* Komercni Banka <> first-quarter earnings
* Wednesday, May 14 at 10 a.m. (0800 GMT)
* Net profit average estimate 2.99 billion crowns
($185.1 million)
PRAGUE, May 12 (Reuters) - Komercni Banka is expected to
report a 19 percent rise in net profit for the first quarter on
continuing demand for loans in the expanding Czech economy, a
Reuters poll showed on Monday.
Nine analysts gave an average net profit estimate of 2.99
billion crowns, up from 2.51 billion in the January-March period
last year.
Operating revenue was seen up 13 percent at 7.74 billion
crowns, driven by a 19 percent increase in net interest income
and a 9 percent rise in net fees.
A strong set of results is foreseen despite a slower
expansion of new loans in the first quarter due to cooling
demand for mortgages after years of rocketing growth, analysts
said.
"Komercni Banka should benefit mainly from the strong
increase of its loan portfolio last year and from the continuing
overall good shape of the Czech economy," said Milan Lavicka,
analyst at Atlantik FT brokerage.
Komercni shares have recovered from a global selloff in the
banking sector in the past months, rising by 35 percent from a
multi-year low in January.
Over the past 12 months, the stock has gained 4 percent,
while the main Prague PX index <> has lost more than 9
percent.
Unlike some western peers including Komercni's parent
Societe Generale <SOGN.PA>, central European banks have not
suffered massive writeoffs from the U.S. credit crunch.
However, analysts warned a possible economic slowdown in the
region could affect the bank's figures in coming months.
"Industrial production and export figures have been
deteriorating. With some 80 percent of GDP coming from exports,
the Czech Republic and Komercni Banka -- as the main corporate
bank -- are heavier exposed to the slowdown than its CEE
(central and eastern Europe) peers," said Jiri Stanik, an
analyst at brokerage Wood & Co.
Following is a summary of analysts' estimates for the first
quarter of 2008 (figures in billions of crowns):
Q1/08 Average Median Q1/07 Range
Net interest income 5.03 5.04 4.24 4.89- 5.17
Net fees 2.43 2.38 2.24 2.32- 2.74
Revenue 7.74 7.73 6.85 7.61- 7.93
Pretax 3.80 3.86 3.69 3.62- 3.93
Net profit 2.99 3.00 2.51 2.88- 3.14
NOTE - The following banks and brokerages took part in the
poll:
Atlantik FT, Citigroup, Cyrrus, Erste Bank/Ceska Sporitelna,
ING Wholesale Banking, KBC Securities/Patria Finance,
Raiffeisenbank, UBS, Wood & Co.
Net interest income and net fees estimates came from eight
analysts, pretax profit was calculated from seven estimates.
(Reporting by Jan Korselt; Editing by David Holmes)
