We expect robust income growth, unchanged margins, slightly higher operating costs and an increase in credit costs. According to our projections, net income for the second quarter will reach CZK1.65bn, which is an increase of +1.1% yoy. Despite an estimated +7.4% yoy increase in operating profit, net income has only increased slightly compared to last year. This is due to a sharp rise in cost of risk. We also expect Moneta to reiterate its full-year targets.