Komercni banka’s audited consolidated 2001 IAS net profit of CZK 2.90 bil., released last night (Reuters), was slightly better than our forecast of CZK 2.7 bil. However, operating profit of CZK 8.88 bil. did not meet our forecast of CZK 9.1 bil. The above-mentioned differences were caused by higher KB Group operating costs, which were more than offset by unexpectedly low consolidated provisioning. Neutral.
Further details regarding the audited 2001 figures will be released at an analyst presentation today (10:30 am CET). More importantly, KB’s management should present the bank’s new strategy and business perspectives at the presentation. A KB’s conference call will be held on Wednesday, April 3 (3 pm CET).
Separately, KB shareholders, at an EGM yesterday, approved the acquisition of Societe Generale's Prague branch by KB for CZK 1.03 bil. KB’s board member, T. Spurny, said that the transaction is advantageous for KB, and that it would improve the bank’s position on the Czech wholesale banking market. Expected.
Source: CTK.
(Jan Hajek)