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Komercni Banka Q1 net profit rises 41 percent after HQ sale
May 4, 2017 / 5:20 AM / in 7 months

Komercni Banka Q1 net profit rises 41 percent after HQ sale

PRAGUE, May 4 (Reuters) - Czech lender Komercni Banka posted a 41 percent rise in first-quarter net profit, boosted by the sale of its Prague headquarters building, the bank said on Thursday.

Reported attributable net profit rose to 4.1 billion crowns ($167.12 million) while net profit adjusted for extraordinary gains was up 11 percent to 3.2 billion crowns.

The bank’s earnings were also helped by a 43 percent rise in trading gains in the first quarter as market expectations the central bank would end an intervention regime keeping the crown boosted corporate hedging activity. This rise compensated for falling net interest income and net fees.

The Czech National Bank (CNB) abandoned its currency regime on April 6. ($1 = 24.5330 Czech crowns) (Reporting by Jason Hovet)

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