Net earnings came in at EUR 0.1m for 3Q09, down 98.2% q/q and 98.6% y/y, considerably below our expectations for EUR 5.1m, reflecting a surge in net provisioning requirements. Cost of risk came in at 781bp, well above our forecast for 332bp and 292bp reported in 2Q09. Net provisioning requirement of EUR 7.3m (up 165.4% q/q), management explained as an impairment of exposure to one single client. NPLs increased, from 9.4% in 2Q09, to 10.0% in 3Q09 (below our expectation for 11.5%), but provisioning coverage has been unexpectedly lifted to 89.2% in 3Q09, from 79.4% in 2Q09. Apart from these factors, the results were, slightly worse on core revenues and slightly better on operating costs. We will be reviewing our earnings estimates on the back of these results which suggest a considerably weaker outlook. Downgrades to the consensus should also be expected: results at 9m09 (EUR 12.2m) equate to only 30.8% of the full-year consensus expectation (EUR 39.7m, source: Bloomberg) and are well below the lower end of the range (EUR 36.9m).