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FINANCIALS: KBC: Pre-Tax Beat But Loan Losses Ticked Up. Spread Neutral.

FINANCIALS

KBC (KBCBB: A3/A-/A) 2Q24 headlines include a 1.6% revenue beat but cost overruns and higher loan losses (but from a very low base) trims the pre-tax beat to only c.6%. The loan loss issues aren’t major but appear focussed in Belgium and Czechia (cautious for Crelan, Argenta, Sporitelna and Raiffeisen). Spreads were indicating some hope built into pricing and, much as this is a profit beat, we think that loan loss overrun may cap performance.

  • “*KBC 2Q IMPAIRMENT LOSS EU85M, EST. EU69M
  • *KBC 2Q NET INCOME EU925M, EST. EU871M” – BBG
  • “*KBC Group 2Q Pretax Pft EUR1.16B [cons: 1.095bn]
  • *KBC Group 2Q CET1 Ratio 15.1%% [cons: 15.2%]
  • *KBC Group Backs Medium to Longer-Term Guidance” - DJ

Conf call is 0830 (London time) at: https://channel.royalcast.com/kbc/#!/kbc/20240808_1 

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