After numerous quarters with declining NII on the back of lower policy rates, a positive rate hiking cycle has emerged once again. On 11 June, the ECB raised its policy rate by 25bp, and we note that the market is pricing in another 25bp rise before year-end. That will be positive for Aktia’s NII performance ahead. After marginal adjustments ahead of the Q2 report, we increase our fair value range to EUR 12.0-12.7 (11.6-11.9).
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