Spain's Bankia posts 40pc profit jump in 2015

MADRID: Spain's state-controlled lender Bankia said on Monday net profit for 2015 rose nearly 40 percent from a year ago to 1.04 billion euros ($1.13 billion), in spite of legal charges linked to its controversial listing over four years ago.

Analysts polled by Reuters had expected Bankia profit to fall on the year due to the provisions.

In the fourth quarter alone, profit was 185 million euros, down from a quarter earlier but up from a 50 million-euro loss a year earlier.

Bankia had to book extra charges in 2015 to cover potential legal costs linked to claims by small investors who bought into its flotation in mid-2011 and argue they were misled. Bankia had to be bailed out less than a year later, causing shareholders to lose money.