Komercni Banka reports Q3 profit jump after building sale

Komercni Banka as

31/10/2024 09:06

PRAGUE, Oct 31 (Reuters) - Czech lender Komercni Banka
 BKOM.PR  reported a 45% year-on-year jump in third-quarter net
profit on Thursday, boosted by an extraordinary gain from the
sale of its historic headquarters building.
    Net profit attributable to shareholders came in at 6.20
billion crowns ($265 million) in the quarter, just below the
average estimate of 6.29 billion crowns in a Reuters poll. 
    Recurring profit, excluding the real estate sale gain, fell
12.8% year on year to 3.72 billion crowns.
    Net interest income declined nearly 4% to 6.26 billion
crowns while its so-called cost of risk or accounting for loan
provisions was 369 million crowns, more than expected.
    Lending grew 3.7% in the first nine months of the year, the
bank said, as it confirmed that it expects mid-single digit
percentage growth in 2024. 
    The bank, the country's third biggest and majority owned by
France's Societe Generale  SOGN.PA , said revenue should grow at
a low single-digit pace, at the lower end of its previous
outlook.
    ($1 = 23.3910 Czech crowns)

 (Reporting by Jason Hovet; Editing by Edwina Gibbs)
 ((jason.hovet@thomsonreuters.com;))