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8/11/2016, 9:34 AM (Source: TeleTrader)
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Chart for: KBC Group SA/NV

KBC Group reports strong second quarter

KBC Group reported second-quarter net profit of €721 million, up from €666 million in the comparable period a year ago. Basic earnings per share were €1.69 versus previous year's same quarter earnings of €1.56. Total income in the quarter was €1.885 billion.

Business in domicile country of Belgium weakened to €371 million from €528 million in 2015, but Czech segment rose to €191 million from €127 million a year ago. International markets segment jumped from €68 million in 2015 to €123 million in this year's second quarter.

The bank cited "the negative impact of low interest rates" as a difficulty but said it increased its lending volumes, deposits and lowered funding costs to fight the market conditions.

"Our total assets under management stood at 207 billion euros," KBC said in its earnings report, and added that sale of Visa Europe shareholding brought in one-off income of €99 million.

KBC Board of Directors approved an interim dividend of 1 euro per share, payable on November 18.

KBC shares last traded 5.41% higher at €50.82 at 9:30 a.m. CET. The stock has already gained 12.75% in the last six months.

Breaking the News / ZR