KBC : Q3 results somewhat better on all fronts, we have a good NII going forward
>Conclusion: Somewhat better Q3 results and solvency - The 3Q21 results were better than expected by loan loss releases, by higher commission income, lower costs and a higher non-life insurance results. The Solvency was also somewhat better than expected. We are positive on KBC as 1) they will return all the capital above the 15.5% CET 1 ratio back to shareholders to be announced at the FY21 results (we will update the exact figure but we had an estimated cap return o...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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