REFILE-EARNINGS POLL-Czech Komercni Q1 revenue seen up 10 pct

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* Komercni Banka Q1 2007 earnings

* Friday, May 11, 10:00 a.m. (0800 GMT)

* Average forecast is for 2.46 billion crown ($119.1 million) consolidated net profit and 6.95 billion crown revenues

By Jan Korselt

Komercni Banka , the only Czech listed lender, is expected to report a 10 percent rise in revenue for the first quarter of 2007 due to credit expansion, a Reuters poll of analysts showed on Monday.

The average expectation of six analysts is 6.95 billion crowns for revenue ($336.4 million), up from 6.33 billion a year ago

Komercni Banka, the Czech unit of France's Societe Generale , is also expected to increase net profit 2.2 percent to 2.46 billion crowns, although last year's figure was inflated by extraordinary items.

Net profit is expected to be 15 percent higher, excluding the 314 million crowns in one-offs from last year's base.

The first-quarter figures will for the first time include full consolidation of Modra Pyramida building society, as Komercni bought the 60 percent it did not own last year.

Net interest income was seen 13 percent higher year-on-year, with net fees up a mere 0.5 percent due to fierce competition.

"Backed by very strong macro economics in the Czech Republic, we expect Komercni banka to prolong the 20 percent annual lending growth also in Q1 2007," said Guenter Hohberger, an analyst at Erste Bank.

"The main drivers will remain mortgage loans and consumer loans with nearly 30 percent annual increase, whereas corporate loans might grow in low double digits," he added.

Shares of Komercni banka are up 23 percent so far this year and hit a record 4,168 crowns in mid-April. The stock was at 3,895 crowns, or 14.5 times forecast 2007 earnings, by 1110 GMT on Monday.

Societe Generale trades at 12.8 times expected 2007 earnings, according to Reuters data.

Following is a summary of analyst forecasts (figures in billions of crowns): Q1 2007 Average Median Q1/06 Range Net interest income 4.38 4.37 3.88 4.22- 4.74 Net fees 2.22 2.24 2.21 2.12- 2.29 Revenue 6.95 6.96 6.33 6.69- 7.22 Net profit 2.46 2.48 2.41 2.42- 2.49

NOTE - The following equity houses took part in the poll:

Atlantik FT, Erste Bank/Ceska Sporitelna, Fox-Pitt-Kelton, ING Wholesale Banking, KBC Securities/Patria Finance, J.P. Morgan. ($1=20.66 Czech Crown)

Keywords: KOMERCNI RESULTS/

[PRAGUE/Reuters/Finance.cz]