KBC Group Sell-Side Analyst Consensus Estimate

Transcription

1 KBC Group 2Q 2018 and FY 2018, 2019 and 2020 Consensus estimate issued by KBC Group Investor Relations office Date of the last update: 25 July 2018 This consensus was built on estimates submitted by analysts to KBC Group NV, during the period from 19 July 2018 to 25 July It is not investment research, and is therefore not subject to the rules governing investment research, including conflict of interest provisions. The material from which the figures are drawn is the sole responsibility of the analysts concerned. KBC Group does not endorse the research, the figures or their correctness and accuracy in any way and accepts no liability in respect of it. KBC Group has not commented on or verified any individual estimates. It should be noted that estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results. The consensus figures are provided for information purposes only. They should not be seen as a recommendation to buy or sell shares in KBC Group, or to take or refrain from taking any other action.

2 KBC Group PRE 2Q 2018 NET RESULT (EUR m) Low AVG High No of observations 2Q 2018e FY 2018e FY 2019e FY 2020e EPS CET1 (EUR) Low AVG High No of observations (EUR) Low AVG High 2Q 2018e 1,54 1,63 1, Q 2018e 15,6% 15,8% 16,2% 16 FY 2018e 5,74 6,10 6,48 15 FY 2018e 15,9% 16,2% 16,5% 16 FY 2019e 5,43 6,00 6,55 15 FY 2019e 15,8% 16,4% 16,9% 16 FY 2020e 5,54 6,38 7,19 15 FY 2020e 15,8% 16,6% 17,5% 16 No of observations DPS (EUR) Low AVG High No of observations (EUR) Low AVG High FY 2018e 3,05 3,61 4, Q 2018e FY 2019e 3,10 3,99 5,00 13 FY 2018e FY 2020e 3,15 4,29 5,61 13 FY 2019e Pay-out ratio RWA FY 2020e Explanation No of observations (EUR) Low AVG High No of observations Low Expresses the lowest estimate from the given range of estimates FY 2018e 48,8% 59,6% 65,0% 13 AVG Expresses the average estimate from the given range of estimates FY 2019e 52,3% 67,0% 81,9% 13 High Expresses the highest estimate from the given range of estimates FY 2020e 52,2% 67,6% 84,2% 13

3 KBC Group - Q Net interest income Non-life insurance before reinsurance Life insurance before reinsurance Ceded reinsurance result Dividend income Net result from FI at FV though profit or loss o/w result on equity instruments (overlay) Net realised result from debt instr. at FV through OCI Net fee and commission income Other net income TOTAL INCOME Operating expenses Impairment Share in results of associated companies PROFIT BEFORE TAX Income tax expense PROFIT AFTER TAX Minority interests NET RESULT - GROUP SHARE Belgium Czech Republic International Markets Group Center EPS (earnings per share) 1,54 1,63 1, ,63 1,70 1,59 1,71 1,56 1,68 1,71 1,54 1,56 1,56 1,76 1,55 CET1 15,6% 15,8% 16,2% 16 15,80% 15,9% 15,8% 16,2% 16,1% 15,6% 15,8% 15,6% 15,7% 16,0% 15,8% 15,8% 15,8% 15,8% 15,8% 15,7% of which RWA

4 KBC Group - FY 2018 Net interest income Non-life insurance before reinsurance Life insurance before reinsurance Ceded reinsurance result Dividend income Net result from FI at FV though profit or loss o/w result on equity instruments (overlay) Net realised result from debt instr. at FV through OCI Net fee and commission income Other net income TOTAL INCOME Operating expenses Impairment Share in results of associated companies PROFIT BEFORE TAX Income tax expense PROFIT AFTER TAX Minority interests NET RESULT - GROUP SHARE Belgium Czech Republic International Markets Group Center EPS (earnings per share) 5,74 6,10 6, ,26 6,48 5,96 6,48 6,1 6,08 6,24 6,30 5,93 5,93 6,09 5,74 5,85 6,15 5,97 DPS (dividend per share) 3,05 3,61 4, ,15 3,05 3,77 3,8 3,58 3,20 3,57 3,86 3,57 3,50 3,76 3,69 3,53 Pay-out ratio (in %) 48,8% 59,6% 65,0% 13 65,0% 48,8% 58,2% 61,9% 60,0% 50,8% 61,0% 65,0% 58,6% 62,0% 65,0% 60,0% 59,0% CET1 15,9% 16,2% 16,5% 16 16,0% 16,0% 16,4% 16,4% 16,2% 16,0% 16,1% 16,5% 16,4% 16,0% 16,4% 16,0% 16,0% 16,3% 16,0% 15,9% of which RWA

5 KBC Group - FY 2019 Net interest income Non-life insurance before reinsurance Life insurance before reinsurance Ceded reinsurance result Dividend income Net result from FI at FV though profit or loss o/w result on equity instruments (overlay) Net realised result from debt instr. at FV through OCI Net fee and commission income Other net income TOTAL INCOME Operating expenses Impairment Share in results of associated companies PROFIT BEFORE TAX Income tax expense PROFIT AFTER TAX Minority interests NET RESULT - GROUP SHARE Belgium Czech Republic International Markets Group Center EPS (earnings per share) 5,43 6,00 6, ,98 6,49 5,45 6,55 5,9 5,99 6,26 6,50 5,87 5,89 5,99 5,43 5,81 6,27 5,58 DPS (dividend per share) 3,10 3,99 5, ,00 3,10 4,13 4,6 3,59 3,40 4,48 3,83 3,49 3,90 4,03 4,39 3,87 Pay-out ratio (in %) 52,3% 67,0% 81,9% 13 81,9% 54,6% 63,1% 77,5% 60,0% 52,3% 76,9% 65,0% 58,3% 72,5% 70,0% 70,0% 69,0% CET1 15,8% 16,4% 16,9% 16 15,8% 16,4% 16,5% 16,8% 16,8% 16,0% 16,4% 16,6% 16,3% 16,0% 16,9% 16,0% 16,2% 16,8% 16,3% 16,1% of which RWA

6 KBC Group - FY 2020 Net interest income Non-life insurance before reinsurance Life insurance before reinsurance Ceded reinsurance result Dividend income Net result from FI at FV though profit or loss o/w result on equity instruments (overlay) Net realised result from debt instr. at FV through OCI Net fee and commission income Other net income TOTAL INCOME Operating expenses Impairment Share in results of associated companies PROFIT BEFORE TAX Income tax expense PROFIT AFTER TAX Minority interests NET RESULT - GROUP SHARE Belgium Czech Republic International Markets Group Center EPS (earnings per share) 5,54 6,38 7, ,17 6,98 5,54 6,78 6,3 6,36 6,49 6,90 6,16 6,23 6,47 5,87 6,18 7,19 6,07 DPS (dividend per share) 3,15 4,29 5, ,30 3,15 4,28 5,0 3,81 3,60 4,68 4,05 3,78 4,00 4,29 5,61 4,21 Pay-out ratio (in %) 52,2% 67,6% 84,2% 13 84,2% 54,6% 63,2% 78,5% 60,0% 52,2% 76,4% 65,0% 58,4% 68,7% 70,0% 78,0% 69,0% CET1 15,8% 16,6% 17,5% 16 15,8% 16,8% 16,4% 17,2% 17,3% 16,0% 17,2% 16,7% 16,1% 16,0% 17,5% 16,0% 16,4% 0 16,5% 16,3% of which RWA