KBC Group NV: Not The Cheapest EU Pick, Higher Funding Costs
Source: SeekingAlpha
2025-01-02 12:51:29 ET
Summary
- KBC Group NV faces pressure on net interest income due to more stable funding costs than lending rates in a cutting environment.
- Fee and commission income grew, driven by asset management, payment services.
- KBC Group's valuation is mixed: P/B ratio is fair in absolute terms based on the overall ROE, but the P/E ratio is high compared to peers though having more fee-based income.
- We prefer DNB over KBCSF due to better P/E valuation and more dynamic strategy, supported by the Carnegie AB acquisition and favorable Norwegian rate environment.
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KBC Group NV: Not The Cheapest EU Pick, Higher Funding Costs
DNB BANK ASA Ord
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