In Q1 Corporate Commercial Bank reported total assets of BGN 2.35bn (up 11% YtD), loans to NFI of BGN 1.21bn (up 5% YtD), total deposits of BGN 2.11bn (up 12%YtD) and net profit of 15.5m (up 70% YoY). Given the performance of the banking system for the two first months of 2009, the bank is likely to have gained market share in terms of loans and deposits. The deposit base increased in the quarter due to growth in corporate deposits (up 17% or by BGN 214m) and deposits from banks (up 53% or by BGN 35m). Although the bank increased its provision charges in the quarter, the provisions/gross loan portfolio ratio of 0.7% continued to be significantly below the industry average. The bottomline was boosted primarily by an increase in net interest income and solid growth of commission income (mainly on the back of the 68% YoY growth in the loan portfolio). In addition FX revaluations gains and a realized gain from available-for-sale securities contributed to the strong performance, which was 17% ahead of management’s expectations. As of March’09 the bank’s highly liquid assets covered 42% of all liabilities (vs. about 20-25% for the banking system) and it had capital adequacy ratio /CAR/ of 12.12% (the regulatory minimum is 12%). However, the CAR is likely to be boosted to above 13% after the inclusion of the net profit for the second half of 2008, which should be added to the capital base once shareholders approve no dividend distribution for 2008 at the upcoming AGM (to be held on 27th May).