KBC Groupe NV

KBC: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€35.00	Lyyqg	Zvgcrlyc

KBC Earnings: Holding Up Well; Superior Quality Is Fully Discounted

Johann Scholtz

Aug 9, 2024

Narrow-moat KBC reported a net profit of EUR 925 million for the second quarter of 2024, 4% lower than the year before. However, net profit was 7% ahead of company-compiled consensus, with especially lower-than-expected operating expenses contributing to the earnings beat. KBC increased its guidance for fiscal 2024 net interest income slightly on the back of robust loan growth and stable margins. Fee income grew by 7% as it benefited from higher asset management fees due to higher market valuations. Normalizing claims ratios led to a 5% decline in the net result of KBC’s insurance operations. We keep our EUR 72/share fair value estimate.

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