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KBC: third-quarter profit down, but shares up
(CercleFinance.com) - Belgian banking and insurance group KBC posted a lower quarterly profit on Thursday, as a decrease in costs and loan loss impairments was more than offset by "very weak" trading activity.
The group said it generated a net profit of 612 million euros in the third quarter, from 701 million euros in the same period last year. Net interest income increased by 4% year-on-year, driven by loan volume growth. Costs were down 1%, KBC said. In its statement, the bank pointed out that the European economy is currently slowing down, which is likely to continue to weigh on private consumption. The KBC share, however, was in pole position on Brussels' BEL 20 index on Thursday, rising over 3.2% in morning trading. Copyright (c) 2019 CercleFinance.com. All rights reserved. |
19/04/2024 08:57
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