KBC Group: Fourth-quarter result of 538 million euros
Outside trading hours - Regulated information*
Brussels, 11 February 2021 (07.00 a.m. CET)
Fourth-quarter result of 538 million euros
In 2020, we were confronted with the outbreak and challenges of the pandemic, a situation causing human suffering all over the world and unprecedented economic upheaval. Recently, some countries have started rolling out vaccination programmes, which could bring some degree of relief going forward. We have taken responsibility in safeguarding the health of our staff and customers, while ensuring that services continue to be provided. We have worked closely with government agencies to support all customers impacted by coronavirus, by efficiently implementing various relief measures, including loan deferrals. In our six home countries combined, we had granted a total of 13.4 billion euros in loan payment deferrals by the end of December 2020 (according to the EBA definition), as well as 0.8 billion euros’ worth of loans under public guarantee schemes introduced in response to the pandemic. As a result of the lockdowns, which led to a far-reaching digital boost, our digital sales increased significantly. In that respect, the significant investments we made in digital transformation over the past few years are clearly paying off. With our renewed strategy ‘Differently, the next level’ – in which Kate, our new personal AI-enabled digital assistant, plays an important role – we are now going one step further by making our customer interactions even more proactive and future-proof, through the use of data and artificial intelligence. We plan to invest an additional 1.4 billion euros in digitalisation in the period 2021-2023.
As regards our financial results, we generated a net profit of 538 million euros in the last quarter of 2020. In the quarter under review, our net interest income decreased, whereas our trading and fair value result fared well. In the current lower-for-longer interest rate environment, this quarterly result has also been clearly benefiting from the diversification achieved through KBC’s integrated bank-insurance model. This was reflected in higher net fee and commission income and a good non-life result (good premium growth and an excellent combined ratio of 85% for the full year). Costs were tightly managed. On a full-year basis, operating expenses excluding bank taxes fell by 4.2% compared to last year, due chiefly to the announced cost savings triggered by the pandemic. Adding the result for this quarter to the one for the first nine months of the year brings our net profit for full-year 2020 to 1 440 million euros.
Our solvency position remained very strong with a common equity ratio of 17.6%. In line with the ECB recommendation of 15 December 2020 which limits dividend payments, we will propose to the General Meeting of Shareholders in May of this year a (gross) dividend of 0.44 euros per share for the accounting year 2020, payable in May 2021. Additionally, it is the intention of the Board of Directors to distribute an extra gross dividend of 2 euros per share over the accounting year 2020 in the fourth quarter of 2021. For the latter, the final decision of the Board of Directors is subject to restrictions on dividends being lifted by the ECB.
On top of that, our dividend policy as of 2021 entails a payout ratio of at least 50% of the consolidated profit of the accounting year, of which an interim dividend of 1 euro per share, payable in November. On top of the payout ratio of at least 50% of consolidated profit, all capital which exceeds the reference capital position (a pre-Basel IV fully loaded common equity ratio of 14.5%) plus the 1% management buffer will be considered for distribution to the shareholders. Each year, the Board of Directors will take this decision at its discretion when announcing the full-year results.
Lastly, we have also updated our long-term financial guidance. Between 2020 and 2023, we are aiming to achieve a compound annual growth rate of approximately 2% for total income and approximately 1% for operating expenses (excluding bank taxes). Besides that, we also want to achieve a combined ratio below or equal to 92% by 2023.
In closing, I would like to take this opportunity to explicitly thank all stakeholders who have continued to put their trust in us. I also wish to express my utmost appreciation to all our staff, who have continued to serve our customers and support the sound functioning of the group from their homes and other remote locations.
Chief Executive Officer
Full press release attached
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Prosafe SE: Safe Boreas to provide accommodation support at Buzzard27.2.2021 14:07:30 CET | Press release
Prosafe has signed a contract with CNOOC Petroleum Europe Limited for the charter of the Safe Boreas to provide gangway connected operations supporting the Buzzard platform complex in the UK sector of the North Sea. The firm duration of the contract commencing mid-April 2021 is 100 days with three 30-day options. The Safe Boreas will perform the gangway connected work scope using dynamic positioning, providing CNOOC Petroleum Europe Limited flexibility in operation. Total value of the contract excluding the option periods is approximately USD 8.5 million. Jesper Kragh Andresen, CEO of Prosafe says: "The Safe Boreas will strive to offer CNOOC the highest level of service. The Safe Boreas has operated extensively in the UKCS and will provide the safest working environment." Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com Stavanger
Mandalay Resources Corporation tillkännager resultatrapporten för fjärde kvartalet och helåret 202027.2.2021 08:53:04 CET | Pressemelding
TORONTO, Feb. 27, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) är glada över att tillkännage resultatrapporten för fjärde kvartalet och helåret som slutade den 31 december 2020. Bolagets konsoliderade finansiella resultat för året som slutade 31 december 2020, tillsammans med ledningens diskussion och analys (”MD&A”) för motsvarande period, finns tillgängliga under bolagets profil på www.sedar.com och på bolagets webbplats www.mandalayresources.com. Alla valutor i detta pressmeddelande avser US-dollar om inget annat är angivet. Höjdpunkter för fjärde kvartalet 2020: Intäkter på 45,3 miljoner USD;Justerad EBITDA på 25,3 miljoner USD, tredje högsta kvartalsresultatet i bolagets historia;Konsoliderat nettoresultat på 14,7 miljoner USD eller 0,16 USD per aktie; ochJusterat nettoresultat på 12,1 miljoner USD eller 0,13 USD per aktie. Höjdpunkter för helåret 2020: Intäkter på 179,0 miljoner USD, högsta helårsresultatet sedan 20
Annual financial report 202027.2.2021 08:00:00 CET | Press release
FINANCIERE DE TUBIZE SA/NV Allée de la Recherche 60, 1070 Brussels Contact: Anne Sophie Pijcke, directeur, email@example.com Annual financial report 2020 Regulated information 27 February 2021 The board of directors of Financière de Tubize has established the 2020 annual financial report. This report is available on the website www.financiere-tubize.be Dividend received from UCB: € 84,4 million (against € 82.4 million in 2019) Profit of € 81,0 million (against € 80.0 million in 2019)Decrease of outstanding debt from € 86.5 million at 31 December 2019 to € 33,5 million at 31 December 2020. If the general shareholders meeting of 30 April 2021 approves the 2020 annual accounts, including the proposed result appropriation, a dividend of € 0,68 will be payable as from 6th of May 2021 onwards at the offices, seats and branches of BNP Paribas Fortis, in exchange of coupon n° 16. Ex-dividend 4 May 2021 Record date 4 May 2021 Payment date 6 May 2021 In addition, the company Other Lo
Roche SARS-CoV-2 Rapid Antigen Test receives special approval for at-home patient self-testing using nasal swabs in Germany26.2.2021 18:30:00 CET | Press release
Special approval from German Federal Institute for Drugs and Medical Devices (BfArM) enables home use of a SARS-CoV-2 Rapid Antigen Test using a simple nasal swabThe test will be widely available in pharmacies across Germany Basel, 26 February 2021 - Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced it has been granted special approval by the German Federal Institute for Drugs and Medical Devices (BfArM) to offer the SARS-CoV-2 Rapid Antigen Test using a simple nasal swab for patient self-testing in Germany. The test is a reliable rapid test for the qualitative detection of a specific SARS-CoV-2 antigen in nasal swab samples.This rapid antigen test collects the sample from the front area of the nose instead of the nasopharynx, resulting in a simplified and more comfortable sampling procedure. By following simple instructions, patients can perform the test at home with results ready after only 15 minutes. The test will be made available in pharmacies and requires no prescription. The G
Cargotec Corporation: Share Repurchase 26.2.202126.2.2021 17:40:00 CET | Press release
CARGOTEC CORPORATIONANNOUNCEMENT26.2.2021CARGOTEC CORPORATION: SHARE REPURCHASE 26.2.2021In the Helsinki Stock ExchangeTrade date26.2.2021Bourse tradeBuyShareCGCBVAmount40,362SharesAverage price/ share43.7441EURTotal cost1,765,599.36EURCargotec Corporation now holds a total of 300 531 sharesincluding the shares repurchased on 26.2.2021On behalf of Cargotec CorporationNordea Bank OyjJanne SarvikiviSami HuttunenFor further information, please contact:Mikko Puolakka, Executive Vice President and CFOtel. +358 20 777 4105Hanna-Maria Heikkinen, Vice President, Investor Relationstel. +358 20 777 4084www.cargotec.fi Attachment CGCBV_26.2_trades
Leasinvest Real Estate SCA sells the semi-industrial part of the Brixton Business Park in Zaventem26.2.2021 17:40:00 CET | Press release
Today the deed has been executed regarding the sale of the semi-industrial part of the Brixton Business Park in Zaventem, as already announced in the latest press release regarding the 2020 annual results. The buyer is an affiliate of Exeter Property Group. Knight Frank acted as the broker in this transaction. The Brixton Business Park comprises 5 semi-industrial buildings with a total area of 18,788 sqm. This divestment is fully in line with the strategy of Leasinvest, which is aimed at selling non-strategic properties and focusing on new sustainable projects. The current favorable market situation enabled a successful sale of this type of property. This divestment also has favorable financial effects: not only does the debt ratio now reduce to the targeted level of less than 55%, the realized capital gain on this transaction has also allowed Leasinvest to expedite the reimbursement of part of our derivatives portfolio, thus further reducing the average financing cost following the ea
Incap Corporation: THE BOARD OF DIRECTORS OF INCAP HAS RESOLVED ON PAYING A PART OF THE PURCHASE PRICE PAYABLE TO THE SELLERS OF AWS ELECTRONICS GROUP IN NEW SHARES OF INCAP CORPORATION26.2.2021 16:30:00 CET | Press release
INCAP CORPORATION STOCK EXCHANGE RELEASE 26 February 2021 at 5.30 p.m. (EET) THE PURCHASE OF AWS ELECTRONICS GROUP Incap Corporation (the “Company” or “Incap”) announced on 23 January 2020 that it has signed an agreement to acquire the entire share capital of AWS Electronics Group (“AWS”). The group has been included in Incap Group’s reporting as of 23 January 2020. The debt-free purchase price was 13.5 million pounds (then approximately EUR 15.9 million), and the additional purchase price amounted to EUR 0.6 million. The acquisition was financed with a loan of EUR 13 million and paid in cash, with the exception of an instalment of 0.6 million pounds to be paid in Incap shares. A PART OF THE PURCHASE PRICE The Board of Directors of the Company has on 26 February 2021 resolved, that the sellers of AWS will be paid an equivalent of 600,000 pounds in new shares of the Company in a directed share issue with payment (the “Share Issue”). The Share Issue will be consummated on 26 February 202