KBC : Continuing rising NII in Q4, € 2.85bn cash return and FY22 NII/cost guidance
>Conclusion: Good Q4 by rising NII & low loan loss + € 2.85bn cash return - For 4Q21, we forecast a net profit, of € 585m (before € -10m hybrids costs) supported by basically no loan losses. Operationally we see q-on-q a continuing rise of the NII mainly supported by the clearly risen interest rates in the Czech Republic. Further, we estimate a capital return to shareholders of € 2.85bn via dividend, special return and/or SBBs, which is a 8% cash return yield. We incr...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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