Bankia obtained a net profit of 230 million euros last year, which represents a 57.6% year-on-year fall after having made 505 million in extraordinary provisions to face the situation created by the pandemic of the Covid-19.
Despite the burden of extraordinary provisions, its ‘core’ result increased by 3.8% (net interest and commissions margin, less operating expenses); and managed to exceed the goal that had been set to accumulate 2,500 million in capital in the three years of its strategic plan, adding 2,934 million in said piggy bank, as detailed this Thursday by the bank to the National Securities Market Commission (CNMV).
According to the entity, the objective of the extraordinary provisions is to further strengthen the balance sheet and “thus have greater flexibility to meet the needs financial resources that families and companies may have in the future “and was added to another 576 million in ordinary loan and foreclosed provisions.
The president of the bank, Josà © Ignacio Goirigolzarri, indicated that, despite all the difficulties and the negative rates, “Bankia has closed a very positive year in business terms, with significant growth in credit to companies, in mortgage production and in investment funds”, and market share gain.
As he recalled, 2020 “has become the culmination year of the project of Bankia as an independent entity “and, thanks to the” enormous management challenges “faced during these last ten years, it is” in an extraordinary position with regard to integration with CaixaBank. “I am convinced that together we have an enormously exciting and promising future,” he said.
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