KBC Reports Decent Operational Results, Good Cost Control, Lower Loan-Loss Provisioning
Overall, we like KBC Group's decent operational performance and plan to maintain our narrow moat rating for the bank. We plan to increase our EUR 71 fair value estimate by 5%-10% to reflect the time value of money and adjust for full-year results. While net interest income, net fees and insurance income decelerated compared with 2015, strong trading income during 2016 helped KBC to post stable total revenue. Full-year net income was in line with our estimates at EUR 2.4 billion, 8% lower than th...KBC Group is a bank-insurance group engaged in providing products and services mainly to retail, private banking, SME and mid-cap clients. Co. focuses on its primary markets of Belgium, the Czech Republic, Slovakia, Hungary and Bulgaria. Co. is also present in Ireland and, to a limited extent, in several other countries to support corporate clients from its primary markets. Co.'s main brands are KBC and CBC in Belgium, CSOB in Czech Republic and Slovakia, K&H in Hungary, CIBANK and DZI Insurance in Bulgaria, and KBC Bank Ireland in Ireland. As of Dec 31 2014, Co. had 1,601 bank branches. In addition, Co. had total assets of Euro245.17 billion.
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