KBC: Q2 2020 Dented by COVID-19 Related Provisions
KBC Group NV (KBC or the Group) reported a net attributable profit of EUR 210 million in Q2 2020, down from a net attributable profit of EUR 745 million in Q2 2019, but up on the EUR 5 million loss reported in Q1 2020. The Q2 2020 drop in profits was mainly driven by high levels of provisions to cover the expected deterioration in economic conditions as a result of the coronavirus disease (COVID-19) and core revenue pressure. Nevertheless, results were also supported by solid performance in insurance, strong cost reduction and sharp recovery in revenues from financial instruments at fair value.
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