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IBOS member KBC Group has announced its Q4 2018 financial results of €621 million.

KBC Group reported an excellence performance of the commercial bancassurance franchises in its core markets and core activities.

Net interest income increased 3% quarter-on-quarter and 2% year-on-year (on a comparable basis). The Bank benefited, among other things, from good credit growth, higher interest rates in the Czech Republic and lower financing costs.

The technical income from KBC’s non-life insurance business increased by 31% compared to Q4 2017, as higher earned premiums and lower technical expenses were only slightly compensated by the lower result from ceded reinsurance. The combined ratio for the whole fiscal year 2018 was an excellent 88%, fully in line with the figure for the full year 2017.

Sales of KBC’s life insurance products increased by 33% compared to Q3 2018.

This quarter reported an increase of €30 million in impairments on loans, mainly in Belgium due to a number of business credits. KBC’s credit costs for the 2018 fiscal year were very favourable: -0.04% (a negative figure indicates a positive effect on the result), compared with -0.06% for the 2017 financial year.

Read the full results via KBC here.