KBC achieved a net profit of €3.415 billion in 2024, slightly surpassing the €3.402 billion profit recorded in 2023. The bank attributed the profit to an exceptional commercial performance in the fourth quarter, it announced on Thursday.
In the last three months of 2024, KBC’s net profit reached €1.116 billion. The group benefited from an increase in net interest income (up 5% year-on-year), insurance income, and net commission income (up 17% year-on-year) in the final quarter.
KBC also reported a one-off tax benefit of €318 million related to the upcoming liquidation of Exicon, the last remaining remnants of the former KBC Bank Ireland.
For the entire year of 2024, KBC saw its net interest income rise by 2%, reaching €5.574 billion. Its net commission income jumped 10% to €2.578 billion. Meanwhile, increases in operating expenses, excluding banking and insurance taxes, remained restrained (up 1%), amounting to €4.474 billion.
Ultimately, KBC posted a profit of €3.145 billion in 2024, including €1.846 billion from the Belgian market, €858 million from the Czech Republic, and €751 million from its international markets division.
At the end of 2024, KBC maintained robust solvency with a fully loaded common equity tier one (CET1) ratio of 15%, along with liquidity well above regulatory requirements.
