KBC Group reported full-year 2024 net profit of €3.415 billion on Thursday, marginally ahead of the €3.402 billion earned in 2023.
Fourth-quarter 2024 net profit reached €1.116 billion, a result lifted by a one-off tax benefit of €318 million. The performance was driven by a combination of strong commercial momentum across the group's banking and insurance businesses and a sizeable tax benefit recognised during the quarter, according to information published by the bank on Thursday.
BUSINESS MODEL
KBC is a bancassurer that distributes banking and insurance products in Belgium, the Czech Republic, Slovakia, Hungary and Bulgaria.
TAX BENEFIT AND CAPITAL POSITION
The €318 million benefit arose from the forthcoming liquidation of Exicon, the remaining activities of KBC Bank Ireland. KBC described the tax benefit as a one-off item.
The fully loaded common equity ratio was 15.0% at the end of December 2024, and the board proposed a total gross dividend of €4.85 per share for 2024.
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