KBC : Q3 quite in line, new FY24 NII guidance 5% less than expected
>Conclusion: Q3 quite in line, new FY24 NII guidance 5% less than expected - The 3Q23 results were quite in line with expectations. However their new FY24 NII guidance is about 5% less than expected as they take the current interest rates (5 year bond declined by 30bp last weeks) and do not assume any flow back from the Belgian retail bonds. There has not been any further adverse RWA migration and they expect a € 0.3bn one-time tax benefit in FY24. The share price is ...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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