CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

KBC Outlook Upgraded; Credit Unmoved

FINANCIALS

KBC (KBC BB) reported positive 4Q23 results earlier, equity best performer amongst Eurobanks today but credit curve little changed.


  • Equity market reaction appears to centre on a positive revenue performance (1% better than consensus and +10% y/y), raised dividend (ahead of consensus) and good outlook indications for FY24. The small net profit miss has been largely ignored.
  • In credit terms, NPLs are 2.1% (from 2.0% at Sep-23) and CET1 is better at 13.8% (from 13.5%) and total capital is 17.5% (from 18.1%), so broadly as expected.
  • On outlook, the FY24 revenue guidance on NII is a range where current consensus is 19% above the bottom of that range (and 12% below the midpoint) so some upgrade there. Guidance further out also implies marginally better growth than expected.

There’s no major buyback upgrade here, which often mutes any credit performance, yet the cash curve is nearly all within 1bp of yesterday’s levels.

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.