Pohjola Bank plc (HSE: POH1S) reported quarterly performance improved on last year. Consolidated Q2 earnings were slightly over 100 million Euros. Banking earnings were 39 million, Non-Life insurance earnings were 49 million and Asset Management earned 7 million. The first half results are the best in history for the bank and outlook remains for higher earnings in 2011 than in 2010. The stock is up slightly in a sharply negative market. The report is available here.
Aktia (OMX: AKTAV) is faring worse as the share is down 4% weakened net interest income adversely affected operating profit. The reason behind this was the effect of interest rate hedges tailing off. Second quarter operating profit nearly halved compared to last year to 12.1 million Euros. Aktia now definitely states that 2011 result will be lower than in 2010. Earlier the company said it will probably be lower. The report is here.
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