First Read Komerční Banka Q2 26: strong loan growth, mixed P&L

研报英文原文证据摘录

First Read Komerční Banka Q2 26: strong loan growth, mixed P&L

Global Research

30 July 2026ab

First Read

EquitiesKomercni Banka

Q2 26: strong loan growth, mixed P&L Czech Republic

Banks, Ex-S&L

12-month rating Buy

Provision-driven pre-tax beat with slight weakness in NII offset by strong fees &

commissions 12m price target Kc1,300.00

Komercni reported profit before tax of CZK5.4bn, 4% above consensus. The bottom-

line beat was entirely driven by provisioning and slightly better non-operating income.

Price (30 Jul 2026) Kc1,032

Both total revenues and operating costs were in line, resulting in an also in-line pre-

provision operating profit. Komercni saw another quarter of minor net provision releases RIC: BKOM.PR BBG: KOMB CK

(CZK39mn), driven by the decrease of sectoral overlays and continued resilience of the Trading data and key metrics

mortgage portfolio, better than consensus expectation (moderate net provisioning of

52-wk range Kc1,271.00-963.00

CZK159mn). The in-line revenue print is explained by 6% higher net fees

Market cap. Kc195b/US$9.23b

& commissions, offsetting 1% lower NII and other & trading income versus consensus.

Shares o/s 189m (ORD)

See detailed results overview table on page 2.

Free float 39%

Strong loan growth in retail mortgages and corporate lending, weak CET1 print Avg. daily volume ('000) 143

Customer loans (ex. repos; incl. client bonds) increased 10% y/y and 3.5% q/q, driven by Avg. daily value (m) Kc142.9

5% q/q growth in corporate lending and 3.2% growth in retail mortgages. We also note Common s/h equity (12/26E) Kc126b

that the sales volume of housing loans increased 25% q/q and 82% y/y. Client deposits P/BV (12/26E) 1.5x

(ex. repos) increased 10.2% y/y and 0.7% q/q. with business deposits flat sequentially Tier 1 ratio 16%