iM Financial Group to cancel 30 billion won of treasury shares by November

iM Financial Group said Wednesday its board approved the cancellation of 1.695 million common shares worth 30 billion won ($22.7 million), stock the company bought on the open market through Samsung Securities and will retire by Nov. 17.

The cancellation caps a year of capital returns at 70 billion won ($52.9 million), after buybacks and retirements of 40 billion won in February and 30 billion won in July. Since the group announced a corporate value enhancement plan in October 2024, it has bought and retired 7.4 percent of its shares outstanding.

Chun Byung-kyu, the group's chief financial officer, told an earnings call that independent directors will discuss further share purchases at a board meeting in November, with the existing treasury share trust contract due to expire on the 28th.

"As the existing treasury share trust contract ends on the 28th, independent directors are expected to discuss additional share purchases at the November board meeting," Chun said.

The group also plans to set out a new three-year value enhancement program before the end of the year, he said.

The buybacks have room to continue because the group's common equity tier 1 ratio reached 12.39 percent, its highest on record and above its first target of 12.3 percent.

Net income attributable to shareholders totaled 416 billion won ($314 million) in the first three quarters, down 3.6 percent from 432 billion won ($326 million) a year earlier.