Belgian banking group KBC said today 2002 profit would be near last year's €1.02 billion as it reported a five per cent drop in third quarter net profit as expected by analysts.
Belgium's third-largest bank acquired Ulster Bank's fund management business for €105 million (£82.7 million sterling) in 2000.
The bank said results could still be affected by financial markets, which weighed on the third quarter when net consolidated profit was €151 million, down from €159 million a year ago.
The financial sector has recently gone through one of its worst downturns in years as banks and insurance groups suffer from loan defaults and a sharp drop in the value of their equity portfolios, and KBC has not come out unscathed.
