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Komercni Banka (01IS)

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Tuesday 31 October, 2000

Komercni Banka

Results to 30 September 2000

Komercni Banka
30 October 2000

             Komercni banka's operating profit increased inter-yearly
                by 3.6% to CZK 6.4 billion as at 30 September 2000

Komercni  banka (hereinafter only 'the Bank') achieved an operating profit of
CZK 6.391 billion as at 30 September 2000. Compared to the same period of last
year, operating profit increased by 3.9%. The principal factors that contributed
to profit generation include an increase in net interest income  (by 4.8% in
comparison with the same period of last year), increase in other income (by
8.3%) and a drop in administrative expenses of 2.8%.

The Bank has experienced another positive trend in respect of the fees and
commissions received, which went up by 4.9% as against the same period  of  last
year.  This improvement can be ascribed to the Bank's new business policy  that
has led to a marked increase in its client base over the past few months,  and
the related higher sales of products and services.

In  comparison with the end of 1999, client deposits have grown by 8.6% to CZK
281.5  billion thanks to the deployment of the Bank's new business and marketing
policy. Between June and end-September 2000 alone, the Bank attracted 61,000 new
clients,  while  deposits shot up by as much as 11.1%. In September, Komercni
banka opened 39,900 new client accounts. Furthermore, the Bank has  provided
28,329  consumer loans since the beginning of this year, which is more than for
the whole of 1999. Consumer loans amounted to a total of CZK 3.81 billion as  at
30 September 2000.

In the context of the Bank's restructuring and its new organisational structure,
the staffing level has dropped by 2,429 persons; in July alone  1,436  persons
left the Bank as part of the Bank's Accord Programme. The Bank  restructuring
costs amounted to CZK 408 million. The workforce rationalisation will bring 
about marked savings in operating costs already next year - about CZK 1.9
billion  (of which personnel cost savings are to amount to CZK one billion).

As at 30 September 2000, Komercni banka posted a profit before tax of CZK  381
million. In comparison with the same period of last year, when the Bank reported
a loss before tax of almost CZK 4.8 billion, this implies a distinct improvement
in its results. This positive development is mainly attributable  to a lower
balance of reserves and provisions for loan receivables (a drop of  CZK 4.9
billion as against last year) thanks to selling low-quality assets to Konpo last
March.  The  ultimate net loss incurred by Komercni banka for  the  first  three
quarters of 2000 amounts to CZK 969 million; this level of loss is due to the
tax on  extraordinary proceeds from selling already written-off receivables as 
part of a transaction with Konsolidacni banka.

Total assets increased by CZK 316 million since end-1999.  The Bank's capital
adequacy under BIS methodology continued to rise in the third quarter to  reach
15.35%. Shareholders' equity stood at CZK 19.2 billion on 30 September 2000.

Table 1 (in CZK million)
                               30 September 2000  30 September 1999     Change

Profit before provision for loan           6,391              6,151       3.9%
losses and income tax
Provision for loan losses                 (6,010)           (10,907)    (44.9%)
Profit before tax                            381             (4,756)        -
Income tax                                (1,350)                (3)        -
Net profit/(loss)                            (969)            (4,759)    (79.6%)

Table 2
                                   30 September          30 June   31 December
                                           2000             2000         1999
Total assets (CZK million)              390,438          391,220      390,122
Capital adequacy (BIS)                   15.35%           14.33%        10.32%

Table 3
                            30 September   30 June    31 March    31 December
                                   2000       2000        2000          1999

Staff level (physical)           10,927     12,610      13,118        13,356

Peter Palecka
Vice-Chairman of the Board of Directors

Tomas Spurny
Member of the Board of Directors

                           KOMERCNI BANKA'S BALANCE SHEET
                                 (in CZK million)

                                            30 September       31 December 
                                               2000              1999
Assets                                      (Unaudited)        (Audited)

Cash and balances with the central bank        19,087            21,948
Due from financial institutions               191,838           131,778
Treasury bills and other bills eligible 
for refinancing                                 3,960             4,397
Loans and advances to customers (net)         129,296           181,754
Dealing securities                              3,624            11,701
Prepayments, accrued income and other 
assets                                          6,117             9,381
Investment securities                          21,194            10,680
Investments in subsidiaries and associates      1,930             4,176
Tangible and intangible fixed assets (net)     13,392            14,307
Total assets                                  390,438           390,122

Amounts owed to financial institutions         36,245            58,394
Amounts owed to customers                     281,514           259,191
Certificated debts                             27,292            27,742
Accruals, provisions and other liabilities     18,175            19,823
Subordinated debt                               8,004             7,196
Total liabilities                             371,230           372,346

Shareholders, equity
Share capital                                  19,005            16,604
Share premium and reserves                        203             1,172
Total shareholders' equity                     19,208            17,776
Total liabilities and shareholders' equity    390,438           390,122

                                (in CZK million)

                                     30 September 2000   30 September 1999
                                         (Unaudited)         (Unaudited,
Interest income                             21,884              25,546
Interest expense                           (12,696)            (16,776)
Net interest income                          9,188               8,770
Net fees and commissions                     2,991               3,219
Dealing profits / (losses)                   1,783               1,851
Other income                                 1,255               1,159
Net operating profit                        15,217              14,999
Administrative expenses                     (6,775)             (6,970)
Depreciation and other provisions           (1,643)             (1,878)
Restructuring costs                           (408)                  0
Profit / (loss) before provision for 
loan losses and income taxes                 6,391               6,151

Provision for loan losses                   (6,010)            (10,907)
Profit / (loss) before income taxes            381              (4,756)
Income taxes                                (1,350)                 (3)
Net profit / (loss) for the period            (969)             (4,759)

                                 (in CZK million)

                                  30 September 2000          31 December 1999
1. Cash in hand, deposits with 
   central banks, post                     18,180.3                  20,381.0
   checking accounts
2. Treasury bills and other bills          68,383.5                  48,524.9
   a) treasury bills and similar 
      bonds issued by the state             3,959.5                   4,395.7
   b) other bills                          64,424.0                  44,129.2
3. Amounts due from banks                 192,744.7                 133,344.4
   a) payable on demand                       438.7                   1,383.0
   b) other receivables                   192,306.0                 131,961.4
      of which: subordinated assets             0.0                       0.0
4. Amounts due from clients               140,224.7                 183,643.9
   a) payable on demand                       719.1                     431.6
   b) other receivables                   139,505.6                 183,212.3
      of which: subordinated assets             0.0                       0.0
5. Bonds and other fixed income 
   securities for trading                   3,442.9                  12,537.2
   a) issued by banks                       1,389.1                   3,396.8
      of which: own bonds                     974.2                     323.5
   b) issued by other subjects              2,053.8                   9,140.4
6. Shares and other variable yield 
   securities for trading                     227.5                     537.1
7. Fixed asset investments in associated 
   undertakings                               494.8                   2,763.5
   a) in banks                                280.0                     280.0
   b) in other entities                       214.8                   2,483.5
8. Fixed asset investments in subsidiary 
   undertakings                             1,736.9                   1,714.1
   a) in banks                                446.7                     467.9
   b) in other entities                     1,290.2                   1,246.2
9. Other financial investments             22,076.7                  10,990.0
10. Intangible assets                         946.5                     857.0
   a) expenses of foundation                    0.0                       0.0
   b) goodwill                                  0.0                       0.0
11. Tangible assets                        12,133.9                  13,036.1
   a) and and buildings for banking
      activities                            9,369.9                   9,703.1
   b) other                                 2,764.0                   3,333.0
12. Own shares                                 19.6                      10.4
13. Other assets                            3,723.2                   2,276.1
14. Subscribed capital called-up and
    not paid                                    0.0                   1,390.2
15. Prepayments and accrued income          4,006.9                   7,104.4

    TOTAL ASSETS                          468,342.1                 439,110.3


                                  30 September 2000          31 December 1999

1. Amounts due to banks                   100,678.9                 102,582.9
   a) payable on demand                     4,477.3                   6,865.9
   b) other                                96,201.6                  95,717.0
2. Amounts due to clients                 281,514.2                 259,191.3
   a) savings deposits                     26,201.3                  30,481.2
      of which: payable on demand           1,773.7                   1,733.8
   b) other amounts due to clients        255,312.9                 228,710.1
      of which: payable on demand         111,649.1                 109,154.4
3. Certificates of deposit and
   similar debentures                      29,600.7                  30,500.7
   a) certificates of deposit                   0.7                       0.7
   b) other                                29,600.0                  30,500.0
4. Accruals and deferred income             2,457.4                   4,927.1
5. Reserves                                12,121.8                   7,020.3
   a) reserves for standard loans
      and guarantees                        6,257.2                   5,756.3
   b) reserves for foreign exchange
      rate losses                               0.0                     631.2
   c) reserves for other banking risks          0.0                     137.0
   d) other reserves                        5,864.6                     495.8
6. Subordinated liabilities                 8,003.6                   7,195.8
7. Other liabilities                       14,732.4                   9,866.6
8. Share capital                           19,004.9                  16,604.3
   of which: share capital paid-up         19,004.9                  15,214.0
9. Share premium fund                           0.0                   6,008.0
10. Reserve funds                             581.1                   2,421.2
    a) obligatory reserve funds               558.1                   1,903.0
    b) reserve funds for own shares            23.0                      18.0
    c) other reserve funds                      0.0                     500.2
11. Capital funds and other funds
    from profit                               611.2                   1,565.2
    a) capital funds                            0.0                       0.3
    b) other funds from profit                611.2                   1,564.9
12. Retained earnings and not
    compensated loss of previous periods        0.0                     468.9
13. Profit or loss for the accounting
    period                                   (964.1)                 (9,242.0)

TOTAL LIABILITIES                          468,342.1                439,110.3


                                  30 September 2000          31 December 1999

1. Total future potential
   liabilities                             24,933.6                  29,032.7
   of which:
   a) received bills of 
      and endorsements of bills
      of exchange                               0.0                     375.1
  b) commitments from guarantees           24,933.6                  28,657.6
  c) commitments from collateral                0.0                       0.0
2. Other irrevocable commitments           22,105.0                  15,695.4
3. Receivables from spot, forward
   and option operations                  269,046.7                 250,827.0
4. Liabilities from spot, forward
   and option operations                  268,706.0                 246,470.9

                           OF THE CZECH BANKS
                            (in CZK million)

                                  30 September 2000          31 December 1999

1.  Interest income and similar 
    income                                 24,942.7                  29,496.4
    of which: interest income 
    from fixed income securities            1,251.4                   1,775.6
2.  Interest expense and similar 
    expenses                              (15,687.5)                (20,787.8)
    of which: interest expense on 
    fixed income securities                (1,742.1)                 (2,350.2)
3.  Income from variable yield securities     158.2                      35.5
    a)income from shares and other
      variable yield securities                 2.4                      13.0
    b)income from investments in 
      associated undertaking                  155.8                      22.5
    c)income from investments in 
      subsidiary undertaking                    0.0                       0.0
    d)income from investments                   0.0                       0.0
4.  Fees and commissions income             3,815.1                   3,637.0
5.  Fees and commissions expense             (823.8)                   (418.4)
6.  Profit (loss) from financial 
    operations                              1,878.8                   2,500.8
7.  Other income                           36,993.7                  17,138.6
8.  General operating costs                (7,817.0)                 (7,526.8)
    a) staff costs                         (3,698.9)                 (3,471.2)
   aa) salaries and wages                  (2,741.5)                 (2,553.3)
   ab) social insurance                      (742.7)                   (712.8)
   ac) health insurance                      (214.7)                   (205.1)
    b) other operating costs               (4,118.1)                 (4,055.6)
9. Creation of reserves and provisions 
   for tangible and intangible assets           0.0                       0.0
   a) creation of reserves for tangible 
      assets                                    0.0                       0.0
   b) creation of provisions for tangible
      assets                                    0.0                       0.0
   c) creation of provisions for 
      intangible assets                         0.0                       0.0
10. Use of reserves and
    provisions for tangible and intangible 
    assets                                      1.2                       0.0   
   a) use of reserves for tangible assets      1.2                       0.0
    b) use of provisions for tangible assets    0.0                       0.0
    c) use of provisions for intangible assets  0.0                       0.0
11. Other costs                           (57,913.3)                (25,943.4)
12. Creation of reserves and
    provisions for loans and guarantees   (19,067.2)                (19,449.9)
13. Use of reserves and
    provisions for loans and guarantees    33,176.4                  11,251.2
14. Creation of reserves and
    provisions for fixed asset 
    investments                            (1,233.2)                   (611.5)
    and other financial investments
15. Use of reserves and
    provisions for fixed asset 
    investments and                         1,222.8                     326.3
    other financial investments
16. Creation of other provisions
    and reserves                             (237.2)                 (1,071.9)
17. Use of other provisions and
    reserves                                  828.3                   7,021.1
18. Income tax from current activities     (1,350.0)                     (2.5)
19. Extraordinary income                      201.3                     170.9
20. Extraordinary costs                      (53.4)                    (219.9)
21. Income tax from extraordinary
    activities                                 0.0                        0.0
22. Profit or loss from
    extraordinary activities after tax       147.9                      (49.0)
    PERIOD                                  (964.1)                  (4,454.3)


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