May 11, 2017 / 5:52 AM / 3 months ago

BRIEF-KBC Groep Q1 result of 630 million euros

May 11 (Reuters) - KBC GROEP NV:

* EXCELLENT FIRST-QUARTER RESULT OF 630 MILLION EUROS

* Q1 NET INTEREST INCOME EUR 1.03 BILLION VERSUS EUR 1.03 BILLION IN REUTERS POLL

* Q1 TOTAL INCOME EUR 1.95 BILLION VERSUS EUR 1.87 BILLION IN REUTERS POLL

* Q1 NON-LIFE INSURANCE (BEFORE REINSURANCE) EUR 187 MILLION VERSUS EUR 145 MILLION YEAR AGO

* Q1 LIFE INSURANCE (BEFORE REINSURANCE) LOSS OF EUR 28 MILLION VERSUS LOSS OF EUR 35 MILLION YEAR AGO

* Q1 RESULT BEFORE TAX EUR 715 MILLION VERSUS EUR 630 MILLION IN REUTERS POLL

* Q1 NET PROFIT EUR 630 MILLION VERSUS EUR 501 MILLION IN REUTERS POLL

* IN 2017 ANTICIPATES SOLID RETURNS IN ALL OUR BUSINESS UNITS

* VIEWS THE CURRENT CREDIT COST RATIO AS BEING VERY LOW

* FOR IRELAND, IN PARTICULAR, OUR GUIDANCE FOR LOAN IMPAIRMENT IS FOR A RELEASE OF 120-160 MILLION EUROS FOR FULL YEAR 2017

* . AFTER DECEMBER 2017, WE EXPECT THE ECB TO GRADUALLY PHASE OUT ITS QE PROGRAMME AND END IT BY MID-2018

* EXPECTS ANOTHER TWO RATE INCREASES BY THE FED IN 2017 AND THREE MORE IN 2018 (OF 25 BASIS POINTS EACH).

* EXPECTS THE US DOLLAR TO APPRECIATE AGAINST THE EURO IN 2017, AS IT WILL BENEFIT FROM SHORT-TERM INTEREST RATE SUPPORT

* EXPECTS GERMAN AND US LONG-TERM BOND YIELDS TO RISE ONLY MODERATELY IN THE PERIOD AHEAD

* SAYS MOST SIGNIFICANT RISKS STILL STEM FROM POLITICAL EVENTS, THE REAL START OF THE BREXIT NEGOTIATIONS AFTER THE UK GENERAL ELECTION ON 8 JUNE, AND THE TREND OF DE-GLOBALISATION

* SAYS THESE RISKS MAY ADD TO UNCERTAINTY THAT COULD POTENTIALLY SPILL OVER TO THE REAL ECONOMY IN THE FORM OF MORE PESSIMISTIC SENTIMENT AND A POSTPONEMENT OF INVESTMENTS Source text for Eikon: Further company coverage: (Gdynia Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below