Ceska sporitelna reported this morning its 9M IAS consolidated figures, which were generally in line with expectations. Net profit stood at CZK 1.18 bil., market consensus was CZK 1.20 bil. (Patria forecast CZK 1.21 bil.). The bank significantly outperformed our forecast at operating level: operating profit climbed to CZK 4.8 bil., however, we expected CZK 4.3 bil. Better net interest income was offset by a worse-than-expected collection of fees and commissions. Total bank assets (CZK 474 bil.) lagged only moderately behind our estimate (CZK 477 bil.). Further details regarding CS 9M performance will be released at a press conference (11 am CET) and at an analyst presentation (12:30 pm CET).
Erste bank’s Prague branch was folded into Ceska sporitelna as of September 30, 2000; therefore, y-to-y changes in the P&L account are still biased.
(Jan Hajek)