Komercni banka reported worse-than-expected six-month IAS figures today at 9 a.m. Both operating profit as well as the bottom line were poorer than we expected (and than the market consensus, which was below our forecasts). Total operating revenues were close to our projections (CZK 10.5 bil. vs CZK 10.7 expected). While net interest revenues were actually stronger than we had forecast, other revenues did not match expectations. Higher-than-expected operating expenses (CZK 5.9 bil. vs. expected 5.4 bil.) were the main reason why KB’s operating profit disappointed. Also the bottom-line disappointed, but the data released thus far do not allow identifying the exact role of provisions and taxes. KB holds a press conference and an analyst presentation later today, we expect to hear further details.