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KBC reports strong results and completion of divestment programme

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KBC ended the third quarter of 2014 with a net profit of EUR591 million, compared with EUR317 million in the previous quarter and EUR272 million in the third quarter of 2013.

After excluding the impact of the legacy business (CDOs, divestments) and the valuation of own credit risk, adjusted net profit came to EUR477 million for the third quarter of 2014, compared with EUR287 million in the second quarter of 2014 and EUR457 million in the third quarter of 2013.
 
Johan Thijs, group CEO, says: ‘The summer months of 2014 were characterised by a low interest rate environment and a weakening of the economic recovery that had set in earlier this year against a background of low inflation. It was in this context that KBC posted a net result of EUR591 million for the third quarter, or EUR477 million on an adjusted-profit basis. The group continued to record excellent commercial results: net interest income increased, with loan volumes and client deposits growing further.
 
“We also collected higher revenues in the form of fees and commissions particularly in the asset management activities. The combined ratio for our non-life insurance activities remained strong and sales of life insurance products were also up. The cost/income ratio adjusted for specific items remained robust. Loan loss impairment charges were up somewhat on the previous quarter’s level but remained low overall, with a decrease being recorded in Ireland. Our total income continued to be impacted slightly by negative marked-to-market changes in the value of derivatives used for asset/liability management purposes.”

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