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KBC 'in profit by 2016'

KBC Bank reported a significant annual drop in the amount of funds required to cover loan arrears for this year’s first quarter.

Loan impairment costs have reduced from €99m in the first three months of 2013 to €47m by the end of March 2014.

CEO Wim Verbraeken said the results are “in line with our expectations and we remain on track to return to profit by 2016”.