BRUSSELS (AFX) - Belgian financial services group KBC NV today posted second quarter net profit of 736 mln eur compared with 536 mln a year earlier, in line with forecasts of 668-749 mln eur given by analysts polled by AFX News.
The group also announced sales of 2.958 bln eur against last year's 2.843 and estimates of 2.995-3.046 bln eur.
Underlying profit rose to 634 mln eur from 578 mln eur.
As expected, profits were down from the first quarter, where the group posted a forecast-beating net profit of 980 mln.
The group issued full year profit guidance of 3.2 bln eur.
'Taking account of a gain of 0.5 bln eur on the sale of Banco Urquijo in the third quarter ... KBC expects that its group profit for 2006 will come to at least 3.2 bln eur,' said the group in a statement.
It stressed that this was based on 'the assumption that the relevant financial and economic factors will remain unchanged'.
Delta Lloyd analyst Carlo Ponfoort said yesterday in a note to clients that 'market expectation are high,' adding that the rise in profits may not be enough to satisfy investors who have seen the stock's value rise 13 pct in the last month. frances.robinson@afxnews.com fr/cmr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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