Komercni banka - net profit beat expectations

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Investiční bankovnictví KB

      Komercni banka announced preliminary financial results for 2002 according to IAS. While the operating revenues and operating income were at the lower end of market expectations, net profit exceeded market estimates. Net profit reached CZK 8.8bn compared to CZK 2.5bn in 2001. Release of provision and reserves of CZK 1.4bn largely drove the net profit growth. The bank created provisions of CZK 5.3bn in 2001. The bank released provisions due to improvements in loan portfolio and partially due to legislative changes, which called for gradual release of general reserves.

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