KBC : Recurring P&L items in 2Q24 in line, positive Q2 inflows in current accounts
>Conclusion: Recurring Q2 P&L items in line, positive inflows in current accounts - Basically in 2Q24 the net interest income (NII), commission income and expenses were quite in line with expectations. The increase of the FY24 NII guidance gives confidence, but the market/we already had that in our model. More importantly it was positive that the customer money flow showed strong net inflow in the -profitable- current accounts. We remain positive on KBC.2...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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