Net earnings came in at RON 10.1m, down 84% y/y, broadly in line with our expectation for RON 7.9m. No consensus estimates are available for the quarter. Revenues were boosted by a stronger than expected margin recovery (+21bp q/q to 3.28%), lifting net interest income (+13.4% q/q), as well as a jump in net trading gains (+83% q/q). This helped offset higher-than-expected net provisioning requirements (+138bp q/q to 461bp of average gross loans). Containment of costs (up 0.5% q/q but down 3.7% y/y) was visible. Although concerns remain over the outlook for asset quality in Romania, we believe the relief offered by the margin recovery in the second quarter should see a favourable market reaction to the results today.