Czech Lender Komercni Banka's Q3 Profit Down, Lending Up

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. Financial operations income was down 17.2% on the year as market activity was lower than in 2018 when the central bank was in the middle of a series of interest rate increases. Read more