13 May 2005 -

Report Summary

Significantly higher than our estimate of US$ 7.3 mn, TSKB disclosed YTL 20.1 mn (US$ 14.9) net profit on its BRSA Bank-only 1Q 2005 financial statements. The difference stems from higher than expected interest income on security portfolio and lower than expected provisions. The net profit of TSKB in 1Q 2004 was US$ 8.3 mn after the net monetary loss of US$ 8.4 mn.

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