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Komercni Banka (01IS)

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Friday 20 April, 2001

Komercni Banka

1st Quarter Results

Komercni Banka
19 April 2001

                          Komercni banka in profit

Komercni banka has recorded a net profit of CZK 1.3 billion (IAS) for the first
quarter of 2001. The Bank has thus been able to  return to profitability
following several periods of losses, and has achieved this feat through the
reduced creation of provisions for loan losses, as well as positive changes in
the Bank's business results. For the same period last year Komercni banka
recorded a loss of more than one billion crowns.

For the first quarter of 2001 Komercni banka recorded a profit  before the
provisions for loan losses and income tax of CZK 2.5 billion. This is an
improvement of 7.3% on the result for the first quarter of 2000.

The reason for the positive results is primarily the continuing increase in net
interest income which against the same period last year rose by almost 7% and
the generation of more than 13% higher  net fees and commissions. The positive
effects of the agreement signed at the end of last year with Komercni banka
could also be  felt in the lower creation  of  reserves for loan losses. The
agreement guaranteed Komercni banka's risk receivables.

The volume of total assets remains stable in comparison with the  end of last
year, amounting to CZK 401.7 billion. For the first quarter of 2001 the Bank
recorded an increase of 1.3% in the volume of loans to clients, the final figure
totalling CZK 128.6 billion.

Reductions continue to be made in the number of employees. During  the first
quarter the number of employees fell by 207 to 10,496.

According to the Chairman of the Board of Directors and Chief Executive, Radovan
Vavra, the first quarter results fully reflect the beneficial impact of the
changes implemented in the middle of last year by the new management. 'The move
back into the black makes me very happy. The result is not a matter of chance
but rather the beginning of a positive trend. The changes that we have set under
way in the Bank are beginning to bear fruit' was his reaction to the results.

Peter Palecka                                   Tomas Spurny
Vice-Chairman of the Board of Directors         Member of the Board of Directors
and Deputy Chief Executive                      and Deputy Chief Executive
Komercni banka, a.s.                            Komercni banka, a.s.

                            K0MERCNI BANKA'S BALANCE SHEET
                                   (in CZK million)

                                           31 March 2001       31 December 2000
Assets                                       (Unaudited)               (Audited)

Cash and balances with the central bank           17,887                 20,607
Due from financial institutions                  183,632                175,299
Treasury bills and other bills eligible 
 for refinancing                                   1,615                 11,670
Loans and advances to customers (net)            128,588                126,943
Securities held for trading                        4,133                  3,139
Securities available for sale                     30,004                      -
Accrued income and other assets                   10,595                  8,102
Investments held to maturity                      10,545                 41,465
Fixed asset investments                            1,689                  1,625
Tangible fixed assets (net)                       12,982                 13,355 
Total assets                                     401,670                402,205
Amounts owed to financial institutions            37,935                 39,378
Amounts owed to customers                        282,761                287,624
Certificated debts                                27,809                 27,441
Accruals, provisions and other liabilities        23,855                 19,988
Subordinated debt                                  7,767                  7,563
Total liabilities                                380,127                381,994
Shareholders' equity
Share capital                                     19,005                 19,005
Share premium and reserves                         2,538                  1,206
Total shareholders' equity                        21,543                 20,211
Total liabilities and shareholders' equity       401,670                402,205

                                 (in CZK million)

                                           31 March 2001          31 March 2000
                                             (Unaudited)            (Unaudited,
Interest income                                    6,890                  6,682
Interest expense                                  (3,850)                (3,837)
Net interest income                                3,040                  2,845
Net fees and commissions                           1,876                  1,659
Dealing profits/(losses)                             340                    693
Other income                                          82                    145
Not operating profit                               5,338                  5,342
Administrative expenses                           (2,304)                (2,129)
Depreciation and other provisions                   (486)                  (838)

Profit/(loss) before provision for loan 
 losses and income taxes                           2,548                  2,375

Provision for loan losses                           (736)                (1,800)
Profit/(loss) before income taxes                  1,812                    575

Income taxes                                        (500)                (1,600)
Net profit/(loss) for the period                   1,312                 (1,025)