Aktia reported a 28% PBT miss vs Modular Finance consensus, driven by weak top-line. NII missed, and was the lowest income YTD despite the ECB hikes during the summer. The main reason seems to be a shrinking loan book and higher funding costs. Fees was also slightly weaker than expected, especially given that Nordea and the other Nordic banks beat on this P&L line. Costs we are fine with being slightly higher as we expect it to drive revenue. Stock to trade down however.

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