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Bankia loses €4.3bn in first half of 2012

Bankia, the fourth largest bank in Spain by assets, has recorded a net loss of €4.3bn in the first half of the year. Photo:Wiki

31/08/2012 Spain (BG) - Bailed-out Bankia, the fourth largest bank in Spain by assets, has recorded a net loss of €4.3bn in the first half of the year, surpassing the loss it suffered in all of 2011.


Bankia’s request in May for a historic bailout of €23.5bn (£18.6bn), led to the Eurozone preparing a loan of up to €100bn for all of Spain’s banks. Reports suggest Spain itself is edging closer to seeking a state bailout and it is only a matter of weeks before they do. The bank, nationalized as a result of receiving aid, had announced a net loss of €2.9bn in 2011.


The loss recorded for the first half of 2012 is considerably higher at €4.3bn, according to daily Expansion, which added that Bankia’s accounts were scheduled to be approved by the board of directors today. Bankia is obliged to publish its half yearly accounts before September 1st, AFP reported.


“The losses, in line with the expectations of analysts, are as a result of streamlining carried out to respect new bank norms”, the newspaper added.


Earlier this year Spanish authorities required banks to take provisions of more than €80bn this year, in an attempt to sustain and straighten out the significantly weakened financial sector. The decision was made in order to protect Spanish banks against potential losses on risky loans issued during the property bubble that burst in 2008.


Bankia was formed in 2010 as seven trouble regional savings banks merged to form one body.




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