With SEB’s macro team now expecting two further 25bp ECB rises (December and March), we raise Aktia’s NII by 1.2% for 2027E-28E on higher deposit margins but remain conservative on 2026E, given unclear hedge dynamics. Nordea’s Q3 pointed to improving Finnish growth, with deposit margins driving personal banking income, which is supportive for Aktia. Still, we forecast broadly flat Q3 NII q/q.
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