KBC has announced an overall increase in net profit for fiscal year 2023, despite experiencing losses in the final quarter. Shareholders are set to propose a rise in their dividends.
The bank’s net profit in the fourth quarter of 2023 fell to €677 million, compared to €727 million in the same period the previous year. The decline is linked to reduced net interest income and insurance results, alongside an increase in costs, including banking and insurance tax.
Despite the drop in the final quarter, the bank’s annual net profit increased 21%, landing at €3.4 billion for the full year. This growth is largely credited to performance in the Czech Republic and international markets. By contrast, annual profits from the Belgian division decreased by nearly €10 million, settling at €1.87 billion.
Net interest income for the whole of 2023 reached €5.47 billion – a 6% increase. However, the fourth quarter saw a 4% drop from the same period in 2022, coming in at €1.36 billion.
Finally, a total dividend of €4.15 per share has been proposed for KBC shareholders for the fiscal year 2023. This includes a final dividend of €3.15, adding to the interim dividend of €1 already paid. In 2022, the dividend stood at €4.
