KBC : Q4 results in line, earnings outlook better, 12% cash return in one year
>Conclusion: - The 4Q20 results were in line, and the future NII and expense guidance was somewhat better than we expected. Based on KBC’s new dividend statements and its clear updated excess capital return policy it plans to pay 6% dividend yield in 2021 and an extra 6% in 1Q22. KBC’s Basel 4 CET1 ratio is with 16.3% good and at the highest end of the Benelux peers. At KBC there is almost no CET1 inflation by RWA deflation. KBC is continuing to expand via small value...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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