Aktia reported a 21% PBT beat of Modular Finance consensus, driven by high Life income. Underlying the higher quality beats was a 3.4% NII beat and assets under management came in at an all-time high supported by strong inflows and we believe this will offset the slight Fee miss of 1.2%. Credit losses were positive due to model changes, as expected. We expect slight positive consensus estimate revisions on NII and Fees, with the stock to open up.
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