Aktia revises the reporting for 2023 due to technical error in interest calculation for a limited number of corporate accounts

Aktia Bank Plc
Stock Exchange Release
4 July 2024 at 3.00 p.m.

Aktia revises the reporting for 2023 due to technical error in interest calculation for a limited number of corporate accounts

Aktia Bank Plc’s reported net interest income and thus the result for 2023, which are comparative figures for the 2024 reporting are revised. This is due to a correction of the credit interest of a number of corporate accounts.

The reason for the correction is that Aktia, in the context of a system update, detected a technical error in the interest calculation for a limited number of corporate accounts with specific interest terms that differ from the standard terms. Due to the technical error, the accounts concerned have not received full interest in accordance with the agreement. Other accounts are unaffected by the system error.

The correction of the net interest income for 2023 amounts to EUR -3.6 million. The total correction as of 31 December 2023 decreases retained earnings by EUR 3.1 million as the deferred tax and the credit interest attributable to 2022 is taken into account.

The impact of the technical error on the first half of 2024 is estimated at around EUR -1 million and is included in the net interest income for the second quarter. However, this does not affect Aktia’s outlook for 2024, which was published in the context of the interim report for the first quarter.

The correction has now been made and the interest has been recalculated. The retroactive correction covers the years 2022 and 2023, and the interest for those years, as for the current year, will be paid in accordance with the terms of the account agreements.

 – We deeply apologise for what happened. The customers concerned will be contacted shortly. No action is required from the customers, says Anssi Huhta, Banking Business EVP and Deputy CEO at Aktia.

The revised quarterly and full-year results for 2023 are attached to this stock exchange release.

Aktia Bank Plc

Further information:
Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi
 

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.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 internationally. We employ approximately 850 people around Finland. Aktia's assets under management (AuM) on 31 March 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.1 billion. Aktia's shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

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