KBC Bank release third quarter financial results

KBC Bank Ireland has today released its third quarter financial results revealing a year to date profit of €175.7m.

The bank has reported a net profit of €2.6m after tax and impairments for Q3 2017, compared to a profit of €44.4m for the same period in 2016.

The report also shows an operating loss of €22.8m before tax and impairment and impaired loans stock reduced by 5% to €4.9bn in the quarter.

KBC Bank saw the addition of 19,393 new accounts in the quarter.

Net profit for the first nine months of the year stood at €175.7 million after tax and impairments, up €57.6m on the nine months to September 2016.

The wider KBC Group ended the third quarter of 2017 with a net profit of €691m, bringing the net result for the first nine months of 2017 to €2.176bn, up 25% on the figure for the corresponding period of 2016.

The bank said the quarter saw the launch of a new mobile app which will enable current account openings in minutes, 24/7 customer service via phone, web chat and email, Fitbit Pay and Digital Debit Cards and Digital Wallets.

The results come alongside an announcement from the bank that a provision of €54.5m has been set aside to deal with the tracker mortgage scandal.

It is thought more than 1,600 customers were overcharged or wrongly denied a tracker rate.

This is in addition to the initial amount of €4.4m which was announced this time last year.

KBC’s Chief Executive has again apologised for the controversy and says compensation payments for those affected has begun.

"Of course, like all banks we are very focused on managing the ongoing Tracker Mortgage examination and apologise sincerely for the errors that occurred at the bank before 2009," Wim Verbraeken, Chief Executive, KBC Bank Ireland said.

The bank continues to work with the Central Bank in relation to the identification of customers.

"We have begun payments to affected customers and conclusion of the Tracker Mortgage Review continues to receive the highest priority at KBC.”

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