KBC Group, 3Q2012: Net profit jumped to EUR 1.23 billion

21 November 2012 — Vlad BOLDIJAR
kbc1KBC Group posted an IFRS-based net profit of EUR 531 million for the third quarter of 2012 against a net loss of EUR 539 million in the previous quarter and a net loss of EUR 1.58 billion in Q3 2011. For the first nine months of 2012, the same indicator was EUR 372 million, compared to EUR-424 million for January-September 2011. Excluding all exceptional and non-operating items, KBC ended the third quarter of 2012 with an underlying net profit of EUR 406 million, while for the first nine months, the value amounted to EUR 1.23 billion.

"Good business performance, significant de-risking and a further strengthening of our capital and liquidity position were the main features of the third quarter for KBC, a period in which we recorded EUR 406 million in underlying net profit. In terms of operating income, our underlying result went up by 10% on a comparable basis this quarter, driven by the good commercial performance of our strategic banking and insurance business model in our home markets in Belgium and Central and Eastern Europe", declared Johan THIJS, Group CEO.

According to the press release, the Belgium Business Unit contributed EUR 782 million to net profit in January-September 2012, the CEE Business Unit posted an increase to the net profit of EUR 246 million, to EUR 475 million (from EUR 229 million in 3Q2011), while Merchant Banking Business Unit recorded a EUR-12 million loss in 3Q2012. The Group Centre's result came to EUR-11 million (compared to EUR 114 million in January-September 2011).

Read the full release here.

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