW 16,820.00 per share

- 2026-06: KRW 17,050.00 per share

- 2026-07: KRW 15,170.00 per share

- 2026-08: KRW 15,200.00 per share

- 2026-09: KRW 15,920.00 per share

- 2026-10: KRW 15,210.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 22,729.17 per share, central KRW 25,002.09 per share, high KRW 27,780.10 per share

- FY2018: low KRW 24,723.25 per share, central KRW 27,195.58 per share, high KRW 30,217.31 per share

- FY2019: low KRW 12,748.36 per share, central KRW 15,935.45 per share, high KRW 21,247.27 per share

- FY2020: low KRW 12,556.71 per share, central KRW 15,695.89 per share, high KRW 20,927.85 per share

- FY2021: low KRW 13,309.41 per share, central KRW 16,636.77 per share, high KRW 22,182.36 per share

- FY2022: low KRW 12,695.27 per share, central KRW 15,869.08 per share, high KRW 21,158.78 per share

- FY2023: low KRW 10,318.51 per share, central KRW 12,695.59 per share, high KRW 16,495.70 per share

- FY2024: low KRW 10,165.49 per share, central KRW 12,222.53 per share, high KRW 15,323.27 per share

- FY2025: low KRW 11,203.41 per share, central KRW 13,389.83 per share, high KRW 16,636.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:41.231Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations