Komerci announced in its press release that number of clients increased by 4% y/y (60,000) to 1,467,000 in 2005. During the last year the bank opened 25 new branches and now servers its clients from 360 sales points. Further, the bank increased the number of its ATM machines to the total of 607. Also, the number of active payment cards increased by 12% y/y to 1,369,000. The trend of buoyant loan market was confirmed as the volume of outstanding mortgages showed a growth to CZK 43.1bn which means 39% y/y. Double digit growth was also recorded in the segment of active credit cards; 89% y/y to the total of 125,000. The volume of outstanding loans for small/medium enterprises gained 20% y/y and reached CZK 55bn. Komercni banka will publish its unconsolidated results on 28 February 2006 at 10:00am CET and conference call will be hold at 4:00pm CET. We see the news as slightly positive nevertheless we wait for the full 2005 report to asses the bank’s financial performance. We reiterate our Buy recommendation.