KB reported unconsolidated net earnings of CZK 4.18bn for 1H05, up 10% y/y, which beat both the consensus forecast of CZK 4.02bn (by 4.0%) and our estimate of CZK 4.07bn (by 2.7%). On the back of these numbers, we are upgrading our full year 2005 consolidated net profit forecast by 1.3% to CZK 9.12bn. We are raising our fair value estimate by 1.6% to CZK 3,899 per share and reiterating our buy recommendation on the stock. For more details please see the attached pdf file.