August 10, 2017 / 5:29 AM / a year ago

KBC Q2 net profit up 36 pct, beats expectations

BRUSSELS, Aug 10 (Reuters) - Belgian financial group KBC on Thursday posted a better-than-expected net profit in the second quarter, aided by stronger economic growth and the release of loan loss impairments.

Net profit rose 35.7 percent in the second quarter to 855 million euros ($1.00 billion), well above the 720 million expected in a Reuters poll of six analysts.

The group said profit growth was strongest in its Belgian and its international markets business, while results in the Czech Republic remained broadly unchanged compared to last year.

The positive development of loan losses was mainly driven by the group’s Irish business and KBC added it expected to release up to 200 million euros of loan losses in the country this year.

For the remainder of 2017, KBC said it expected a solid return for all business units and sustained economic growth in both the euro area and the United States.

$1 = 0.8520 euros Reporting by Robert-Jan Bartunek; Editing by Biju Dwarakanath

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