Komercni Banka on Wednesday posted an 8.5% drop in third-quarter net profit, in line with estimates as financial operations income fell and the Czech lender did not see a net release of bad loan provisions as in previous quarters, Reuters reported. Attributable net profit came in at 3.85 billion crowns ($167.25 million), versus the average estimate of 3.88 billion in a Reuters poll. The bank, 60% owned by France’s Societe Generale, boosted net interest income and net fees by 2.1% and 1.2% year-on-year respectively.
A Czech court ruled that Citibank’s claim to debt worth over 10 billion crowns ($434.10 million) owed by Czech miner OKD was eligible, CTK news agency reported on Wednesday, Reuters reported. CTK reported OKD’s former insolvency administrator and representative of the state, which now owns OKD’s mining operations, both said they would appeal the ruling. OKD filed for insolvency in 2016 while a unit of miner New World Resources, which went into liquidation that year. OKD’s insolvency administrator rejected Citibank’s claim, leaving it out of proceedings.