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Spain's BFA-Bankia reports 827 mln euros profits in first half of 2014

English.news.cn   2014-07-28 20:46:16

MADRID, July 28 (Xinhua) -- Spain's BFA-Bankia on Monday reported 827 million euros (1.11 billion U.S. dollars) of profits after tax in the first six months of the year, the Spanish Securities and Exchange Commission (CNMV) reported on Monday.

The figure meant a 93 percent increase in comparison with profits registered in the first semester in 2013, which had reached 428 million euros. The figure was also higher than profits registered in 2013, when the bank reported 509 million euros of profits.

Meanwhile, the non-performing loan rate stood at 14.03 percent in June, falling from 14.65 percent by the end of 2013. The fall meant a fall of 1.44 billion euros of bad debts within the group.

The president of Bankia Jose Ignacio Goirigolzarri said that "these results are very important, as the bank has made a big effort due to the restructuring process."

Bankia is the biggest rescued bank still partially owned by the state due to the financial crisis that forced the Spanish government to ask for a bailout in 2012. Bankia received a total of 23.46 billion euros of public aid from the government.

BFA-Bankia was created in 2010 as a result of a merger between Caja Madrid and other five smaller saving banks, namely Insular Canarias, Laietana, Avila, Segovia and La Rioja. (1 euro = 1.34 U.S. dollars)

Editor: yanting
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