BZ is scheduled to report its 2Q09 results on Wednesday, August 5. We expect the bank to report net earnings of PLN 161.8m, up 35.9% q/q but down 50.1% y/y. This is below consensus estimates of PLN 173m (range from PLN 154m – PLN 193m, source: Parkiet). Vis-a-vis consensus, we are more optimistic on the outlook for revenues, in anticipation for lower margin pressure (-3bp q/q) but expect higher net provisioning (175bp of average gross loans). The results will include dividend from Aviva Group (PLN 68.5m versus PLN 64.7m last year).