KBC is down nearly 5% in Brussels, following the banking group's publication of a net profit of 506 million euros for the first quarter of 2024, compared with 882 million for the same period last year.

Also on a year-on-year basis, the Belgian institution's total revenues contracted by 12% to 2.71 billion euros, while its total operating expenses, excluding banking and insurance taxes, fell by just 1% to 1.06 billion.

However, KBC says it retains 'very good solvency, as evidenced by a fully loaded CET1 ratio of 14.9% at March 31, compared with 15.2% at the end of 2023', as well as liquidity 'at an excellent level', with an LCR ratio of 162% (compared with 159% at the end of 2023).

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