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IBOS member KBC Group has announced its financial results for Q1 2018, with a net income of 556 million euros.

For Q1 2018, KBC’s net fee and commission income remained strong. All other income items together increased by 60 per cent compared to Q4 2017, as an additional provision of 61.5 million euros was recorded in Q4 2017 in relation to the sector-wide revision of Irish mortgage loans with tracker interest rates prior to 2009.

The quarter was favoured by a reversal of write-downs on loans of 63 million euros, mainly due to Ireland. As a result, KBC’s annual credit costs were very favourable -0.15 per cent (a negative figure indicates a positive impact on the result), compared to -0.06 per cent for the full year 2017.

KBC’s liquidity position remained solid and that was also the case for the Bank’s capital base, with a common equity ratio of 15.9 per cent (fully loaded, Danish Compromise method).

The technical income from KBC’s non-life insurance business increased by seven per cent compared to Q4 2017. The combined ratio for Q1 2018 was 90 per cent, compared to 88 per cent for the full year 2017.

Read the full press release, via KBC Group, here