KBC Group: Second-quarter result of 811 million euros
11 Agosto 2022 - 7:00AM
KBC Group: Second-quarter result of 811 million euros
Press Release
Outside trading hours - Regulated information*
Brussels, 11 August 2022 (07.00 a.m. CEST)
KBC Group: Second-quarter result of 811 million
euros
KBC Group – overview (consolidated, IFRS) |
2Q2022 |
1Q2022 |
2Q2021 |
1H2022 |
1H2021 |
Net result (in millions of EUR) |
811 |
458 |
793 |
1 269 |
1 350 |
Basic earnings per share (in EUR) |
1.92 |
1.07 |
1.87 |
2.99 |
3.18 |
Breakdown of the net result by business unit (in millions of
EUR)* |
|
|
|
|
|
Belgium |
564 |
227 |
528 |
790 |
908 |
Czech Republic |
237 |
207 |
168 |
443 |
291 |
International Markets |
52 |
74 |
140 |
125 |
228 |
Group Centre |
-41 |
-49 |
-42 |
-90 |
-76 |
Parent shareholders’ equity per share (in EUR, end of period) |
45.0 |
51.8 |
51.8 |
45.0 |
51.8 |
* At the start of 2022, Ireland was moved from
the International Markets Business Unit to the Group Centre in view
of the pending sale. Past figures have not been restated.
‘Five and a half months have now passed since
Russia invaded Ukraine and unfortunately the war still shows no
sign of ending. The tragedy unfolding in Ukraine is causing immense
human suffering and sending shockwaves throughout the global
economy. We express our heartfelt solidarity with all victims of
this conflict and we hope that a respectful, peaceful and lasting
solution can be achieved as soon as possible. While our direct
exposure to Ukraine, Belarus and Russia is very limited, we are of
course indirectly affected by the macroeconomic impact of this
conflict and other geopolitical and emerging risks, including the
effect of high gas and oil prices on inflation and economic growth,
and the spillover effects for us, our counterparties and our
customers. Given this situation, we have further increased our
dedicated reserve for geopolitical and emerging risks, bringing it
to 268 million euros at the end of the quarter under review.
Considering these adverse context developments,
the past few months have also seen us make further progress in
implementing our strategy. As regards the strengthening of our
position in our core markets, for instance, we finalised the
acquisition of the Bulgarian activities of Raiffeisen Bank
International. Raiffeisenbank Bulgaria and our existing Bulgarian
subsidiary UBB will merge their operations, allowing us to
significantly expand the share of our Bulgarian core market to an
estimated 19% in terms of assets. I would like to take this
opportunity to warmly welcome all of the new Bulgarian customers
and new colleagues who are joining our group. We also took
important steps in our digitalisation journey. For example, a year
and a half after the successful launch of Kate, the personal
digital assistant, we are once again taking the lead in innovation
by rolling out the Kate Coin, our proprietary digital coin based on
blockchain technology. Private KBC customers in Belgium will soon
be able to earn Kate Coins and use them through their Kate Coin
wallet in KBC Mobile. Everything takes place in a closed-loop
environment, outside of which the Kate Coin has no value. This
initiative will initially be implemented within the KBC banking and
insurance environment, but over time a whole world of possibilities
will open up for application in the wider ecosystem. The first
concrete steps are now being taken within KBC in Belgium, and we
will eventually roll out the Kate Coin throughout the entire
group.
As regards our financial results, we posted an
excellent net profit of 811 million euros in the quarter under
review. Quarter-on-quarter total income was more or less stable,
with the increases in net interest income, technical insurance
income, dividend income and net other income being offset by lower
trading & fair value income and net fee and commission income.
Costs decreased significantly due to the fact that the bulk of the
bank taxes for the full year had been recorded in the previous
quarter (apart from a new additional tax in Hungary that was booked
in the quarter under review). We recorded a small net increase in
loan loss impairment, as limited net charges for individual loans
(virtually all of which related to the sale transaction in Ireland)
and an increase in the reserve for geopolitical and emerging risks
were almost entirely offset by the full reversal of the remaining
reserve for the coronavirus crisis. Our solvency position remained
very solid with a common equity ratio of 15.9% on a fully loaded
basis, and our liquidity position was excellent, as illustrated by
an NSFR of 142% and an LCR of 158%. In line with our general
dividend policy, we will pay out an interim dividend of 1 euro per
share in November 2022 as an advance on the total dividend for
financial year 2022.
Lastly, our ultimate goal remains to be the
reference bank-insurer in all our home markets, thanks to our
customer-centric business model and, even more importantly, based
on the trust that our customers, employees, shareholders and other
stakeholders place in us. That continued trust is truly appreciated
and something I wish to thank you for.’
Johan ThijsChief Executive Officer
Full press release attached
- 2q2022-pb-en
- 2q2022-quarterly-report-en
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