Corporate Commercial Bank /CORP/ finished 2009 with 50% increase YoY in net income, to BGN 60m. Provisions increased to 0.76% of gross loans (BGN 10.8m), compared to 0.56% (BGN 6.5m) at the end-2008. This is significantly below the industry average of 3.5%. NPLs doubled QoQ and reached BGN 13.5m, which was still only 0.96% of gross loans, again significantly below the average for the banking sector, where for Dec 2009 NPLs were 5.3%. According to the management report, only 2.2% of the NPLs, or less than BGN 0.3m, were credits overdue by above 180 days. Cost-to-income remained at about 30%, one of the good results in the sector (average for the industry of c.50%), and the higher reported profitability contributed to an increase in RoaE to 24.8%, compared to 22.5% in Q3. The capital adequacy ratio is at 14.0%, compared to 17% for the sector.