KBC: Solid Performance in Insurance and Cost Control Drive Q3 2020
KBC Group NV (KBC or the Group) reported a net attributable profit of EUR 697 million in Q3 2020, up 14% year-on-year (YoY) and also up from a net attributable profit of EUR 210 million in Q2 2020. In 9M 2020, KBC reported net attributable income of EUR 1.5 billion, down 15% YoY. The Q3 2020 results included higher cost of risk compared to Q3 2019, however, the cost of risk was significantly down from Q2 2020, when KBC booked all its anticipated collective impairments for the full year 2020. Q3 2020 results were supported by solid performance in insurance and cost reduction, which compensated for core revenue pressure.
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