JP Morgan reported on the24th that it raised the target price of Busan Bank from 13,000 to 14,000 KRW by 7.7%.

Dropped speed of the new NPL formation decreased the credit cost leading to a 13 billion higher than expected earnings.

Although the loans increased slightly, with a stabilized NIM and drop in the SME Delinquency Ratio, JP Morgan predicts this is the turning point with sound earnings in the 2H.