KBC : Solid Q3 2019, but this does not change the situation for the medium term (caution)
>Operations: the group fared well - In Q3 2019, KBC reported a slightly higher-than-expected net profit of € 612m (+1% vs consensus) and a profit before tax of € 812m (+3% vs consensus). In the absence of one-offs, the underlying operating performance was relatively solid with:A good showing in core revenues (NII + fees) despite the complicated interest rate backdrop with: 1/ interest income (60% of NBI) in line with expectations at € 1.17bn (+2% vs consensus, +3...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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