PRAGUE, Feb 13 (Reuters) - Czech lender Komercni Banka’s fourth-quarter net profit rose by 24.7 percent year-on-year to 3.04 billion crowns ($161.39 million) thanks to a drop in provisions for losses on loans and securities.
The profit figure was above expectations for 2.89 billion crown in a Reuters poll of 12 analysts, and up from 2.43 billion in the final quarter of 2011 when earnings were hit by a one-off impairment of the value of Greek government bonds.
Provisions at the country’s third-largest bank by assets fell by 69.5 percent year-on-year to 526 million crowns in the fourth quarter, below 572 million crowns seen in a Reuters poll.
The lender, majority owned by France’s Societe Generale , said its board proposed to pay dividend of 230 crowns per share from 2012 profit, up from 160 crowns the year before.
$1 = 18.8366 Czech crowns Reporting by Jason Hovet and Jana Mlcochova