EARNINGS POLL-Czech bank Komercni 2006 net seen up 2.3 pct

    * Komercni Banka 2006 earnings 
    * Wednesday Feb. 28, 10:00 a.m. (0900 GMT) 
    * Average forecast of eight analysts is for 9.17 billion 
crown consolidated net profit 
     
    Komercni Banka , the 
biggest listed Czech lender, will see only a 2.3 percent gain in 
2006 net income as higher provisioning eats into profits from 
increased lending, a Reuters poll of analysts showed on Monday. 
    Eight analysts predicted the Czech unit of France's Societe 
Generale  would post a consolidated net profit of 9.17 
billion crowns ($426.7 million) on average, up from 8.96 billion 
crowns a year ago. The results are due on Wednesday. 
    "The main drivers will remain mortgage loans and consumer 
loans, up some 30 percent year-on-year," said Guenter Hohberger, 
analyst at Erste Bank. "But we anticipate higher provisioning 
levels, due to the increasing retail lending portion." 
    Net interest income, a key gauge of operating profitability, 
was seen jumping 10.5 percent year-on-year to 16.20 billion. 
    But stiff competition was expected to have forced the bank 
to keep a lid on fees and provisions, which analysts predicted 
rose 0.5 percent to 8.78 billion crowns. 
    Komercni shares have jumped 18.4 percent so far this year and 
hit a record high of 3,675 crowns on Monday, beating a 7.4 
percent gain in the Prague bourse's blue-chip index PX . 
    The stock trades at some 15 times forecast 2007 earnings, a 
discount to more than 20 times on regional peer PKO BP 
, Poland's biggest lender. 
    Societe Generale , which has about 60 percent of 
Komercni, trades at 10.5 times 2007 earnings, according to 
Reuters data. 
 
    Following is a summary of analyst forecasts (figures in 
billions of crowns): 
 2006                 Average   Median    2005         Range 
 Net interest income  16.20     16.22     14.66     15.99-16.50 
 Net fees              8.78      8.76      8.74      8.67- 8.90 
 Revenue              26.24     26.20     24.52     25.96-26.50 
 Net profit            9.17      9.10      8.96      8.92- 9.62 
    NOTE - Revenue and net fees and provisions estimates are 
based on responses from six analysts, five analysts predicted 
revenues. 
     
    The following equity houses took part in the poll: 
    BH-Securities, Cyrrus, Erste Bank/Ceska Sporitelna, 
Fox-Pitt-Kelton, ING Securities, KBC Securities/Patria Finance, 
J.P. Morgan, UBS Investment Research. 
 
 

[PRAGUE/Reuters/Finance.cz]