KBC : Q1 stable NII, rising commission income, good cost control, TP increased
>Conclusion: Stable NII, rising commission income, good cost control - For 1Q24 we forecast a net profit of € 494m (before € -14m hybrids costs). We expect the result is driven by a qoq stable net interest income (NII), some increase of the commission income and a lower cost as Q4 is seasonally higher. In non-life we expect +8% top line growth and normalised claims post-covid and there were no material one-off claim events in Q1. We estimate that the CET1 ratio will b...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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