(Repeats story publised on Nov 4)
* Komercni Banka <> third quarter earnings
* Friday, Nov. 7 at 8.30 a.m. (0730 GMT)
* Average net profit estimated at 3.16 billion crowns
($167.7 million)
PRAGUE (Reuters) - Komercni Banka, the only listed Czech
bank, is expected to show an 11 percent rise in net profit for
the third quarter, as it remained little affected by the global
credit crisis, a Reuters poll showed on Tuesday.
Nine analysts gave an average net profit estimate of 3.16
billion crowns, up from 2.85 billion in July-September period
last year.
The main driver for the bank's earnings was continuing
demand for loans, analysts said, boosting net interest income by
11 percent year-on-year to 5.34 billion crowns.
The third largest Czech bank by total assets, 60 percent
owned by France's Societe Generale <SOGN.PA>, has reiterated
that it was little exposed to toxic assets that had poisoned
balance sheets of many of its European peers.
"We believe that the results will again confirm that
Komercni Banka is fundamentally strong," said Milan Lavicka, an
analyst at Czech brokerage Atlantik FT.
"Komercni Banka should continue to benefit from its strong
deposit base and conservative investment strategy, which is
protecting its books against a more significant impact of the
current financial crisis," he added.
Komercni Banka shares were long resistant to a global stock
market sell-off, but they have dropped by 22 percent over the
last month, despite a recovery over the last week. Prague
bourse's PX index <> lost 24 percent over the same period.
From the beginning of 2008, the stock was down 29 percent,
while the PX has lost 49 percent.
Komercni Banka traded at 8.7 times expected 2008 earnings on
Tuesday, according to Reuters data, above the average of 5.9 for
main European banking stocks <.FTE3X8350ECR>.
Following is a summary of analysts' estimates for the third
quarter of 2008 (figures in billions of crowns):
Q3/08 Average Median Q3/07 Range
Net interest income 5.34 5.34 4.79 5.16-5.50
Net fees 2.05 2.01 1.92 1.96-2.33
Total banking revenue 8.17 8.13 7.38 8.02-8.32
Profit before provisions 4.50 4.54 3.94 4.33-4.63
Net profit 3.16 3.19 2.85 2.97-3.32
The following banks and brokerages took part in the poll:
Atlantik FT, BH-Securities, Cyrrus, Erste Bank/Ceska Sporitelna,
ING Wholesale Banking, JP Morgan, KBC Securities/Patria Finance,
Raiffeisenbank, UniCredit Global Research.
Operating revenue estimates were provided by seven analysts,
operating profit estimate by six.
(Reporting by Jan Korselt; Richard Hubbard)
