KBC: Q4 2020 Affected by Cost of Risk and Core Revenue Pressure
KBC Group NV (KBC or the Group) reported a net attributable profit of EUR 538 million in Q4 2020, down 23% year-on-year (YoY). For FY 2020, KBC reported net attributable income of EUR 1.4 billion compared to EUR 2.5 billion last year. Q4 2020 results were impacted by higher cost of risk due to COVID-19 and ongoing core revenue pressure despite solid performance in insurance and continued cost reductions. Despite this, KBC's reported return-on-equity compared favourably to European peers at 10% for Q4 2020 and 10% for FY 2020.
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