UPDATE 1-Czech bank Komercni's H1 profit up, beats forecast
(Adds more details, background, analyst's comment, stock move)
PRAGUE, Aug 6 (Reuters) - Komercni Banka BKOMsp.PR., the only listed Czech bank, reported a 21.5 percent rise in its first-half net profit on Wednesday, beating expectations.
Banking profits in the central European country have been driven by a booming economy which supported a fast expansion in credit to both consumers and companies.
Net profit at Komercni, 60.35 percent owned by France's Societe Generale (SOGN.PA), reached 6.41 billion crowns, above the average forecast of 6.04 billion given in a Reuters poll of nine analysts, and up from the 5.28 billion crowns made in the same period last year.
"In the first half of 2008 Komercni Banka developed successfully its net revenues in all business segments despite signs of a slightly deteriorating macroeconomic outlook," the bank said.
Revenue increased 12.3 percent to 16.18 billion crowns in the period, above market forecasts of around 15.83 billion.
It said overall loans jumped 23.8 percent to 350.7 billion crowns, while deposits rose 5.1 percent.
The volume of mortgages to individuals jumped 27.2 percent to 82.3 billion although the amount of new mortgage sales only rose 3.7 percent, still above the market which dropped by a fifth.
Czech banks, almost all owned by multinational financial groups, have not been exposed to derivatives that have forced major banks into write-downs.
But the mortgage boom has sizzled out and banks have been becoming more cautious in new lending, especially for real estate, as the economy is expected to slow down from 5.3 percent in the first quarter due to lower demand abroad and the firming crown currency.
Komercni's shares fell 1.43 percent following the results to 4,090.25 crowns but rebounded to 4,108.80 at 0832 GMT, up 3 percent on the day, beating the main PX index .PX which was 1.65 percent up.
"All income items exceeded expectations so it is a healthy above-expectations result," said Milan Lavicka, an analyst at Atlantik FT. (Reporting by Jan Lopatka and Jana Mlcochova; Editing by Michael Winfrey and Greg Mahlich)
