Net earnings came in at PLN 181.1m for 2Q07, down 18.7% q/q but up 78.5% y/y, above both our forecast of PLN 161.2m and the konsensus estimate of PLN 163m (range of PLN 139m – PLN 180m, according to PAP). The results were boosted by exceptionally strong trading income and a net provisioning release, which should diminish investor enthusiasm over the bottom-line. Core revenue lines were broadly in line with expectations, whilst operating costs were higher-than-expected. Nonetheless, the results may have a positive impact on our Sell rating on BRE Bank.