KBC : SBB/cap returns higher, outlooks better, and Q4 marginally better
>Conclusion: SBB/cap returns higher, outlooks better, and Q4 marginally better - The extra capital returns via SBB/special dividends were with approximately € 1.4bn vs our expected € 1.1bn. The 2023 and 2025 outlooks were better than expected on the NII and revenue side. The 4Q22 results were marginally better than expected by a higher NII. In total a good set of figures, we keep our top pick and Outperform recommendation.Capital returns to shareholders/...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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