Aktia Bank Plc's Half-year report January-June 2026: Strong quarter with record-high assets under management
Aktia Bank Plc
Stock Exchange Release
30 July 2026 at 8.00 a.m.
Aktia Bank Plc’s Half-year report January–June 2026: Strong quarter with record-high assets under management
The quarter in short
- Comparable operating profit: EUR 43.7 (26.2) million, 67% higher than last year thanks to both positive development in the underlying business and the impact of the new ECL model.
- Net interest income: EUR 33.1 (34.7) million, 5% lower than last year due to lower interest rates in the loan book than in the corresponding period. However, the net interest income increased by 3% compared to the previous quarter.
- Net commission income: increased by 7% to EUR 32.5 (30.3) million, mainly driven by higher income from funds.
- Net income from life insurance: EUR 14.1 (8.0) million, 75% higher than last year due to a strong net investment result and improved insurance service result.
- Credit losses: decreased by EUR 10.0 million to a positive EUR 6.8 (-3.2) million, mainly due to the implementation of the new ECL model and its EUR 8.1 million transitional effect, as well as decrease in individual impairments of EUR 1.6 million and model-based ECL impairments of EUR 0.3 million.
- Comparable operating expenses: EUR 45.1 (43.7) million, 3% higher than last year due to somewhat higher personnel costs, IT costs and depreciations.
- Assets under management: increased to a new all-time high of EUR 18.1 billion (31 December 2025: EUR 16.6 billion), thanks to net subscriptions of EUR 376 million and good performance as well as favourable market conditions.
Outlook 2026 (updated)
Aktia’s comparable operating profit for 2026 is expected to be approximately at the same level as, or slightly higher than, the comparable operating profit for 2025, EUR 106.0 million.
The outlook is based on the following assumptions:
- The asset management and life insurance business is expected to develop positively.
- Commission income from funds, asset management and securities brokerage is expected to be somewhat higher than in 2025. However, any potential market uncertainty may have a negative impact on the net commission income.
- In the life insurance business, the investment contract and insurance service results are expected to be higher than in 2025. However, the total life insurance business result is affected by actuarial assumptions that are updated regularly and by changes in market values, which is typical for the sector.
- The banking business result is expected to be slightly lower than in 2025. Net interest income from the banking business is expected to decrease slightly due to the lower level of market interest rates, while the net commission income is expected to be somewhat higher.
- The operating expenses are expected to increase, considering the continued investments in IT and the development of the general cost level.
- Credit losses are expected to be significantly lower than in 2025, both due to the implementation of the new ECL model and its transitional effect of EUR 8.1 million, as well as to lower individual and model-based impairments. However, the uncertainty in the Finnish real estate sector may affect the development of impairments and expected credit losses.
Anssi Huhta, CEO:
Aktia's second quarter of 2026 was strong. Among other factors, record-high assets under management and the recovery in investment markets – combined with the positive effects of changes in expected credit losses (ECL) – are reflected in the quarter’s result. The strong quarter also strengthens the outlook for the full year.
The exceptionally strong comparable operating profit of EUR 43.7 million during the quarter was 67% higher than last year. The result is explained by both positive developments in the underlying business and the effect of the new ECL model. As expected, the decline in net interest income levelled out and the trend turned upward. Net interest income was EUR 33.1 million, which is higher than in the previous quarter, although 5% lower than last year. Net commission income increased to EUR 32.5 million, up 7% from last year, mainly due to higher income from funds. Net income from life insurance of EUR 14.1 million was 75% higher than last year thanks to the recovery in investment operations and the good development of both risk and unit-linked insurances.
Credit losses were EUR 10.0 million lower than last year, mainly due to the implementation of the new ECL model and its transitional effect of EUR 8.1 million, as previously announced. Overall, credit losses developed positively as individual impairments decreased by EUR 1.6 million and model-based ECL impairments were EUR 0.3 million lower than last year.
I am also pleased to see that the positive development in employee satisfaction continued. The Employee Net Promoter Score (eNPS) rose to +35, the highest level we have ever achieved, which is again a step in the desired direction and brings us closer to the goals of our sustainability strategy.
Strategic choices pay off
The Life & Wealth operations developed strongly in the second quarter, with assets under management rising to a new record level of EUR 18.1 billion, thanks to stable net sales of EUR 376 million and favourable market development. Assets under management in unit-linked insurance policies also reached a new record level of EUR 1.7 billion. At the same time, investments in international sales progressed according to plan and I am pleased to note the first deals coming through the new international distribution channels. Net sales to international institutions exceeded EUR 130 million.
In Banking, we saw continued growth in leasing, factoring and hire purchase, and in particular financing in areas other than transport developed well, contributing to a good diversification of the portfolio. While financing, such as leasing, increased in line with our strategy, risk exposure within the real estate sector decreased in the corporate loan book. Banking is also a key sales channel for the services and products of the Life & Wealth operations, which is reflected in the stable sales of investment solutions to Premium customers in particular and in the efforts to increase insurance sales to banking customers.
Focus on strategy, growth and efficiency
We continue to implement our strategic choices by disciplined execution and follow-up of the strategic decisions and efforts we have made. During the year, we clearly moved into the next phase of the earlier Momentum growth programme. As we described at year-end, the programme’s core actions have been implemented and are now an integral part of our normal ways of working. In practice, this means that Momentum and its various focus areas are no longer a standalone programme with separate reporting. We have achieved what we set out to do: stronger focus on growth, transparency and a systematic approach. The effects of these actions are directly visible in our day-to-day operations, for example in efficiency, commercial activity and investments in selected growth segments.
The anniversary year continues with a clear focus on the future
On Wednesday, 8 April, we celebrated Aktia’s 200th anniversary, as it was exactly 200 years since the first deposit was made in the Helsinki Savings Bank. Ever since the first account was opened, Aktia and its predecessors have been committed to increasing economic prosperity in Finland.
I feel a great sense of pride, humility and responsibility when I reflect on our long history and how it above all compels us to think further. Our customers, shareholders, employees and other stakeholders can rely on Aktia to be a knowledgeable and courageous partner with a clear focus on the future.
Key Figures
| (EUR million) | Q2/2026 | Q2/2025 | ∆ | 1–6/2026 | 1–6/2025 | ∆ | Q1/2026 | ∆ | 1–12/2025 |
| Net interest income | 33.1 | 34.7 | -5% | 65.1 | 69.9 | -7% | 32.0 | 3% | 138.8 |
| Net commission income | 32.5 | 30.3 | 7% | 64.9 | 61.1 | 6% | 32.3 | 1% | 124.6 |
| Net income from life insurance | 14.1 | 8.0 | 75% | 15.1 | 14.6 | 4% | 1.1 | - | 30.6 |
| Total operating income | 82.1 | 73.3 | 12% | 146.9 | 146.8 | 0% | 64.8 | 27% | 295.8 |
| Operating expenses | -46.8 | -46.9 | 0% | -91.2 | -90.9 | 0% | -44.5 | 5% | -185.2 |
| Impairment of tangible and intangible assets | - | - | - | - | - | - | - | - | -70.1 |
| Impairment of credits and other commitments | 6.8 | -3.2 | - | 5.1 | -6.1 | - | -1.7 | - | -15.8 |
| Operating profit | 42.1 | 23.3 | 81% | 60.7 | 49.9 | 22% | 18.7 | 125% | 24.9 |
| Comparable operating income 1 | 82.1 | 73.1 | 12% | 146.9 | 146.6 | 0% | 64.8 | 27% | 295.6 |
| Comparable operating expenses 1 | -45.1 | -43.7 | 3% | -89.6 | -85.6 | 5% | -44.5 | 2% | -173.9 |
| Comparable operating profit 1 | 43.7 | 26.2 | 67% | 62.4 | 54.9 | 14% | 18.7 | 134% | 106.0 |
| Cost-to-income ratio 1 | 0.57 | 0.64 | -11% | 0.62 | 0.62 | 0% | 0.69 | -17% | 0.63 |
| Comparable cost-to-income ratio 1 | 0.55 | 0.60 | -8% | 0.61 | 0.58 | 4% | 0.69 | -20% | 0.59 |
| Earnings per share (EPS), EUR 2 | 0.44 | 0.25 | 78% | 0.63 | 0.54 | 17% | 0.19 | 129% | 0.11 |
| Comparable earnings per share (EPS), EUR 1, 2 | 0.46 | 0.28 | 64% | 0.65 | 0.59 | 9% | 0.19 | 138% | 1.13 |
| Return on equity (ROE), % 1 | 20.7 | 10.8 | 9.9* | 15.2 | 11.9 | 3.3* | 9.3 | 11.4* | 1.5 |
| Comparable return on equity (ROE), % 1 | 21.5 | 12.1 | 9.3* | 15.6 | 13.1 | 2.5* | 9.3 | 12.2* | 12.8 |
| Common Equity Tier 1 capital ratio (CET1), % 3 | 12.0 | 12.8 | 0.8* | 12.0 | 12.8 | -0.8* | 12.8 | -0.8* | 12.6 |
| Dividend per share, EUR | 0.80 |
1 Alternative performance measures
2 Earnings per share (EPS) has been changed so that the result includes interest expenses (net of tax) on Additional Tier 1 (AT1) capital instruments. The impact was marginally negative. For further information, see Note 1.
3 At the end of the period
*The change is calculated in percentage points
Briefing for analysts, investors and media
Aktia's results briefing for analysts, investors and media will be held in English on Thursday 30 July 2026 at 10.30 a.m. Aktia's CEO Anssi Huhta and CFO Sakari Järvelä will present the results.
The briefing can be viewed live as a webcast or as a recording after the event at https://aktia.events.inderes.com/q2-2026. Questions can be submitted in writing during the live webcast.
Aktia Bank Plc
For more information:
Oscar Taimitarha, Director, Investor Relations, Tel. +358 40 562 2315, Email ir (at) aktia.fi
Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com
Aktia, celebrating its 200th anniversary this year, is a growing Finnish financial group. Since 1826, our mission has been to safeguard and increase the wealth and well-being of our customers and society as a whole. Our operations are based on strong values, long-term commitment, and trust. We provide expert, personal support to our customers across Finland, helping them develop their finances and build prosperity across generations. Our award-winning asset management business also sells investment funds internationally.
Our strong business model is based on complementary wealth management, life insurance, and banking services. We employ approximately 850 people around Finland. Aktia's gross assets under management (AuM) on 30 June 2026 amounted to EUR 18.1 billion and the balance sheet total was EUR 12.0 billion. Aktia's share is listed on Nasdaq Helsinki Ltd (AKTIA). Read more about Aktia: aktia.com.
