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KBC net income above expectations in final quarter
February 12, 2015 / 6:32 AM / 3 years ago

KBC net income above expectations in final quarter

BRUSSELS, Feb 12 (Reuters) - Belgian financial group KBC on Thursday posted a better-than-expected adjusted net profit for the final quarter of 2014 as interest income expanded and loans and deposits grew in its main markets.

Net profit, adjusted for one-offs, for the fourth quarter came in at 477 million euros ($539.8 million), unchanged from the third quarter and above the 443 million expected in a Reuters poll of nine analysts.

The group said that it would pay a dividend of 2 euros this year but repeated that it would not pay a dividend for its 2015 results as it aims to avoid a coupon payment for the state aid it still holds.

The group, which needed 7 billion euros ($7.93 billion) of state aid during the 2008-2009 financial crisis, has already repaid 5 billion and unwound 25 billion euros of collateralised debt obligations over past quarters. ($1 = 0.8825 euros) (Reporting by Robert-Jan Bartunek)

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