KBC: H1 net profit down - but deceptive

(CercleFinance.com) - KBC reports a net profit of E1.
43bn for H1 2024, lower than the E1.85bn achieved a year earlier (which had benefited from a non-recurring capital gain of E0.4bn on the sale of the Irish loan and deposit portfolios).

Excluding this one-off capital gain, KBC's H1 profit is in line with the previous year, said CEO Johan Thijs, for whom "the overall performance in H1 2024 has once again proved excellent.

On an annual basis, the Belgian banking and insurance group can boast 4% growth in its loan portfolio, with an increase in each of its key markets, as well as stability in customer deposits.

In addition, KBC will pay an interim dividend of E1 per share in November 2024, and has raised its net interest income forecast for 2024 to around E5.5bn, rather than a range of E5.3bn to E5.5bn as originally planned.


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