Analyse aandeel KBC

KBC is diep geworteld in België en heeft daar een trouwe klantenbasis. Dat helpt om zijn grote depositobasis en hechte relaties in stand te houden (Engelstalig rapport)

Erin Davis 17 september, 2014 | 14:21
Facebook Twitter LinkedIn


KBC has largely righted itself, more so than most banks nearly toppled by the financial crisis. The bank has sold off multiple businesses, which has boosted its capital ratios, while helping repay most of its EUR 7 billion in government bailouts while increasing its focus on its attractive and profitable Belgium and Czech Republic banking operations. As of mid-year 2014, KBC had just EUR 2.0 billion of state aid left to repay (plus a 50% penalty) by 2020, which we think it can and will do on an accelerated schedule. While we don't expect a quick turnaround at KBC's troubled International Banking division, we think the EUR 671 million of additional impairments the division took in late 2013 set the stage for breakeven results by 2015.

We're fans of KBC's Belgium business, which accounts for more than half of allocated equity and is the biggest source of the bank's narrow economic moat. In Belgium, KBC is one of the top financial services groups with an estimated 20% share in banking and a 35% share in investment products. A key player in Belgium's cozy three-bank oligopoly, KBC Belgium maintained good credit quality and high margins throughout the credit crisis--underlying returns on equity are typically above 20% and sometimes more than 30%. However, Belgium offers very little room for growth above the country's modest GDP growth. For this reason, KBC, like other Belgian banks, has historically sought growth abroad. We're glad KBC is now focusing on its core markets, as it has a history of underestimating losses outside of its home markets.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Om dit artikel te kunnen lezen, kunt u zich inschrijven als Morningstar Basic Member

Registreer gratis
Facebook Twitter LinkedIn

Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Banco Santander (Brasil) SA ADR5,67 USD-2,58
Bank of America Corp43,84 USD-1,42Rating
HSBC Holdings PLC429,40 GBX0,05Rating
ING Groep NV12,45 EUR-0,06Rating
JPMorgan Chase & Co157,89 USD-0,59Rating
KBC Group SA/NV75,16 EUR0,67Rating
Wells Fargo & Co47,21 USD-1,19Rating

Over de auteur

Erin Davis  Erin Davis is a senior stock analyst for Morningstar.

© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.

Voorwaarden        Privacybeleid