KBC : Q1 results marginally better, NII guidance for FY24 upped
>Conclusion: Q1 results marginally better, NII guidance for FY24 upped - The 1Q24 bank results were in line with our expectations, and non-life insurance results were better than expected. KBC kept its 2024 and 2026 targets unchanged, except for the NII where they increase the FY24 target to the up end of the range as a result of the higher interest rate curve and not having the earlier expected adverse MRR ECB effect. As expected KBC did not change its 15% CET capita...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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