(Reuters) – KBC raised its full-year forecast for net interest income (NII) on Thursday after beating expectations for its second-quarter results, citing higher demand for its loans.
The Belgian bank raised its NRI target to €5.5 billion, from a previous range of €5.3-5.5 billion, after posting NRI of €1.38 billion, above analysts’ expectations of €1.36 billion in a consensus compiled by the company.
“Our total revenue benefited from (…) higher net interest income, higher net fee and commission income, strong insurance revenue and improved fair value and trading revenue, as well as the seasonal spike in dividend income,” the group said in a statement.
KBC’s net profit fell by 4% in the second quarter to 925 million euros compared to the previous year. However, this was better than analysts had expected, with a profit of 864 million euros.
The bank confirmed that it expects its annual insurance revenues to grow by at least 6% in 2024.
(Reporting by Matteo Allievi and Leo Marchandon, by Augustin Turpin, edited by Kate Entringer)
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