EARNINGS POLL-Czech Komercni H1 net profit seen up 5 pct

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* Due on Friday, Aug. 3, 10:00 a.m. (0800 GMT)

* Average forecast is for 5.03 billion crown ($246 million) first-half net profit and revenues of 13.96 billion crowns

By Jan Korselt

Komercni Banka, the only listed Czech lender, is expected to have made a 5 percent rise in first-half net profits as credit volumes continued to expand fast, a Reuters poll showed.

Nine analysts gave an average estimate of 5.03 billion crowns ($246 million) for January-June net profit at Komercni, the Czech unit of France's Societe Generale , up from 4.8 billion in the year-earlier period.

The third-biggest Czech lender by total assets was forecast to report an 8 percent rise in revenue to 13.96 billion crowns, driven by a 10 percent increase in net interest income.

Komercni and other Czech banks such as Ceska Sporitelna, the Czech unit of Prague and Vienna bourse-listed Erste Bank , have enjoyed strong credit growth this year thanks to around 6 percent annual economic growth and rising household incomes.

"Based on good macro-economics in the Czech Republic, we expect Komercni Banka to accelerate bottom-line growth," said Guenter Hohberger, an analyst at Erste Bank.

"Mortgage loans, consumer loans and loans to small and middle enterprises should provide the strongest dynamics."

Analysts were looking for a recovery in fees and provisions, which have stagnated in recent quarters amid fierce competition and complaints of excessive charges from government officials and client lobby groups.

However, analysts said the year-on-year comparison would be distorted by one-off gains booked in the first six months of 2006 and the consolidation of building society Modra Pyramida, which it bought in October.

Shares in Komercni Banka have risen about 30 percent so far this year and hit a record high 4,271 crowns in mid-July. A global equity sell-off sent the stock 3.1 percent lower to 3,970 crowns in Wednesday morning's trade.

Based on Tuesday's closing share price, Komercni was valued at just over 15 times forecast 2007 earnings, giving a premium over parent Societe Generale, which trades at a multiple of a little under 10, according to Reuters data.

Following is a summary of analyst forecasts (CZK bln): H1 2007 Average Median H1/06 Range Net interest income 8.61 8.61 7.85 8.50- 8.75 Net fees 4.54 4.55 4.32 4.44- 4.60 Revenues 13.96 13.94 12.95 13.84-14.10 Pretax profit 6.48 6.47 6.18 6.45- 6.52 Net profit 5.03 5.03 4.80 4.89- 5.13

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

BH-Securities, Citigroup, Cyrrus, Erste Bank/Ceska Sporitelna, J.P. Morgan, KBC Securities/Patria Finance, Raiffeisenbank, UBS, Unicredit Global Research

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($1=20.45 Czech Crown)

Keywords: KOMERCNI RESULTS/

[PRAGUE/Reuters/Finance.cz]