Ceska sporitelna, Erste Bank's 95%-owned subsidiary, yesterday reported an unconsolidated 2002 CAS net profit of CZK 6.46 bil. (USD 219 mil.), which was below our forecast due to higher-than-expected income-tax assessment. A reported operating profit of CZK 9.44 bil. was better than expected. The CAS results are largely ignored by the market, however; more relevant for the market, consolidated IAS figures will be released on March 24.
Jan Hajek