Shinhan Financial Group Chairman Jin Ok-dong / Courtesy of Shinhan Financial Group

Shinhan Financial Group's plan to buy back and cancel shares worth 3 trillion won ($2.1 billion) by 2027 is generating significant market enthusiasm, as evidenced by the share price registering an intraday high of 64,200 won, market watchers said Monday. It came close to the previous all-time high of 64,785 won achieved in 2007.

Many say the figure far surpassed market consensus, characterizing it as the group's "most extraordinary capital-bolstering measure to date."

Shinhan Financial said last week that its shareholder return rate will be raised to 50 percent, underpinned by increases in the figure of dividend payouts, the number of shares bought back for cancellation and net income.

A Daishin Securities report said it expects about 250 billion won of share buybacks in the fourth quarter of this year. This in turn will raise the canceled total to 400 billion won in the July-to-December period.

The brokerage revised up the group's target share price to 75,000 won, and maintained a recommendation of overweight, meaning buy.

"The group's positive growth roadmap is much appreciated, a step closer to achieving a shareholder return rate of 50 percent," the report stated.

Shinhan Financial generated a net income of 1.43 trillion won in the second quarter, pushing up the figure for the first six months of this year to 2.75 trillion won.

Increased interest income from a larger pool of corporate borrowers led the strong growth. Also at play were the higher non-interest income and revenue from fees and brokerage services.

The group's global net income surged to 410.8 billion won in the first half, up 32.4 percent from the previous year.

Shinhan Financial shares closed at 60,700 won, up 4.66 percent from the previous session.