Net earnings came in at PLN 298.0m for 2Q07, up 14.3% q/q and 19.9% y/y, slightly below our forecast of PLN 301.3 m but above consensus estimate of PLN 288m (range of PLN 252m – PLN 324m, according to PAP). The key driver of the earnings improvement in the quarter was the widely expected PLN 60m dividend from Aviva Group. The bank also continued to benefit from light net provision requirements, with a release of PLN 3.7m in the quarter. Overall, we expect a neutral market reaction to the results today.