UPDATE 2-Komercni Q3 profit beats forecast, 2009 seen tough

                                
 * Net profit exceeds forecast
                                
 * Core Tier 1 ratio at 11.1 percent
                                
 * Growth seen maintained in 2008, sees tougher 2009
                                
 
                                
 (Adds company comments, share price, Prague bourse sale)
                                
 By Jason Hovet
                                
 PRAGUE, Nov 7 (Reuters) - The Czech Republic's No. 3 bank, Komercni Banka
<BKOMsp.PR>, beat forecasts with a 21-percent rise in third-quarter net profit,
growth it expects to hold this quarter ahead of a tougher 2009.
                                
 The bank, controlled by France's Societe Generale <SOGN.PA>, posted a net
profit of 3.46 billion crowns ($179.4 million), topping a market forecast of
3.16 billion on the back of strong lending returns.
                                
 Net income grew by a tenth to 5.28 billion crowns.
                                
 Its lending grew in all categories, with its loan portfolio expanding by
21.6 percent to 364.3 billion crowns.
                                
 Czech banks, like most of the region's lenders, have largely avoided some of
the toxic assets that tripped by Western lenders, although a slowing Czech
economy and stricter lending are seen hitting the strong growth they are used
to.
                                
 "We are confident in our ability to continue the development in the whole KB
group in the very challenging environment in 2009 and 2010, even though ...we
may not be able to maintain such a high rate of growth," Chief Executive Laurent
Goutard told a news conference.
                                
 Earnings growth may drop into the single digits, he said.
                                
 "We have to be careful about next year, and profit growth will likely be
below 10 percent," said analyst Petr Hlinomaz of BH Securities, adding the
group's Tier 1 ratio, which reached 11.1 percent in the quarter, is still a
question for 2009.
                                
 Also on Friday, Poland's No. 2 bank PKO BP <PKOB.WA> predicted a double
digit growth of its loan portfolio in 2009, building on a solid deposit base to
steal clients from financially stretched rivals. [ID:nL7675623]
                                
 Komernci said the sale of its 11.5 percent stake in the Prague bourse would
add 480 million crowns to its bottom line when it and other owners of the
exchange finalise the sale to the Wiener Boerse.
                                
 Shares in Komercni were up 1.1 percent to 3,120 crowns at 1306 GMT versus
Prague's main index <.PX>, which was up 1.89 percent.
                                
 Komercni trades at 9.4 times forecast earnings, just above SG's multiple of
9.3 and well above Austria's Erste <ERSTsp.PR>, which has a secondary listing in
Prague and trades at 5.4.
                                
 (Editing by Jason Neely)