Home > Financial > KBC records net profit of 173.1m for first half of year

KBC records net profit of 173.1m for first half of year

Written by Robert McHugh, on 10th Aug 2017. Posted in Financial

article headline

KBC Bank Ireland has today released financial results for the first half of 2017. The bank reported a net profit of €102.7million after tax and impairments for the second quarter 2017. This compared to a profit of €39.5 million for the same period in 2016. 

Net profit for the first six months of the year stood at €173.1 million after tax and impairments, up €99.4m on the six months to June 2016.

KBC Group ended the second quarter of 2017 with a net profit of €855 million, combined with €630 million in the first quarter of 2017, this brings the net result for the first half of 2017 to €1,485 million, a 33% increase on the €1,113 million reported in the first half of 2016.

Furthermore, KBC Bank Ireland has now reached a new milestone of over 250,000 customers banking with KBC, with the bank adding almost 33,000 new customer accounts in the first half of 2017.

Speaking today, Chief Executive of KBC Bank Ireland, Wim Verbraeken said, "We are pleased to report strong organic growth and continued profitability across all areas of KBC’s business, underscoring our position as Ireland’s leading digital bank with products and services that enable customers to bank in a new way, for a new era. The milestone of 250,000 customers is testament to that. "

He added, "Our Innovation Hub is part of KBC Group’s overall €1.5 billion investment in digital. It will deliver local transformation in how consumers bank, while benefitting other KBC core markets within the Group. It’s an exciting time for customers and KBC Bank Ireland. We have a scalable business model to deliver on ambitious targets, and the drive to achieve these."

Source: www.businessworld.ie

More articles from Financial

image Description

International Financial Services could employ 50,000 by 2020

Read more
image Description

Largest ever growth capital fund for Irish businesses

Read more
image Description

Irish central bank calls for bankers to be held to account over mortgage overcharging

Read more
image Description

Irish consumer spending growth slows to five-month low in October

Read more
image Description

Aviva buys Irish insurer Friends First for 130m

Read more