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Spain's BFA-Bankia obtains 797 mln USD profits up till September

Xinhua, October 27, 2016 Adjust font size:

Spain's BFA-Bankia obtained a net attributable profit of 731 million euros (797 million U.S. dollars) in the first nine months of the year, according to data released on Wednesday by the bank.

The figure meant a 14.5 percent fall when being compared with the same period in 2015, due to the effect of the deconsolidation of City National Bank of Florida, which was sold in October, 2015, the depreciation of the SAREB (Spanish "bad bank") bonds, the fall in interest rates and the elimination of mortgage floor clauses.

Bankia's CEO Jose Sevilla highlighted Bankia's performance, saying that it "continues to demonstrate its ability to improve the quality of its balance sheet", emphasizing that "strong capital levels and high efficiency are key factors for facing the current difficult interest rate environment."

BFA-Bankia was created in 2010 as a result of a merger between Caja Madrid and other five smaller saving banks. It was bailed out by both the Spanish government and the European Union in order to be recapitalized. (1 euro= 1.09 U.S. dollars) Endit