Following the Q4 16 earnings release, we are updating our model so as to factor in the latest trends in KBC’s operating divisions. Total income at €1.9bn was respectively 6.7% and 8% higher than consensus forecasts and our own expectations. The beat was, however, entirely driven by both trading income and other income, which we do not find sustainable going into 2017 and 2018. Total expenses were in line with consensus numbers but above our expectations due to a one-off expense of
16 Feb 2017
Net interest margin and dividend remain the keys...
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Net interest margin and dividend remain the keys...
KBC Group N.V. (KBC:WBO) | 0 0 0.4% | Mkt Cap: 30,432m
- Published:
16 Feb 2017 -
Author:
Farhad Moshiri -
Pages:
3
Following the Q4 16 earnings release, we are updating our model so as to factor in the latest trends in KBC’s operating divisions. Total income at €1.9bn was respectively 6.7% and 8% higher than consensus forecasts and our own expectations. The beat was, however, entirely driven by both trading income and other income, which we do not find sustainable going into 2017 and 2018. Total expenses were in line with consensus numbers but above our expectations due to a one-off expense of