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Aktia Bank Plc’s Interim Report January-September 2023: Record-high net interest income and good cost management contributed to a strong increase in the underlying business result


Aktia Bank Plc
Stock Exchange Release
9 November 2023 at 8.00 a.m.  

Aktia Bank Plc’s Interim Report January-September 2023: Record-high net interest income and good cost management contributed to a strong increase in the underlying business result

July-September in short

  • Net interest income increased by 64% to EUR 39.5 (24.0) million.
  • Net commission income was on the previous year’s level at EUR 30.0 (29.9) million. 
  • Net income from life insurance was EUR 5.1 (19.6) million, despite the result including value changes of EUR -2.0 million in the real estate portfolio. Comparative figures recalculated according to the new IFRS 17 accounting standard make the comparison significantly more difficult.
  • Despite high inflation, the comparative operating expenses were approximately on previous year’s level at EUR 40.8 (40.3) million.
  • Comparable operating profit increased by 3% to EUR 32.0 (31.1) million.
  • Credit losses were still very moderate, EUR -2.3 million.

January-September in short

  • Net interest income increased by 40% to EUR 105.1 (75.0) million.
  • Net commission income amounted to EUR 90.6 (92.9) million.
  • Net income from life insurance was EUR 18.0 (75.9) million. Comparative figures recalculated according to the new IFRS 17 accounting standard make the comparison significantly more difficult.
  • Comparable operating expenses increased by 3% to EUR 128.7 (125.4) million. Inflation as well as investments in IT systems and development of digital services increased IT expenses.
  • Business operations developed steadily, but due to an accounting standard change (IFRS 17) the comparable operating profit decreased to EUR 82.0 (116.4) million. The reported operating profit for the corresponding period last year amounted to EUR 50.4 million.

Outlook 2023 (unchanged)

Aktia's comparable operating profit for 2023 is expected to be clearly higher than the EUR 65.2 million reported for 2022 under the accounting standard previously applied for the life insurance business.

The outlook has been prepared based on the following assumptions:

  • Net interest income is expected to be significantly higher than in 2022.
  • Net commission income is expected to be at the same level or decrease slightly from 2022 (updated, earlier: is expected to increase slightly in 2023).
  • Life insurance business is expected to develop stably. However, the result can be affected by changes in market values. The recalculated result for 2022 according to the new accounting standard IFRS 17 is exceptionally high due to accounting technical changes.
  • Operating expenses are expected to be on the same level or increase slightly from 2022, due in particularly to higher inflation and the initial costs of outsourcing IT services.
  • Potential provisions for credit losses are expected to be at the same level as in 2022.

Juha Hammarén, CEO:

I am very pleased with Aktia's third quarter development. All three of our business areas, Banking, Asset Management, and Life Insurance, performed well in their sales, and our number of customers increased. As a result of rising interest rates, our net interest income increased by as much as 64 per cent compared to the corresponding period of the previous year. However, we estimate that the rate-hiking cycle is close to its peak. Net commission income remained on the previous year’s level in the third quarter.

The result of the underlying business reached record levels, mainly due to a significant increase in net interest income and a stable cost level. Considering that the comparative figures adjusted to IFRS 17 significantly increased the result of the life insurance business during the comparison period, we can be very satisfied with our performance.

Our Banking business developed strongly in the third quarter. Our total loan book remained stable, although demand for housing loans was subdued as the housing market slowed down and general market uncertainty continued to increase. Good demand for hire purchase and leasing financing among corporate customers compensated for the weak demand for housing loans.

The quality of the loan book remained good, and the average margin of the entire loan book increased. Maintaining the good quality of our loan book is one of our key principles, and we seek to respond to customers’ potential emerging payment difficulties at an early stage. In addition, we are not trying to increase our market share in household mortgages by raising our risk level. Despite the market situation, credit loss provisions remained moderate.

Our Asset Management business developed well, despite the challenging market situation. Net sales to domestic institutional investors and Private Banking customers were positive in the third quarter, but some international investors made redemptions from Aktia's well-performing fixed income funds. As a result, total net sales in the third quarter were negative.

Market changes also weighed down assets under management, which decreased from the previous quarter and amounted to EUR 13.3 billion. During the quarter, we developed our product portfolio and launched a new capital protected equity-linked bond which was well received by customers.

Our Life Insurance business developed well in the third quarter, considering market conditions. The actuarially calculated result improved significantly, but the net income from life insurance decreased compared to the previous year. The adjusted result for the comparison period according to IFRS 17 was very high and makes comparison between years difficult.

Investments in developing customer experience

Comparable operating expenses remained on the previous year’s level in the third quarter despite strong inflation and significant investments in the development of information systems and digital customer experience.

Providing an excellent customer experience is one of the cornerstones of our strategy, and in 2023 we have invested significantly in developing it. This means, among other things, shortening the waiting times for the telephone service, introducing the electronic identification application on a large scale, and providing our customers with comprehensive and high-quality advice in both national languages of Finland. We will also focus on developing our operations so that customers can count on reaching us when they need advice.

We must earn our customers' trust every day. Loyal customers and long customer relationships are a source of pride for us. We want to hold on to them also in the future.

Key Figures

(EUR million)Q3/2023Q3/2022∆ %1-9/20231-9/2022∆ %Q2/2023∆ %Q1/20232022
Net interest income39.524.064%105.175.040%33.817%31.899.2
Net commission income30.029.90%90.692.9-2%30.4-1%30.3122.0
Net income from life insurance5.119.6-74%18.075.9-76%5.7-10%7.279.2
Total operating income75.272.44%215.8244.8-12%70.37%70.3302.9
Operating expenses-40.8-40.31%-130.1-125.44%-42.2-3%-47.1-169.4
Impairment of credits and other commitments-2.3-1.0127%-4.5-3.147%-1.373%-0.9-10.2
Operating profit32.031.13%81.0116.6-31%26.819%22.2123.5
Comparable operating income175.272.44%215.5244.6-12%70.07%70.3302.8
Comparable operating expenses1-40.8-40.31%-128.7-125.43%-42.2-3%-45.8-168.1
Comparable operating profit132.031.13%82.0116.4-30%26.521%23.6124.7
Cost-to-income ratio0.540.56-2%0.600.5118%0.60-10%0.670.56
Comparable cost-to-income ratio10.540.56-2%0.600.5116%0.60-10%0.650.56
Earnings per share (EPS), EUR0.340.34-1%0.881.29-32%0.2917%0.251.37
Comparable earnings per share (EPS), EUR10.340.34-1%0.891.29-31%0.2919%0.271.38
Return on equity (ROE), % 16.217.6-8%14.121.6-35%14.115%12.217.0
Comparable return on equity (ROE), %116.217.6-8%14.321.6-34%13.917%13.017.2
Common Equity Tier 1 capital ratio (CET1), %211.010.63%11.010.63%11.00%11.110.8

1) Alternative performance measures
2) At the end of the period

Reference periods 2022 have been recalculated according to the new IFRS 17 standard for insurance contracts.
Interim Report January–September 2023 is a translation of the original Swedish version ”Delårsrapport 1.1-30.9.2023”. In case of discrepancies, the Swedish version shall prevail.

Webcast from the results event

A live webcast from the results event will take place on 9 November 2023 at 10.30 a.m. (EET). CEO Juha Hammarén and CFO Outi Henriksson will present the results. The event is held in English and can be seen live at A recording of the webcast will be available at after the event.


For more information:
Outi Henriksson, CFO, tel. +358 10 247 6236

Nasdaq Helsinki Ltd
Central media

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 900 people around Finland. Aktia's assets under management (AuM) on 30 June 2023 amounted to EUR 13.8 billion, and the balance sheet total was EUR 12.3 billion. Aktia's shares are listed on Nasdaq Helsinki Ltd (AKTIA).

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