Q3 2024 Kbc Groep NV Earnings Call Transcript
Key Points
- KBC Groupe NV (KBCSF) posted an excellent result of EUR868 million for the third quarter, showcasing strong commercial performance across all markets.
- The company successfully recuperated EUR6.5 billion of customer monies, exceeding the outflow of EUR5.7 billion, demonstrating effective market positioning.
- Net interest income rose by 1%, with increased sales in customer loans and significant growth in the fee and insurance business.
- KBC Groupe NV (KBCSF) was recognized for having the best performing mobile banking app globally, highlighting its technological advancements.
- The company's solvency ratio and liquidity position have further improved, supporting the announcement of an interim dividend of EUR1 per share.
- There was a 6% uptick in costs, attributed to increased ICT investments, inflation, and higher facility expenses.
- Natural catastrophes, including windstorms and floodings, negatively impacted the insurance business, with a net cost of EUR49 million after reinsurance.
- The net interest margin dropped slightly due to increased interest-bearing assets and negative impacts from inflation-linked bonds.
- The competitive environment in Belgium, particularly due to the state note, resulted in a negative impact of EUR87 million, with EUR26 million affecting 2024.
- The company faces pressure on lending margins due to commercial competition, with varying impacts across different countries.
Good morning, ladies and gentlemen and welcome to the conference call of KBC group.
At this time, all participants are in listen-only mode. I would now like to turn the call over to Mr Kurt De Baenst Investor Relations, General Manager, Mr Baenst over to you.
Thank you, Operator, a very good morning to all of you from the headquarters of KBC in Brussels and welcome to the KBC conference call.
Today is Thursday, November the 7, 2024 and we are hosting the conference call on the third quarter results of KBC.
As usual, we have Johan Thijs, Group CEO with us; as well as our Group CFO, Luc Popelier, and they will both elaborate on the results and add some additional insight.
As such, it's my pleasure to give the floor to our CEO, Johan Thijs, who will quickly run you through the presentation.
Thank you very much, KBC. And also from my side, a warm welcome on the announcement of the third quarter results 2024. We will do
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