Bankia publishes revised accounts
29th May 2012Spain's fourth largest bank, Bankia, which on 25th May asked for 19 billion euros in public aid for its recovery, has announced revised accounts for 2011, showing a loss of almost 3 billion euros. The bank, which is going to be nationalised on receiving this public aid, had claimed in February that it had shown a net profit of 309 million euros in 2011. But "a clear up in the loans portfolio, the property assets seized and the up-dating of the market value of Bankia's holdings showed a negative result for 2011 of 2.979 billion euros", declared Bankia in a communiqué. Of the big Spanish banks, Bankia is the most exposed to the devastated property sector, with a property portfolio of 37.5 billion euros, the vast majority of which (31.8 billion) is problematic.
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