Komercijalna Banka is expected to report its 2Q09 results soon, but no date has been set for the result announcement. There is no consensus estimate available. We expect the results to reflect an improvement in the net interest margin following a massive 190bp q/q drop in 1Q09 and 5.0% q/q growth of net fees. We expect only a mild increase in cost of risk but with an anticipated decline in significant net revaluation and FX gain booked in the previous quarter, Komercijalna Banka is forecast to report a net loss of RSD 268.3m in 2Q09. Operating costs are expected to decline 3.0% q/q for the quarter. Overall, do not expect the results to have a major trading impact, due to the uncertain outlook for the sector and light trading volumes.