As expected the audit confirmed the preliminary unconsolidated 2004 net profit of CZK 9.3bn. The bank also released its 2004 consolidated results. The consolidated net profit reached CZK 8.9bn, up 2.6% y/y, and revenues increased by 8.1% to CZK 13.16bn. The difference between the unconsolidated and the consolidated results stems from a lower capital gain from the sale of MUZO (a payment processing company) and from dividends paid by subsidiaries At the analyst meeting CEO Alexis Juan said the bank will sell its 100% stake in the asset management unit IKS to Societe Generale SGAM in 2Q05 and a 51% stake in its insurer Komercni pojistovna to SGCAP (the insurance unit of SG) by the end of the year. No details on the sale were released. We believe both stakes could be sold for about CZK 1bn to 1.5bn, i.e. CZK 26 - 39 / share. The bank called its AGM for April 28. The decisive day is April 21. The agenda includes among other things dividends and share buy-back.