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Korte Voorstelling Annual report KBC Bank 2 0 0 6 P a r t 1 p. 1 Contents Part 1 Company profile p. 3 Discussion of the consolidated annual accounts p. 5 Highlights p. 9 Value and risk management p. 15 Composition of the Board of Directors p. 29 Consolidated annual accounts p. 30 Part 2 Company annual accounts Part 2 To the reader Company name ‘KBC’, ‘the group’ or ‘KBC Bank’ as used in Part 1 of this annual report refer to the consolidated entity, i.e. KBC Bank NV including its subsidiaries and sub- subsidiaries. ‘KBC Bank NV’ refers solely to the parent company. ’KBC Group or the KBC group refers to the parent company of KBC Bank. Forward-looking statements The expectations, forecasts and statements regarding future developments that are contained in this annual report are, of course, based on assumptions and are contingent on a number of factors that will come into play in the future. Consequently, the actual situation may turn out to be (substantially) different. Translation This annual report is available in Dutch and English. The Dutch version is the original; the English version is an unofficial translation. In case of discrepancies between the Dutch and the English version, the Dutch will take precedence. Glossary of ratios used CAD ratio [consolidated regulatory equity capital of KBC Bank] / [total risk-weighted volume of KBC Bank]. Detailed calculations in the ‘Consolidated annual accounts’ section. Cover ratio [individual impairment on non-performing loans] / [outstanding non-performing loans]. For a definition of ‘non- performing’, see ‘Non-performing ratio’. The denominator may, where appropriate, also include individual impairment on performing loans and portfolio-based impairment. Cost/income ratio [operating expenses] / [gross income] Loan loss ratio [net changes in individual and portfolio-based impairment for credit risks] / [average outstanding loan portfolio]. For a definition of the loan portfolio, see the ‘Value and risk management’ section. Non-performing ratio [amount outstanding of non-performing loans (loans for which principal repayments or interest payments are more than ninety days in arrears or overdrawn)] / [total outstanding loan portfolio]. Return on equity [net profit (group share)] / [average parent shareholders’ equity, excluding the revaluation reserve for available-for-sale investments]. Tier-1 ratio [consolidated tier-1 capital of KBC Bank] / [total risk-weighted volume of KBC Bank]. Detailed calculations in the ‘Consolidated annual accounts’ section. -------- Publisher: KBC Group NV, 2 Havenlaan, 1080 Brussels, Belgium RLP 0403 227 515, Bank account 734-0051374-70 KBC Bank NV, CBFA Registration No. 26 256 p. 2 Group profile Area of operation and activities KBC Bank is a multi-channel bank, catering mainly for retail customers, small and medium-sized enterprises and private banking clientele. Geographically, KBC focuses on Belgium and Central and Eastern Europe for its retail bancassurance and asset management businesses, as well as for the provision of services to business customers, and occupies significant, even leading positions in these two home markets. Elsewhere around the globe, the group has established a presence in selected countries and regions. Shareholders Shareholders, 31-12-2006* Number of shares KBC group 385 054 106 KBC Insurance 1 Total 385 054 107 All shares are voting shares. The shares are not listed. Network and personnel Network and personnel, 31-12-2006* Bank branches Belgium (KBC Bank and CBC Banque) 927 Central and Eastern Europe (ČSOB, K&H Bank, Kredyt Bank; excluding NLB) 874 Number of staff (in FTEs) Belgium 12 500 Central and Eastern Europe 20 600 Rest of the world 2 400 Total 35 500 Financial calendar The financial communication is organised at KBC group level. The General Meeting of Shareholders of KBC Bank will be held on 25 April 2007. KBC Bank’s annual report will be available from 10 April 2007. Financial calendar, KBC group 2006 financial year Earnings release: 22 February 2007 Annual report published: 11 April 2007 AGM: 26 April 2007 Dividend payment: 30 April 2007 31 May 2007 1Q 2007 Earnings release: 16 May 2007 2Q 2007 Earnings release: 10 August 2007 3Q 2007 Earnings release: 09 November 2007 4Q 2007 Earnings release: 14 February 2008 For the most up-to-date version of the financial calendar, see the KBC website (www.kbc.com). p. 3 Long-term ratings Long-term ratings, 28-02-2007 Fitch AA- Moody’s * Aaa Standard & Poor’s AA- * The methodology of Moody’s will be reviewed, which can give changes in the rating. Key financial figures for the group Key financial figures for the group, IFRS 2005 2006 Balance sheet, end of period (in millions of EUR) Total assets 274 419 275 738 Loans and advances to customers 116 385 129 487 Securities 94 559 88 498 Deposits from customers and debt securities 158 434 170 927 Parent shareholders' equity 10 375 10 603 Income statement (in millions of EUR) Gross income 5 996 7 158 Operating expenses -3 662 -3 872 Impairment -34 -169 Net profit, group share 1 677 2 083 Solvency Tier-1 ratio, KBC Bank 9,5% 8,5% CAD ratio, KBC Bank 12,4% 11,2% Contact details Contact details Investors and analysts Investor Relations Luc Cool (Director of Investor Relations), Lucas Albrecht (Financial Communications Officer) Marina Kanamori (CSR Communication Officer) E-mail [email protected] Website www.kbc.com Address KBC Group NV, Investor Relations Office – IRO, 2 Havenlaan, BE-1080 Brussels Press Press Office Viviane Huybrecht (Head of Group Communication and the Press Office, Company Spokeswoman) Tel. 02 429 85 45 E-mail [email protected] Website www.kbc.com Address KBC Group NV, Group Communication – GCM, 2 Havenlaan, -1080 Brussels, Belgium Telecenter KBC-Telecenter (Monday to Friday from 8 a.m. to 10 p.m., and on Saturday and bank holidays from 9 a.m. to 5 Contact p.m.) Tel. + 32 78 152 153 (Dutch) + 32 78 152 154 (French, English, German) E-mail [email protected] ----------------------------------- * For definitions and comments, please see the detailed tables and analyses in this annual report. p. 4 Discussion of the consolidated annual accounts Overview of the consolidated results for financial year 2006 Income statement, KBC Bank (consolidated, according to IFRS, in millions of EUR 2005 2006 Net interest income 3 495 3 271 Dividend income 115 139 Net gains from financial instruments at fair value through profit or loss 587 1 468 Net realised gains from available-for-sale assets 181 181 Net fee and commission income 1 234 1 648 Net post-tax income from discontinued operations 0 0 Other income 383 451 Gross income 5 996 7 158 Operating expenses -3 662 -3 872 Impairment -34 -169 - on loans and receivables -27 -176 - on available-for-sale assets -4 -2 Share in results of associated companies 177 43 Profit before tax 2 477 3 160 Income tax expense -610 -759 Profit after tax 1 868 2 401 Minority interests -190 -318 Net profit, group share 1 677 2 083 Notes on the results Financial highlights – FY 2006: • Net profit (group share) increased by 406 million euros to 2,083 million euros (+24%). • Robust organic growth (+19%) was recorded in gross income. • Operating expenses went up less than gross income • Impairment increased from 34 million euros to 169 million euros. No changes were made to the valuation rules or the scope of consolidation that had a significant effect on the bottom line. Gross income consists of net interest income, dividend income, net gains from financial instruments at fair value through profit or loss, net realised gains from available-for-sale assets, net fee and commission income, net post-tax income from discontinued operations and other income. There was a 6% decrease in net interest income, which accounts for 46% of gross income. The positive impact of mounting volumes was largely cancelled out by a slight narrowing of the interest margin both in Belgium and at the Central and Eastern European subsidiaries. p. 5 Dividend income was accounted for mainly by dividends on held-for-trading securities, and came to a total of 139 million euros. Net gains from financial instruments at fair value through profit or loss amounted to 1 468 million euros in 2006, of which 1 252 million euros stemmed from financial instruments held for trading, including derivatives. Net realised gains from available-for-sale assets were unchanged at 181 million euros. Net realised gains from shares went up to 147 million euros in 2006, compared with 98 million euros in 2005. However, net realised gains from fixed- income securities fell to 34 million euros in 2006. The net fee and commission income rose by 34% to 1 648 million euros in 2006. This increase is largely due to securities trading and asset management. Other income rose from 383 million euros to 451 million euros. Operating expenses include staff expenses, depreciation and amortisation of fixed assets, other operating charges and provisions for risks and charges. Expenses remained under control in 2006, and went up less than gross income, Consequently, the cost/income ratio fell from 61% to 54%. Impairment on loans and receivables rose from 27 million euros to 176 million euros. This increase was almost entirely attributable to impairment on-balance-sheet lending of which 146 million euros can be put down to the Central and Eastern European subsidiaries. Income taxes went up by 149 million euros to 759 million euros, owing chiefly to the higher taxable profit achieved in 2006 The tax burden fell slightly from 24.6% to 24.0%. Minority interests in profit went up to 318 million euros due to the inclusion of minority interests in KBC Asset Management (full consolidation from 2006, previously included within the scope of consolidation according to the equity method).
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