Ceska sporitelna reported preliminary, unconsolidated, unaudited figures according to the Czech Accounting Standards (CAS) for year-end 2004. Results were in line with our expectations. Net profit increased 5% and reached CZK 7.65 billion in comparison with 2003 net profit of CZK 7.29 billion. Pre-tax profit reached CZK 10.54 billion, representing a year-on-year growth of 3% from CZK 10.24 billion. Operating profit rose by 28% to CZK 10.37 billion from CZK 8.07 billion the year before. The operating profit growth can primarily be attributed to the growing net interest income and profit from financial operations (up by 43%), while costs remaining stable (+1%). Very positive was the development in the net interest income which rose 11% to CZK 15.79 billion, mainly due to the massively rising volume of loans to clients (+17%). Total assets rose to CZK 475.14 billion, up by 1% from CZK 467.63 billion in 2003.