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Stock impact report

KBC Group: Fourth-quarter result of 677 million euros [Yahoo! Finance]

KBC GROUP SA UNSP/ADR (KBCSY) 
NASDAQ:AMEX Investor Relations: kbc.com/en/investor-relations
Company Research Source: Yahoo! Finance
‘We recorded a net profit of 677 million euros in the last quarter of 2023. Compared to the result of the previous quarter, our total income benefitted from several factors, including better net fee and commission income and higher net other income, though these items were offset by a lower level of net interest income and lower insurance results. Costs, including bank and insurance taxes, were up quarter-on-quarter, as were impairment charges, driven mainly by an impairment of 109 million euros on goodwill on building savings company CSOBS (a subsidiary of CSOB Bank) in the Czech Republic and approximately 53 million euros impairment charges on software. Consequently, when adding up the four quarters of the year, our full-year net profit amounted to 3 402 million euros, up 21% year-on-year. Our loan portfolio continued to expand, increasing by 1% quarter-on-quarter and by 3% compared to a year ago, with growth being recorded in each of the group's core countries. Customer deposits Show less Read more
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