Aktia reported a disappointing Q1 with a PBT of EUR 26.6m, 9% below consensus. The weakness came from revenues and loan loss provisions. The NII was 5% below consensus (4% below SEB) on lower rates and Fees were 3% lower on weak markets. Life also on the weak side with a 7% miss. Costs were the positive surprise in the quarter as reported costs came in 3% better. Loan losses 45% higher. Consensus estimates to move down and stock to follow today.
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