Aktia reported a weak Q1, with all key revenue lines below consensus. NII and fees were 5% and 3% below respectively, with lower rates and the market as drivers. In contrast, costs were 3% better, although loan losses were 45% above consensus. To reach its long-term targets, management has launched a strategic acceleration programme, primarily focused on growth. The near-term focus is the Q1 miss, but the plan offers future potential.
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