Komercni Q3 profit soars on plunge in provisioning

PRAGUE Thu Nov 8, 2012 2:28am EST

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PRAGUE Nov 8 (Reuters) - Czech lender Komercni Banka's third-quarter net profit more than doubled to 3.32 billion crowns ($166.44 million), thanks to a sharp drop in provisions for losses on loans and securities.

The profit figure was just below expectations for 3.47 billion in a Reuters poll, but well above last year's result which was distorted by a large impairment charge on Greek government bonds the bank held.

Provisions at the country's third-largest bank by assets fell by 87.4 percent year-on-year to 365 million crowns in the third quarter. ($1 = 19.9173 Czech crowns) (Reporting by Jana Mlcochova; Editing by Jason Hovet)

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