BRD-GSG is scheduled to report its 2Q09 results on Tuesday, August 4. We expect the bank to report net earnings (unconsolidated, RAS) of RON 178.6m, -15.0% q/q and -30.1% y/y. There is no consensus estimate available yet. We expect broadly flat net interest margin (+2bp q/q) given somewhat less intensified deposit price war, with net interest income expected to come in at RON 371.3m (+2.5% q/q and +1.9% y/y) for 2Q09. costs are expected to be seasonally higher and to come at RON 386.3m (+6.2% q/q and +5.7% y/y), with frozen recruitment but wages linked with inflation. Net provisioning is expected to come in at RON 238.2m (up 12.0% q/q and 263.8% y/y) for 2Q09, equating to an estimated 279bp over average gross loans.