Aktia’s Q3 looked weak on the surface, but one-offs, hedging timing effects on NII and card-switch costs in fees flattered the decline, and we leave our 2027E-28E NII unchanged with Q4 already expected to improve. Asset Management continues to see net inflows. With CET1 up 60bps q/q to 12.6% and subdued lending growth limiting capital use, an extra dividend for 2026 looks fairly likely.
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