KBC : For Q2 expect a stable NII and commission income, good cost control
>Conclusion: Stable NII and commission income, good cost control - For 2Q24 we forecast a net profit of € 847m (before € -24m hybrids costs) assuming 9bp loan loss impairments. We expect the Q2 result is driven by a stable qoq net interest income (NII), a quite stable qoq commission income. In non-life we expect +7% top line growth and more normalisation of claims in Q2. We estimate that the CET1 ratio will rise somewhat to 15.1% by end 2Q24. We keep our Outperform re...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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