KBC : Better Q2 results and better FY net interest income outlook
>Conclusion: Good Q2 results and better FY NII guidance - KBC showed better net interest income and better net commission income in 2Q21. Even more important KBC increased its FY21 net interest income guidance to € 4.4bn (was € 4.3bn) supported by the good rising rates in the Czech Republic and somewhat in Hungary, which is quite positive because many other banks in Europe have extra NII pressure by low rates. We continue our preferred stock Outperform recommendation....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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