Aktia reported Q3 revenues 8.5% below FactSet consensus. The main driver of the miss was an unrealised real estate value adjustment in Life. NII and fees were also weak, at 1.5% and 3.6%, respectively, below consensus, but costs were 6% better. If we combine the 'quality' lines NII plus fees minus costs, the result was 9% ahead of consensus, so we see no reason the weak revenues should drive estimate changes in the market.
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