Ceska sporitelna, Erste Bank’s 98%-owned subsidiary, posted unconsolidated Q1 2003 CAS net profit of CZK 2.07 bil., which was above our forecast due to higher-than-expected release of provision. Operating profit of CZK 2.17 bil. was slightly worse than expected.
This set of figures is, however, largely ignored by the market; the more important consolidated IAS figures will be released on May 16.
Jan Hajek