Net earnings (unconsolidated) came in at CZK 2.84bn for 4Q05, up 33.2% q/q but down 22.9% y/y. This equates to a full-year net profit (unconsolidated) of CZK 9.15bn, down 1.6% y/y, below both the consensus forecast of CZK 9.36bn (range of CZK 9.20bn-CZK 9.81bn, according to Reuters) and our own estimate of CZK 9.40bn. However, it should be underlined that the underlying results were better-than-expected. The key driver of the lower-than-expected bottom-line was the net provisioning release, which came in at CZK 0.37bn in 4Q05 versus our estimate for CZK 1.19bn, mainly on the back of a one-off CZK 785m provision created for other risk (mainly legal disputes). In 4Q05, the bank outperformed our estimates on both net interest income and net fee income, and, though costs were also somewhat higher, pre-provision operating profit came in at CZK 3.01bn, +0.7% q/q and +8.6% y/y, above our estimate of CZK 2.92bn.