KBC Groep NV

KBC

Equity

ISIN BE0003565737 / Valor 444581

Euronext - Euronext Brussels (2024-12-24)

EUR 73.42+0.16%

KBC Groep NV
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

KBC Groep NV is an integrated bank-insurance group that primarily serves retail, private banking, SME, and mid-cap clients in Belgium, the Czech Republic, Slovakia, Hungary, and Bulgaria. The company also has a limited presence in several other countries. With a focus on providing financial services to a wide range of clients, KBC Groep NV operates in multiple markets across Europe.

Summarized from source with an LLMView SourceSector: Finance

Net Profit

KBC Groep NV reported a net profit of 868 million euros for the third quarter of 2024. This result was influenced by higher net interest income, increased insurance revenues, and improved net fee and commission income. However, these gains were partially offset by a decrease in trading and fair value income, as well as a drop in dividend income following its seasonal peak in the second quarter.

Loan and Deposit Growth

During the third quarter of 2024, KBC Groep NV experienced a 1% increase in its loan portfolio quarter-on-quarter and a 5% increase year-on-year. Customer deposits, excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches, rose by 3% quarter-on-quarter and 5% year-on-year. In Belgium, deposits grew significantly by 5% quarter-on-quarter and 8% year-on-year.

Insurance Performance

KBC Groep NV's insurance service result for the third quarter of 2024 amounted to 81 million euros, with non-life insurance contributing 45 million euros and life insurance 36 million euros. The non-life insurance segment was notably impacted by Storm Boris in Central Europe, resulting in an estimated pre-tax impact of 33 million euros. Non-life insurance sales increased by 8% year-on-year, while life insurance sales saw a substantial rise of 28% and 80% compared to the previous and year-earlier quarters, respectively.

Fee and Commission Income

Net fee and commission income for KBC Groep NV increased by 3% quarter-on-quarter and 9% year-on-year in the third quarter of 2024. This growth was driven by higher fees from asset management activities and banking services. Additionally, assets under management rose by 3% quarter-on-quarter and 18% year-on-year, reflecting strong performance in these areas.

Operating Expenses and Cost Efficiency

Operating expenses for KBC Groep NV, excluding bank and insurance taxes, increased by 6% quarter-on-quarter and 3% year-on-year in the third quarter of 2024. Despite this rise, the cost/income ratio for the first nine months of 2024 improved to 47%, compared to 49% for the full year 2023, indicating enhanced cost efficiency.

Summarized from source with an LLMView Source

Key figures

26.6%1Y

-1.77%3Y

9.35%5Y

Performance

21.1%1Y

29.3%3Y

36.1%5Y

Volatility