KBC : Improving commission income and good non-life in Q1
>Conclusion: Good Q1 results despite 80% FY banking levies in Q1 - For 1Q21, we forecast KBC Group to report a net profit, of c.€ 431m (before € -12m hybrids costs), including a small loan-loss release, offset by banking levies for which generally 80% of the FY is booked in Q1. More operationally we see improving commission income, good non-life results, a stable NII and good cost control. KBC is still one of the few banks in Europe that is still able to make a 15% RO...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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