Net earnings came in at BGN 13.7m, flat q/q but up 33.6% y/y, a level above our expectations on a stronger-than-expected margin and lighter-than-expected provisioning. With below average loans-to-deposits ratio, Corpbank has been well positioned to grow its loan book and take advantage of more favourable pricing, improving its market share in lending from 2.4% at the end of 2008 to 2.6% in 2Q09 and 2.7% in 3Q09. On the other hand, the bank lost 8.9% of its customer deposits year-to September and 0.7% in 3Q09, boosting loans-to-deposits to 79.0%. With lending surpassing deposits, net interest margin (on average assets) expanded by 59bp to 3.2%. Following a net release in 2Q09, Corpbank reported a net provisioning charge of 33bp in 3Q09, while NPLs increased to 0.5% of gross loans. Loan book quality has historically been very strong at Corpbank, and this is reflected in low net provisioning requirements, although deterioration is expected against a weaker economic backdrop. Operating costs were seasonally lower, at BGN 7.6m, down 12.8% q/q but up 10.9% y/y. We plan to review our more bearish estimates following the results but with 9M09 results accounting for 78% of consensus, little change should be expected here.