(Jan Hájek) Ceska sporitelna released today morning its H1 2001 IAS consolidated figures. Although net profit of CZK 0.80 bil. stood moderately below market consensus (CZK 0.84 bil.), all other figures outperformed our and the market’s expectations (including profit before provisions of CZK 2.77 bil.). Both main revenues drivers, interest income (CZK 6.9 bil.) and fees and commissions income (CZK 3.2 bil.), improved significantly y-to-y (+26% and +38%, respectively) and especially fees income was a positive surprise for us, despite our expectations of their dynamic growth.
CS created slightly higher provisions in Q2 2001 of CZK 0.7 bil., while we expected CZK 0.6 bil. This could relate to a completion of the bank’s loan reclassification process in June. More details on the reclassification process and on the first transfer of non-performing assets to the state-owned Konsolidacni banka will be released at the presentation at noon today.