[金融地产] 20080807-Citi-KBC (KBC.BR)

Debating Defensiveness
 Higher Bad Debt / Impairment Charges — The market has been taken by
surprise with a jump in KBC's bad debt charge, returning to a more normal
35bp after 3-4 years at unusually benign levels. This was compounded by
losses on insurance investments which go through the same P&L line.
 Higher ABS Markdowns — KBC has had to take a further