Belgian multi-channel bank KBC Group NV (KBCSF.PK) said its profit attributable to equity holders of the parent for the first quarter rose to 520 million euros from last year's 380 million euros. On a per share basis, earnings were 1.25 euros, higher than 0.71 euros a year ago.
After excluding the impact of the legacy business and the valuation of own credit risk, adjusted net profit totaled 359 million euros, compared with 501 million euros in the corresponding quarter of 2012.
For the quarter, the group's total income amounted to 2.076 billion euros, compared with 1.853 billion euros for the same quarter of last year.
Johan Thijs, Group CEO, said in a statement, "....At group level and excluding deconsolidated entities, we achieved a higher net interest margin, which had a positive impact on interest income, recorded strong fee and commission income, posted solid gains on financial instruments, as well as on available-for-sale assets, and recorded an excellent combined ratio and cost/income ratio."
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