August 1, 2014 / 6:22 AM / in 3 years

Czech Komercni Banka posts surprise Q2 net profit rise

PRAGUE, Aug 1 (Reuters) - Komercni Banka, the Czech Republic’s third biggest bank by assets, posted a surprise 4.5 percent year-on-year rise in second-quarter net profit, lifted by lower than expected provisions for loan losses.

Attributable net profit reached 3.31 billion crowns ($160.31 million), above the average estimate of 3.01 billion in a Reuters poll.

The lender, which is 60.4 percent owned by France’s Societe Generale, has seen a slower than expected pick-up in loan growth this year and is also facing pressure from official rates that have been near zero since the end of 2012. ($1 = 20.6470 Czech Crowns) (Reporting by Jason Hovet, editing by William Hardy)

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