Ceska sporitelna is due to release its full-year 2001 preliminary unconsolidated CAS results on Wednesday (9 a.m. CET). The unconsolidated CAS figures have only minor relevance and are usually disregarded by the market, as most projections and market expectations are based on consolidated IAS figures, which will be released on March 22.
Nevertheless, our estimates for the CAS operating figures are: net interest income at CZK 13.5 bil. (+22% y-to-y), net fee income at CZK 6.5 bil. (+37% y-to-y), operating revenues at CZK 22.3 bil. (+20% y-to-y), and general administrative expenses at CZK 14.7 bil. (+19% y-to-y). Our rough estimate of full-year CAS net profit is CZK 2.6 bil. (vs. CZK 4.86 bil. in 2000). No market consensus is available.
(Jan Hajek)