KBC : Q3 results touch better by commission income
>Conclusion: Q3 results touch better by commission income - The Q3 results were a touch better by the 2% higher than expected net commission income. The NII was also a touch better. The expenses and solvency was in line with expectations. We remain positive on KBC as they have the highest peer group ROE of about 18%, they are less dependent on interest rates than other banks as they have many other revenue pools like asset management, non-life insurance and life insur...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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