Aktia’s comparable operating profit falls 18% to €22.5 million in third quarter
Key Facts
Aktia Bank said on October 30 that its comparable operating profit was €22.5 million in the third quarter of 2026, down 18% from €27.4 million a year earlier. The result fell short of the average forecast of three contributors to a Modular Finance survey, which was €25.1 million. After the results were announced, the bank’s shares fell 6%, according to Investing.com coverage. The company attributed the decline in comparable profit to lower life insurance income, alongside a slight increase in funding costs and higher operating expenses.
Net life insurance income fell 30% to €5.7 million, compared with €8.2 million in the same period a year earlier. Aktia said the main reason was weaker results from its “run-off” insurance, which were affected by higher market rates and increased estimated future customer compensation. By contrast, the company said its risk and unit-linked insurance businesses developed well. The pressure was therefore concentrated in the results of discontinued insurance, rather than reflecting a broad decline in insurance activities. Comparable operating profit had fallen 35% to €18.7 million in the first quarter, when the company cited the impact of negative market-value changes in its life insurance investment portfolio.
Net interest income was €31.9 million, down 6% from €34 million a year earlier. Aktia attributed this mainly to a slight increase in funding costs, but said the positive effect of higher market rates on interest income is expected to emerge over the coming year. The chief executive said business developed steadily in the third quarter, adding: “I would like to make clear that higher interest rates are beneficial to us as a bank over the long term.” On expenses, comparable operating expenses rose 10% to €46.5 million from €42.3 million. The company attributed the increase to staff costs, IT, purchased services and marketing.
Net commission income was broadly stable at €31.1 million, compared with €31.2 million a year earlier. Higher income from funds supported the figure, while changes in the card business had a slight negative impact. Assets under management reached a record €18.2 billion, driven by quarterly net sales of €124 million. Credit losses fell to €1.5 million from €3.8 million, a year-on-year decline of 59%. The company expects credit losses in 2026 to be significantly lower than in 2025.
Aktia left its 2026 outlook unchanged, expecting comparable operating profit to approach or slightly exceed the 2025 level of €106 million. It also expects income from funds, asset management and securities brokerage commissions to be somewhat higher in 2026, while market uncertainty could weigh on net commission income. In the second quarter, the company reported comparable operating profit of €43.7 million, up 67% year on year, attributing the improvement at the time to the development of its core business and the impact of the new expected credit loss model. On October 28, S&P Global Ratings revised its outlook on the bank to stable from negative and affirmed its long- and short-term credit ratings at A-/A-2. The expected positive effect of higher market rates on net interest income remains deferred until next year, the company said.