Aktia reported a Q3 PBT 6.5% ahead of consensus. The quality was mixed as the NII was 5.5% below, though it included a one-off explaining the majority of the miss. Costs at the same time were 2% better. We expect consensus will leave estimates broadly unchanged. What we liked was that Aktia managed to turn funds flows positive, especially on the private banking side. The increased CET1 ratio further strengthens the dividend case in our view.
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