Quarterly Report • Feb 12, 2020
Quarterly Report
Open in ViewerOpens in native device viewer
Brussels, 13 February 2020 (07.00 a.m. CET)
| 4Q2019 | 3Q2019 | 4Q2018 | FY2019 | FY2018 |
|---|---|---|---|---|
| 702 | 612 | 621 | 2 489 | 2 570 |
| 1.66 | 1.44 | 1.44 | 5.85 | 5.98 |
| 412 | 368 | 361 | 1 344 | 1 450 |
| 205 | 159 | 170 | 789 | 654 |
| 119 | 85 | 93 | 379 | 533 |
| -33 | 0 | -3 | -23 | -67 |
| 45.3 | 43.5 | 41.4 | 45.3 | 41.4 |
We generated a net profit of 702 million euros in the fourth quarter of 2019. This excellent performance was accounted for mainly by the quarter-on-quarter increases in trading and fair value income, technical income from our insurance activities and net interest income, partly offset by higher loan loss impairment charges and seasonally higher costs. Adding this fourthquarter figure to the 1 787 million euros recorded in the first nine months of the year brings our net result to a solid 2 489 million euros for full-year 2019. This is 3% below the 2 570 million euros recorded for full-year 2018.
Our solvency position remained strong with a common equity ratio of 16.1%. We will propose to the General Meeting of Shareholders in May of this year to set the total (gross) dividend for 2019 at 3.5 euros per share, meaning that – following payment of the interim dividend of 1 euro per share in November 2019 – the final gross dividend to be paid in May will be 2.5 euros per share. We will also propose a buy-back of maximum 5.5 million shares, subject to the prior approval of the ECB. This will lead to a CET1 ratio (after capital distribution) of approximately 15.7%. Including the proposed total dividend, AT1 coupon and share buy-back, the pay-out ratio will amount to approximately 76% for financial year 2019.
On the sustainability front, KBC has endorsed the 'Collective Commitment to Climate Action' and is committed to stimulating the greening of the economy and to limiting global warming in line with the Paris Climate Agreement. Therefore, we pursue an open dialogue and communicate transparently with our customers and stakeholders on how we approach sustainability and to get a clear idea of their expectations. We also help our customers by supporting their transition to a greener future. For instance, in 2019, we concluded our first syndicated green loan within the shipping sector. This loan was structured according to the 'Green Loan Principles' as drawn up by the Loan Market Association, whose aim is to promote investments in green projects by providing banks and businesses with guidelines on the characteristics of such loans.
Our role as a pioneer in the field of sustainable investments was again highlighted when our SRI funds were awarded Febelfin quality certification for sustainable investment.
In our role towards customers and all other stakeholders, we aim to actively support the communities and economies in which we operate and to further build on future-proof digital transformation and customer solutions. We were, therefore, delighted to receive a series of awards in 4Q19. This reflects the appreciation in which our customer-oriented innovations are held and reaffirms our strategy going forward.
Ultimately, our goal is to ensure that our customers and all other stakeholders benefit from our activities, something which our employees are committed in their day-to-day work. In closing, I would like to take this opportunity to explicitly thank all those stakeholders who have put their trust in us.
Johan Thijs
Chief Executive Officer
1
Our strategy rests on four principles:
| Consolidated income statement, IFRS KBC Group (in millions of EUR) |
4Q2019 | 3Q2019 | 2Q2019 | 1Q2019 | 4Q2018 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|
| Net interest income | 1 182 | 1 174 | 1 132 | 1 129 | 1 166 | 4 618 | 4 543 |
| Non-life insurance (before reinsurance) | 229 | 192 | 174 | 161 | 198 | 756 | 760 |
| Earned premiums | 441 | 440 | 425 | 415 | 409 | 1 721 | 1 582 |
| Technical charges | -212 | -248 | -251 | -254 | -211 | -966 | -822 |
| Life insurance (before reinsurance) | 2 | -5 | 1 | -3 | -3 | -6 | -18 |
| Earned premiums | 364 | 291 | 317 | 351 | 416 | 1 323 | 1 359 |
| Technical charges Ceded reinsurance result |
-363 -11 |
-297 -9 |
-316 1 |
-354 -7 |
-418 -12 |
-1 329 -25 |
-1 377 -41 |
| Dividend income | 17 | 14 | 39 | 12 | 15 | 82 | 82 |
| Net result from financial instruments at fair value through P&L1 | 130 | -46 | -2 | 99 | 2 | 181 | 231 |
| Net realised result from debt instruments at fair value through other comprehensive income |
0 | 5 | 0 | 2 | 0 | 6 | 9 |
| Net fee and commission income | 445 | 444 | 435 | 410 | 407 | 1 734 | 1 719 |
| Net other income | 47 | 43 | 133 | 59 | 76 | 282 | 226 |
| Total income | 2 041 | 1 813 | 1 913 | 1 862 | 1 848 | 7 629 | 7 512 |
| Operating expenses | -1 045 | -975 | -988 | -1 296 | -996 | -4 303 | -4 234 |
| Impairment | -82 | -26 | -40 | -69 | -43 | -217 | 17 |
| Of which: on financial assets at amortised cost and at fair value through other comprehensive income2 |
-75 | -25 | -36 | -67 | -30 | -203 | 62 |
| Share in results of associated companies & joint ventures | -1 | 0 | 4 | 5 | 4 | 7 | 16 |
| Result before tax | 912 | 812 | 889 | 503 | 814 | 3 116 | 3 310 |
| Income tax expense | -210 | -200 | -144 | -73 | -192 | -627 | -740 |
| Result after tax | 702 | 612 | 745 | 430 | 621 | 2 489 | 2 570 |
| attributable to minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| attributable to equity holders of the parent | 702 | 612 | 745 | 430 | 621 | 2 489 | 2 570 |
| Basic earnings per share (EUR) | 1.66 | 1.44 | 1.76 | 0.98 | 1.44 | 5.85 | 5.98 |
| Diluted earnings per share (EUR) | 1.66 | 1.44 | 1.76 | 0.98 | 1.44 | 5.85 | 5.98 |
| Key consolidated balance sheet figures KBC Group (in millions of EUR) |
31-12-2019 | 30-09-2019 | 30-06-2019 | 31-03-2019 | 31-12-2018 | ||
| Total assets | 290 735 | 294 830 | 289 548 | 292 332 | 283 808 | ||
| Loans and advances to customers, excl. reverse repos | 155 816 | 154 863 | 154 169 | 148 517 | 147 052 | ||
| Securities (equity and debt instruments) | 65 633 | 65 122 | 63 746 | 63 706 | 62 708 | ||
| Deposits from customers & debt certificates, excl. repos | 203 369 | 205 270 | 199 138 | 197 987 | 194 291 | ||
| Technical provisions, before reinsurance | 18 560 | 18 549 | 18 652 | 18 589 | 18 324 | ||
| Liabilities under investment contracts, insurance | 13 610 | 13 456 | 13 381 | 13 334 | 12 949 | ||
| Parent shareholders' equity | 18 865 | 18 086 | 17 799 | 17 924 | 17 233 | ||
| Selected ratios KBC group (consolidated) |
FY2019 | FY2018 | |||||
| Return on equity | 14% | 16% | |||||
| Cost/income ratio, banking | 58% | 58% | |||||
| (when excluding certain non-operating items) Combined ratio, non-life insurance |
(58%) 90% |
(57%) 88% |
|||||
| Common equity ratio, Basel III Danish Compromise (fully loaded) | 16.1%3 | 16.0% | |||||
| Common equity ratio, FICOD (fully loaded) Leverage ratio, Basel III (fully loaded) |
14.9% 6.4%4 |
14.9% 6.1% |
|||||
| Credit cost ratio5 | 0.12% | -0.04% | |||||
| Impaired loans ratio | 3.5% | 4.3% | |||||
| for loans more than 90 days past due | 1.9% | 2.5% | |||||
| Net stable funding ratio (NSFR) | 136% | 136% | |||||
| Liquidity coverage ratio (LCR) | 138% | 139% |
1 Also referred to as 'Trading and fair value income'. 2 Also referred to as 'Loan loss impairment'. 3 15.7% when including the proposed share buy-back. 4 6.3% when including the proposed share buy-back. 5 A negative figure indicates a net impairment release (with a positive impact on the results).
We provide a full overview of our IFRS consolidated income statement and balance sheet in the 'Consolidated financial statements' section of the quarterly report. Condensed statements of comprehensive income, changes in shareholders' equity, as well as several notes to the accounts, are also available in the same section. As regards the (changes in) definition of ratios, see 'Details of ratios and terms' in the quarterly report.
| Total income | Total income increased by 13% quarter-on-quarter. Overall, trading and fair value income, technical insurance income, net interest income and net other income rose, |
|---|---|
| 2 041 | while net fee and commission income only slightly increased compared to the previous |
| million euros | quarter. |
Net interest income amounted to 1 182 million euros in the quarter under review, up 1% both on the figure recorded in the previous quarter and year-on-year. Net interest income benefited from the positive effect of continued good loan volume growth, the positive impact of ECB tiering as of the fourth quarter of 2019, the full consolidation of ČMSS since June 2019 and the effect of past increases in short-term interest rates in the Czech Republic (year-on-year). These items were partially offset by a number of factors, including the ongoing pressure on loan portfolio margins (notwithstanding a recovery of the margin on new mortgage loan production in some of our core countries) and the negative effect of lower reinvestment yields in our core countries in the euro area.
The total volume of customer lending rose slightly (0.3%) quarter-on-quarter and by as much as 6% year-on-year. On a comparable scope basis (eliminating the effects of changes in scope, including the sale of parts of the Irish loan book in the past and the full consolidation of ČMSS since June 2019), the year-on-year increase in customer lending amounted to 3%, with growth in all business units. Customer deposits including debt certificates were down 1% quarter-on-quarter and up 5% year-on-year. On a comparable scope basis, the year-on-year growth was 2%. The net interest margin amounted to 1.94% for the quarter under review, in line with the previous quarter but down 8 basis points on the level recorded in the year-earlier quarter.
Technical income from our non-life insurance activities (earned premiums less technical charges, plus the ceded reinsurance result) contributed 219 million euros to total income. It was up 19% on its level in the previous quarter due to a combination of lower technical charges (mainly a lower storm-related impact), stable earned premiums and a lower ceded reinsurance result. Technical non-life insurance income was up 17% on the figure recorded in the year-earlier quarter, due mainly to growth of earned premium income in all of our core countries. Overall, the combined ratio for 2019 came to 90%, compared with 88% for full-year 2018.
Technical income from our life insurance activities amounted to 1 million euros, compared to -6 million euros in the previous quarter and -4 million euros in the year-earlier quarter. Sales of life insurance products in the quarter under review (471 million euros) were up 17% on the level recorded in the previous quarter, driven by higher sales of guaranteed-interest products in Belgium (attributable chiefly to traditionally higher volumes in tax-incentivised pension savings products in the fourth quarter of 2019). Compared to the year-earlier quarter, however, sales of life insurance products were down 8%, driven mainly by lower sales of guaranteed-interest products (due entirely to the suspension of universal single life insurance products in Belgium). Overall, the share of guaranteed-interest products in our total life insurance sales amounted to 66% in the quarter under review, with unit-linked products accounting for the remaining 34%.
At 445 million euros, net fee and commission income was slightly higher than the figure recorded in the previous quarter and up by 9% on the figure recorded in the year-earlier quarter. Quarter-on-quarter, net fee and commission income benefited from an increase in fees related to asset management services and in fees for banking services (mainly fees from credit files and bank guarantees), while distribution fees rose because of higher commissions paid linked to banking products and increased sales of insurance products. Compared to a year earlier, net fee and commission income benefited from an increase in fees related to asset management services and in fees related to banking services (including the ČMSS year-on-year impact), while paid distribution fees rose too. At the end of December 2019, our total assets under management amounted to 216 billion euros, up 2% quarter-on-quarter and 8% year-on-year. In both cases, this was largely accounted for by the positive impact of improving asset prices more than offsetting net outflows (mainly in investment advice and group assets, but small net inflows in our mutual fund business).
All other remaining income items amounted to an aggregate 194 million euros, well up on the 16 million euros recorded in the previous quarter and on the 93 million euros in the year-earlier quarter. The quarter under review included a 130-million-euro net result from financial instruments at fair value (trading and fair value income), up on the very weak -46 million euros recorded in the previous quarter and much higher than the 2 million euros recorded in the year-earlier quarter. The quarter's trading and fair value income was boosted mainly by the aggregate positive impact of various market value adjustments and good level of dealing room income. The other remaining income items also included dividend income of 17 million euros and 47 million euros in net other income. The figure for net other income compares to 76 million euros in the year-earlier quarter (which had benefited from a positive 33 million euros related to the settlement of legacy legal cases) and to 43 million euros in the previous quarter, which had been impacted by an 18-million-euro charge related to the tracker mortgage review in Ireland.
| Operating expenses | Excluding bank taxes, operating expenses in the fourth quarter were up 5% compared to the previous quarter. The cost/income ratio amounted to 58% for full-year 2019, in |
|---|---|
| 1 045 million euros |
line with the previous year. |
Operating expenses in the fourth quarter of 2019 were 1 045 million euros. Excluding bank taxes, operating expenses increased by 5% quarter-on-quarter, mainly as a result of higher staff expenses (due partly to wage inflation in most countries and a provision for bonuses), timing differences (such as seasonally higher professional fee expenses) and higher marketing and facilities expenses. Costs were up 4% year-on-year, due in part to higher staff costs (wage inflation in most countries, partly offset by a decrease in FTEs), higher depreciation costs and the ČMSS year-on-year impact.
The cost/income ratio of our banking activities came to 58% for 2019 (compared to 57% for 2018 excluding certain non-operating items and 58% for 2018 including certain non-operating items).
In the fourth quarter of 2019, we recorded a 75-million-euro net loan loss impairment charge, compared with a net charge of 25 million euros in the previous quarter and 30 million euros in the fourth quarter of 2018. Most of the net impairment charge in the quarter under review related to five corporate loans in Belgium. Broken down by country, loan loss impairment charges in the fourth quarter of 2019 came to 107 million euros in Belgium, 2 million euros in Hungary and 1 million euros in the Czech Republic, while there were net impairment releases of 14 million euros in Ireland, 11 million euros in the Group Centre, 5 million euros in Slovakia and 4 million euros in Bulgaria. For the entire group, the credit cost ratio amounted to 0.12% for 2019, compared to -0.04% for 2018 (a negative figure indicates a net release and, hence, has a positive effect on the results).
The impaired loans ratio has continued to improve since the start of the year. At the end of December 2019, some 3.5% of our total loan book was classified as impaired (4.3% at year-end 2018). Impaired loans that are more than 90 days past due fell to 1.9% of the loan book (2.5% at year-end 2018). The drop in impaired loans is partly related to the accounting write-off of certain fully provisioned legacy loans in Ireland in earlier quarters.
Impairment on assets other than loans amounted to 7 million euros, compared to 1 million euros in the previous quarter and 13 million euros in the fourth quarter of 2018.
| Net result | Belgium | Czech Republic | International Markets | Group Centre |
|---|---|---|---|---|
| by business unit | 412 million euros | 205 million euros | 119 million euros | -33 million euros |
Belgium: the net result (412 million euros) was up 12% quarter-on-quarter. The fourth quarter result included significantly higher trading and fair value income (positive impact of various valuation adjustments combined with a good dealing room result), as well as higher technical insurance results and improved net fee and commission income. Net interest income and operating expenses were slightly lower whereas loan loss impairment charges edged up to 107 million euros on account of five corporate loans.
Czech Republic: the net result (205 million euros) was up 29% on its level for the previous quarter. The fourth quarter result included not only significantly higher trading and fair value income, but also higher net interest income and lower loan loss impairment charges. These were partly offset by higher operating expenses and lower net fee and commission income.
International Markets: the 119-million-euro net result breaks down as follows: 38 million euros in Slovakia, 50 million euros in Hungary, 27 million euros in Bulgaria and 2 million euros in Ireland. For the business unit as a whole, the net result was up 39% quarter-onquarter, mainly on account of higher loan loss impairment releases, higher net other income (negative one-off item related to the Irish
tracker mortgage review in the third quarter of 2019) and higher trading and fair value income, but partly offset by higher bank taxes (mainly in Ireland) and increased operating expenses.
Group Centre: the net result (-33 million euros) was down 33 million euros quarter-on-quarter. The quarter under review was impacted by higher operating expenses arising mainly from timing differences, lower net other income and lower net results from financial instruments at fair value (due entirely to a lower value of derivatives used for asset/liability management purposes).
| Belgium | Czech Republic | International Markets | |||||
|---|---|---|---|---|---|---|---|
| Selected ratios by business unit | FY2019 | FY2018 | FY2019 | FY2018 | FY2019 | FY2018 | |
| Cost/income ratio, banking excluding certain non-operating items | 60% | 58% | 47% | 46% | 68% | 65% | |
| Combined ratio, non-life insurance | 89% | 87% | 94% | 97% | 88% | 90% | |
| Credit cost ratio* | 0.22% | 0.09% | 0.04% | 0.03% | -0.07% | -0.46% | |
| Impaired loans ratio | 2.4% | 2.6% | 2.3% | 2.4% | 8.5% | 12.2% |
* A negative figure indicates a net impairment release (positively affecting results). See 'Details of ratios and terms' in the quarterly report.
A full results table is provided in the 'Additional information' section of the quarterly report. A short analysis of the results per business unit is provided in the analyst presentation (available at www.kbc.com).
| Equity, solvency and liquidity |
Total equity |
Common equity ratio (fully loaded) |
Liquidity coverage ratio |
Net stable funding ratio |
|---|---|---|---|---|
| 20.4 billion euros | 16.1% | 138% | 136% |
At the end of December 2019, total equity amounted to 20.4 billion euros, comprising 18.9 billion euros in parent shareholders' equity and 1.5 billion euros in additional tier-1 instruments. Total equity was up 4% on its level at the end of 2018, owing to the combined effect of a number of items, including profits for the twelve-month period (+2.5 billion euros), the call of an additional tier-1 instrument and the issuance of a new additional tier-1 instrument (-1.4 billion euros and +0.5 billion euros, respectively), payment of the final dividend for 2018 in May 2019 and the interim dividend for 2019 paid in November 2019 (-1.0 billion euros and -0.4 billion euros, respectively) and changes in various revaluation reserves (an aggregate +0.6 billion euros). We have provided details of the changes in the 'Consolidated financial statements' section of the quarterly report (under 'Consolidated statement of changes in equity').
At 31 December 2019, our fully loaded common equity ratio (Basel III, under the Danish compromise) amounted to 16.1%. The Board of Directors has decided that, for the year 2019, the capital above the 'Reference Capital Position' (15.7%) will be distributed. It will be proposed to the General Meeting of Shareholders in May of this year that the total (gross) dividend for 2019 be set at 3.5 euros per share, meaning that – following payment of the interim dividend of 1 euro per share in November 2019 – the final gross dividend to be paid in May will be 2.5 euros per share. It will also be proposed to buy back a maximum of 5.5 million shares, subject to the prior approval of the ECB. This will result in a CET1 ratio (after capital distribution) of approximately 15.7%. Including the proposed total dividend, AT1 coupon and share buy-back, the pay-out ratio will amount to approximately 76% for financial year 2019.
Our leverage ratio (Basel III, fully loaded) came to 6.4% (6.3% when including the proposed share buy-back). The solvency ratio for KBC Insurance under the Solvency II framework was a sound 202% at the end of December 2019. Our liquidity position remained excellent too, as reflected in an LCR ratio of 138% and an NSFR ratio of 136% at year-end.
| Net result 2 489 million euros |
The net result for 2019 was down (3%) on its year-earlier level. Total income was up 2% year-on year, owing mainly to the increase in net interest income and net other income (due to the one-off gain related to the acquisition of the remaining stake in ČMSS in the second quarter). Costs increased by 1.6% year-on-year, largely on the back of higher bank taxes, increased direct supervisory expenses and the ČMSS year-on-year impact. Loan loss impairment charges amounted to 203 million euros, significantly higher than the net impairment release of 62 million euros in the year-earlier period. |
|---|---|
Highlights (compared to 2018):
As we are mainly active in banking, insurance and asset management, we are exposed to a number of typical risks for these financial sectors such as – but not limited to – credit default risk, counterparty credit risk, concentration risk, movements in interest rates, currency risk, market risk, liquidity and funding risk, insurance underwriting risk, changes in regulations, operational risk, customer litigation, competition from other and new players, as well as the economy in general. KBC closely monitors and manages each of these risks within a strict risk framework, but they may all have a negative impact on asset values or could generate additional charges beyond anticipated levels.
At present, a number of items are considered to constitute the main challenges for the financial sector. These relate to recent macroeconomic and political developments, such as Brexit and trade conflicts, all of which affect global and European economies, including KBC's home markets. Economic growth and interest rate forecasts have been lowered, making it increasingly likely that the low interest rate environment will persist for longer than originally anticipated. Regulatory and compliance risks (including antimoney laundering regulations and GDPR) remain a dominant theme for the sector, as does enhanced consumer protection. Digitalisation (with technology as a catalyst) presents both opportunities and threats to the business model of traditional financial institutions, while climate-related risks are becoming increasingly prevalent. Finally, cyber risk has become one of the main threats during the past few years, not just for the financial sector, but for the economy as a whole.
We provide risk management data in our annual reports, quarterly reports and dedicated risk reports, all of which are available at www.kbc.com.
A global economic environment with muted growth and inflation in a context of still elevated risks led major central banks to stick to their very accommodating monetary policies. Following the rate cuts in 2019, we expect the Fed to keep its policy rate constant this and next year. Since euro area inflation is expected to remain significantly below the ECB's medium-term target and risk factors, such as trade conflicts, are still negatively impacting the momentum of European growth, the ECB will most likely also keep monetary policy very accommodative in the years to come.
Flight-to-quality and safe-haven effects, subdued European (core) inflation and, in particular, a dovish ECB will continue to limit the upward potential for longer-term interest rates and intra-EMU sovereign spreads.
The Czech National Bank (CNB) raised its policy rate to 2.25% at its policy meeting on 6 February 2020. This is consistent with the underlying strong dynamics of Czech inflation, which the CNB took into account in its decision.
After the global economic slowdown in 2019, 2020 started with a slightly more positive economic outlook. The euro-area economy is expected to recover gradually throughout this year. Very low unemployment rates combined with solid wage inflation are likely to continue underpinning private consumption as the main driver of economic growth. The main factors that could substantially impede European economic sentiment and growth remain the risk of further economic deglobalisation, including an escalation of trade conflicts, Brexit, political turmoil in some euro-area countries and geopolitical tensions. The spreading of the corona virus is expected to lower Chinese economic growth and to distort global supply channels, leading to temporarily lower growth in advanced economies too. However, the impact on the global economy is expected to be temporary and may be partly compensated later on in 2020.
For accounting year 2019, it will be proposed to the General Meeting of Shareholders in May of this year that the total (gross) dividend for 2019 be set at 3.5 euros per share, meaning that – following payment of the interim dividend of 1 euro per share in November 2019 – the final gross dividend to be paid in May will be 2.5 euros per share. It will also be proposed to buy back a maximum of 5.5 million shares, subject to the prior approval of the ECB. This will result in a CET1 ratio (after capital distribution) of
approximately 15.7%. Including the proposed total dividend, AT1 coupon and share buy-back, the pay-out ratio will amount to approximately 76% for financial year 2019.
The statutory auditor, PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises srl, represented by Roland Jeanquart and Tom Meuleman, has confirmed that its audit work, which is substantially complete, has not to date revealed any significant matters requiring adjustments to the 2019 consolidated income statement, the condensed consolidated statement of comprehensive income for the year, the consolidated balance sheet and the consolidated statement of changes in equity and explanatory notes, comprising a summary of significant accounting policies and other explanatory notes included in this press release.
| Guidance • Solid returns for all business units. • Basel IV impact for KBC (as of 1 January 2022) estimated to increase risk-weighted assets (RWA) by roughly 8 billion euros (on a fully loaded basis at the end of 2019), corresponding to RWA inflation of 8% and an impact on the common equity ratio of -1.2 percentage points. |
|
|---|---|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -- |
| Upcoming events | Annual report: 3 April 2020 Annual General Meeting: 7 May 2020 Final dividend: ex-date: 12 May 2020; record date: 13 May 2020; payment date: 14 May 2020 1Q2020 results: 14 May 2020 Investor Day: 17 June 2020 2Q2020 results: 6 August 2020 3Q2020 results: 12 November 2020 |
|---|---|
| More information on 4Q2019 |
Quarterly report: www.kbc.com / Investor Relations / Reports Company presentation: www.kbc.com / Investor Relations / Presentations |
| Definitions of ratios |
'Details of ratios and terms at KBC Group level' in the last section of the quarterly report. |
Kurt De Baenst, General manager Investor Relations, KBC-group Tel +32 2 429 35 73 - E-mail: [email protected]
Viviane Huybrecht, General Manager, Corporate Communication/Spokesperson, KBC Group Tel +32 2 429 85 45 - E-Mail: [email protected]
| KBC Group NV | |
|---|---|
| Havenlaan 2 – 1080 Brussels | |
| Viviane Huybrecht | |
| General Manager | |
| Corporate Communication /Spokesperson | |
| Tel. +32 2 429 85 45 |
Press Office Tel. +32 2 429 65 01 Stef Leunens Tel. +32 2 429 29 15 Ilse De Muyer Tel. +32 2 429 32 88 Pieter Kussé E-mail: [email protected]
KBC press releases are available at www.kbc.com or can be obtained by sending an e-mail to [email protected]
Follow us on www.twitter.com/kbc\_group
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.