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4-Traders Homepage  >  Equities  >  Euronext Bruxelles  >  KBC Groupe    KBC   BE0003565737

KBC GROUPE (KBC)
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KBC Group: First-quarter result of 556 million euros

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05/17/2018 | 07:01am CEST

Press Release
Outside trading hours - Regulated information*

Brussels, 17 May 2018, (07.00 a.m. CEST)

KBC Group: First-quarter result of 556 million euros

We recorded a net profit of 556 million euros in the first quarter of 2018. A very good result indeed, despite the fact that  we booked the bulk of the bank taxes for the full year in the first quarter (371 million euros in 1Q2018). Driven by the commercial performance of our core activities, our total income was up quarter-on-quarter, while costs  - excluding bank taxes - were down on the seasonally high last quarter of the year. Both our life and non-life businesses grew significantly year-on-year. Finally, we were able to release some loan loss provisions once again, due mainly to our Irish mortgage book. 
In the quarter under review, we completed the acquisition of the remaining 40% stake in the life insurance joint venture between our subsidiary UBB and MetLife in Bulgaria. This reaffirms our position as a strong, local market player that is able to offer a full range of bank-insurance products to our Bulgarian clients in an omni-channel environment. It will undoubtedly help in making UBB and DZI a genuine reference bank-insurance group in Bulgaria, which will ultimately benefit its clients, employees and all other stakeholders.
With the aim of further improving client experience, we have continued developing innovative client-centric solutions that make our clients' lives easier. To name just one example, we were the first bank in Belgium to add multi-banking possibilities to our KBC Mobile app following the opportunities created by PSD2. A few weeks after their introduction, we are delighted to say that we received an enthusiastic response from our clients.
We also strive to make a positive contribution to society through our financing activities. For example, it is our ambition to increase our renewable energy portfolio to over 50% of our total energy sector portfolio by 2030 (currently this stands at 41%). Moreover, at the beginning of this year, we decided to update various KBC sustainability policies, which will be implemented in June. Finally, as part of our new KBC credit energy policy, we announced that we would exit the coal sector and reduce the current exposure to coal-based electricity production to zero by 2023 at the latest.
Last but not least, the European economic environment has remained attractive, with solid growth and low inflation. However, now that sentiment indicators have fallen from their recent highs, the period of accelerating growth has probably come to an end. The risk of further economic de-globalisation, with escalating trade conflicts and geopolitical tensions are the main factors that could impede European economic growth. We are convinced, however, that we have a more than solid starting position in that economic arena, thanks to the sustained efforts we have made in recent years to put the client at the centre of everything we do, coupled with our excellent solvency and liquidity position.
In closing, I'd like to take this opportunity again to thank all the stakeholders who have put their trust in us and assure them that we will do everything possible to move even closer to achieving our ultimate goal of being the reference bank-insurer in all our core markets.

Johan Thijs
Chief Executive Officer

Important. We have started applying IFRS 9 as of this quarter. In simplified terms, this means that the classification of financial assets and liabilities, as well as the impairment methodology, have changed significantly. As a result, some of the profit and loss and balance sheet figures are not fully comparable to the 2017 reference figures (which are still based on IAS 39, as KBC is making use of transition relief for comparative data). In order to enhance transparency, we have also, in line with IFRS 9, moved interest accruals for FX derivatives in the banking book from 'fair value income' to 'net interest income'. We also shifted network income (income received from margins earned on FX transactions carried out by the network for our clients) from 'trading and fair value income' to 'net fee and commission'. A short overview is provided in the annex, and a more comprehensive overview is given in Note 1.1 of the consolidated financial statements and in the company presentation (available at www.kbc.com). Furthermore, related to IFRS 9, we changed the definition of our loan portfolio from outstanding to gross carrying amount (i.e. incl. reserved and accrued interests) and slightly amended the scope. In order to enhance comparability, we have added certain comparisons with pro forma (recalculated) figures for 2017 (unaudited) in the analysis below. When this is done, it is indicated by the words 'on a comparable basis'.

Full press release and quarterly report attached

* This news item contains information that is subject to the transparency regulations for listed companies.
                                                             




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: KBC Groep via Globenewswire

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Financials (€)
Sales 2018 7 644 M
EBIT 2018 3 400 M
Net income 2018 2 557 M
Debt 2018 -
Yield 2018 5,50%
P/E ratio 2018 10,77
P/E ratio 2019 11,13
Capi. / Sales 2018 3,61x
Capi. / Sales 2019 3,52x
Capitalization 27 586 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 78,9 €
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Johan Thijs Group Chief Executive Officer & Executive Director
Thomas Leysen Chairman
Hendrik Scheerlinck Chief Financial Officer & Executive director
Erik Luts Chief Innovation Officer
Franky C. Depickere Non-Executive Director
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