Ceska sporitelna, Erste Bank’s 95%-owned subsidiary, posted 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. Operating profit of CZK 9.44 bil. was better than expected. This set of figures is, however, largely ignored by the market; the more important consolidated IAS figures will be released on March 24.
Jan Hajek