KBC Groupe NV

KBC: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€62.00	Ttghdl	Kqzsgnktd

KBC the Most Profitable Bank in the Eurozone

Johann Scholtz

Nov 13, 2020

Business Strategy and Outlook

Over the past three years, KBC Group has been the most profitable bank that we cover in the eurozone. Only the Scandinavian banks have been more profitable in Europe as a whole. We believe that KBC can consistently generate returns on tangible equity in the midteens, comfortably exceeding our cost of equity estimate of around 10%.

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