Profit warning: Aktia lowers its outlook for 2022 and publishes advance information on the economic development in the third quarter
October 27 2022 - 8:15AM
Profit warning: Aktia lowers its outlook for 2022 and publishes
advance information on the economic development in the third
quarter
Aktia Bank PlcInsider information27 October 2022 at 4.15
p.m.
Profit warning: Aktia
lowers its outlook
for 2022 and publishes advance
information on the economic development in the third
quarter
The exceptional economic situation, which has marked the whole
year 2022, continued during the third quarter. The decline on the
equity market and the rise in interest rates continued, and market
values of different asset classes decreased across the board.
Despite the increased returns from lending and lower costs than in
previous quarters, Aktia's full year result will fall short of last
year, as the market outlook for the rest of 2022 is still very
uncertain.
Despite the positive net subscriptions, the falling equity
market and the rising interest rates continued to weigh down the
market values of Aktia's assets under management and the investment
portfolio of the life insurance company, which led to a weaker than
expected development in commission income and net income from life
insurance.
The banking business has developed well during the year and the
strong rise in interest rates increased Aktia's returns from
lending during the third quarter. However, according to our
expectations the net interest income will not yet increase
significantly during 2022, as the rise of the bank's funding and
hedging costs decreases the effect of the increase in return from
lending on net interest income. The net impact of the rise in
interest rates on net interest income is expected to be
considerably positive during next year. The credit loss provisions
were still at a moderate level.
New outlook for
2022
Aktia's comparable operating profit in 2022 is expected to be
lower than in 2021. A key uncertainty related to the realisation of
the outlook is the development of the market value of different
asset classes.
Previous outlook for
2022
Aktia's comparable operating profit in 2022 is expected to be
approximately at the same level as in 2021.
In 2021, Aktia's comparable operating profit was EUR 87.4
million.
Preliminary figures (unaudited):
EUR million |
7–9/2022 |
1–9/2022 |
1–12/2021 |
Total operating income |
56.2 |
186.8 |
263.8 |
Comparable total operating income |
56.2 |
186.6 |
263.2 |
Operating profit |
12.3 |
50.6 |
84.6 |
Comparable operating profit |
12.3 |
50.4 |
87.4 |
Aktia does not provide any other advance information on its
result before the publication of its interim report.Aktia's Q3
interim report will be published on 4 November 2022 at
approximately 8 a.m.
AKTIA BANK PLC
Further information:
Outi Henriksson, CFO, tel. +358 10 247 6236, outi.henriksson
(at) aktia.fiLotta Borgström, Head of Investor Relations and
Communications, tel. +358 10 247 6838, lotta.borgstrom (at)
aktia.fi
Distribution:Nasdaq Helsinki LtdMass mediawww.aktia.com
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 also internationally. We employ
approximately 900 people around Finland. Aktia's assets under
management (AuM) 30/06/2022 amounted to EUR 13.9 billion and the
balance sheet total was EUR 11.9 billion. Aktia's shares are listed
on Nasdaq Helsinki Ltd (AKTIA). aktia.com
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