CEO’s comments
Aktia’s business developed steadily in the third quarter. Assets under management reached a new record high of EUR 18.2 billion, while the strategically important risk and unit-linked insurance developed well. Our customer experience, which we have invested in systematically, received very good ratings. However, the operating environment continued to be marked by geopolitical uncertainty, growing inflation concerns and rising market rates.
The comparable operating profit for the quarter amounted to EUR 22.5 (27.4) million.
Stable income
Net interest income development remained stable, and as we have previously noted, the positive impact of higher market rates on net interest income is expected to become more pronounced next year. The net interest income for the quarter amounted to EUR 31.9 million, down 6% from the previous year, mainly reflecting slightly higher financing costs. At the same time, our solid loan portfolio showed its strength and credit losses were once again low at EUR 1.5 million, 59% lower than last year.
The net commission income for the quarter was EUR 31.1 million, in line with last year, supported by higher income from funds due to increased assets under management. Given both the changes in the card business, which led to higher card expenses in the quarter, and the significant income from structured products in the comparison period, we can be satisfied with the development.
In the life insurance business, both risk insurance and unit-linked insurance developed well, fully in line with our strategy. However, the result from run-off insurance was burdened by rising market rates and an increase in estimated future customer compensation. This resulted in a net income from life insurance of EUR 5.7 million, 30% lower than last year.
I would like to clarify that rising interest rates are beneficial for us as a bank in the long term, even though interest-rate hedging measures at the group level mean that the boost to net interest income is somewhat delayed. In the short term, however, it is inherent to the nature of the business that changes in the interest rate environment can cause volatility – for instance, on a quarterly basis – particularly within the life insurance business.
Satisfied customers
One of our strategic priorities is a first-class customer and employee experience. These go hand in hand and are prerequisites for sustainable profitability through long-term customer relationships. A particular highlight of the quarter was the result of the annual, independent EPSI Rating customer satisfaction survey. Among corporate customers, Aktia ranked first with a customer satisfaction index clearly above the industry average. Aktia also achieved a top ranking in the survey’s sustainability index.
The results demonstrate customers’ strong trust and their view of Aktia as a responsible partner with a long-term approach. Among private customers, Aktia climbed to fourth place in the comparison. Satisfaction has risen significantly and now stands at the level of “very satisfied”, exceeding the industry average. I am convinced that these results also reflect our choice to emphasise added value for the customer in our investments in AI.
Increased assets under management
As stated above, assets under management increased to EUR 18.2 billion. Net sales for the quarter amounted to EUR 124 million, with particularly strong net sales in the Private Banking business. In Private Banking, a significant part of investments is also made in insurance wrappers, which underlines the value of our comprehensive Life & Wealth offering. Net sales to Premium customers were once again at a good level. In international sales, assets under management in emerging market debt funds continued to grow, while resources were further strengthened in the DACH region.
Strong confidence
On 28 October, we received positive news reflecting increased confidence in Aktia. S&P Global Ratings announced that the agency had raised its outlook on Aktia from negative to stable. At the same time, S&P affirmed Aktia’s credit ratings at the current level. According to S&P, the outlook revision reflects Aktia’s resilient strategic execution. S&P also highlights Aktia’s ability to generate returns, its strong capitalisation, and the successful stabilisation of leadership. A strong credit rating and a stable issuer profile are highly valuable to us. Market confidence enables favourable funding, which in turn supports competitive and profitable lending. I would like to emphasise that Aktia has a strong capacity to finance both large and small projects.
The final stretch of the anniversary year
This year, Aktia celebrates 200 years of long-term operations in the financial sector. Our strong heritage and our vision for the future are themes I have often had the pleasure of discussing with a large number of current and prospective shareholders, and the response has been positive.
The final stretch of this anniversary year is now upon us, a year that for us at Aktia has further increased the sense of pride in what we have achieved so far and what we will achieve in the future. With strong confidence in the future, our sleeves rolled up and without undue modesty, we look forward to the first of the next 200 years.
Helsinki, 30 October 2026
Anssi Huhta
CEO
