Aktia this morning reported a Q2 PBT of EUR 23.3m that was 3% below consensus. There were however restructuring charges impacting costs with EUR 2.9m that we believe were only partly expected. The NII was strong, 4% ahead driven mainly by corporate lending. Fees were 2% light while Life was 13% ahead. Costs included the one-offs were 3% worse and Loan losses 23% higher. On the positive side, AUM grew in the quarter. New management changes however worry us.

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