Net earnings came in at PLN 552.5m for 4Q06, down 9.9% q/q but up 52.6% y/y, below both our expectation of PLN 571.6m and the consensus estimate of PLN 547.0m (with a range of PLN 413m – PLN 619m, according to PAP). Although the bottom-line benefited from yet another net provisioning release and slightly better-than-expected core revenues, this was offset by worse-than-expected seasonality on the operating cost line. We expect the results to have a negative trading impact.