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Spain's Bankia 9 month forecast up 93%

Source: Reuters - Sat 25th Oct 2014
Spain's Bankia 9 month forecast up 93%

Spanish nationalised lender Bankia on Friday reported a 93% surge in net profit in the nine months to Sept. 30 from a year ago, boosted by cost-cutting, capital gains from stake sales and lower provisions as bad loans came down.

Net profit was EU698 million in the period, beating the EU673 million forecast in a Reuters poll of five analysts.

The lender, which was rescued in 2012 and received billions of euros in state aid, said its nine-month net interest income was EU2.163 billion, just beating a forecast for EU2.161 billion.

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