Rescued Spanish Bankia on the mend: report

Rescued Spanish Bankia on the mend: report
Photo: Dominique Faget/AFP
Spanish bank Bankia, nationalised and rescued with European Union help in December, reported on Monday a switch into small profit from huge losses in the third quarter.

The bank was rescued with European Union help of €18 billion ($24.9 billion).

It reported a net profit for the third quarter of this year of €161 million from a loss of €2.6 billion in the same period last year.

The overall group BFA-Bankia reported a net profit of €219 million for the same period.

For the whole of 2012, the Bankia business had reported a record loss of €19.193 billion, and the overall BFA-Bankia group a loss of €21.238 billion.

In the first nine months of this year, Bankia has made a net profit of €353 million, and the group a profit of €648 million.

The group booked extraordinary profits in the third quarter owing mainly to the sale of 12.0 percent of its stake in insurance company Mapfre for €979 million, the group said in a statement.

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