Aktia reported Q1 PBT in line with consensus, with 4% better NII and Life 30% ahead as the positive takeaways, but with higher costs and loan losses, both partly explained by one-off items. Fully adjusted, we believe the print was actually above consensus expectations. However, given that Q1 was the last quarter before the Taaleri acquisition will be included, this quarter should not attract much attention.

Danske Bank