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- The Group ends the first half of 2016 with an attributable profit of 481 million euros.
- The Bankia Group maintains its leadership in efficiency. On a constant perimeter basis, operating expenses are down 2.3% compared to the first half of 2015, and down 3.1% compared to the previous quarter, bringing the efficiency ratio to 46.6%, one of the best in the sector.
- The new commercial positioning has contributed positively to business performance. The number of customers who have their income paid directly into their account is up 4.5% in the half-year and the number of new credit cards issued has quadrupled compared to the first half of 2015.
- New lending increases by 2.5% the outstanding balance of loans in the consumer finance and business segments since June 2015, in line with the Group’s goal of extending more credit to these key segments.
- Retail customer funds have increased compared to June 2015. The growth is concentrated in mutual funds (+7.3%), demand accounts (+27.2%) and savings accounts (+12.7%), which continue to attract customer funds transferred out of term deposits.
- Risk management has continued to improve, allowing a reduction in provisioning for loan losses and impairment of foreclosed assets. This improvement is reflected in the cost of risk, which at close of June 2016 stands at 28 bps, an improvement of 15 bps over the half-year.
- The balance of NPLs has fallen 9.6% since December 2015 and is down 6.5% compared to 1Q 2016, making ten consecutive quarters of falls. This decline in NPLs has reduced the Group’s NPL ratio, which at the end of June 2016 stands at 9.8%, 75 bps less than in 1Q 2016 and 100 bps below that recorded in 4Q 2015.
- The solvency indicators registered a further improvement during the quarter. At the end of June 2016, the Group has a CET 1 phase-in ratio of 14.53% (+64 bps in the half-year) and a CET 1 fully loaded ratio of 12.89% (+63 bps since December 2015), making it one of the most solvent institutions in the Spanish financial system..
(*) Data at June 30, 2016.
|Balance sheet (€ million)|
|Loans and advances to customers (net)||109,794||110,570||(0.7%)|
|Loans and advances to customers (gross)||116,475||117,977||(1.3%)|
|Loans and advances to the resident private sector (gross)||93,633||93,730||(0.1%)|
|Secured loans and advances (gross)||68,228||69,960||(2.5%)|
|On-balance-sheet customer funds||132,323||132,629||(0.2%)|
|Customer deposits and clearing houses||107,908||108,702||(0.7%)|
|Borrowings, marketable securities||23,382||22,881||2.2%|
|Total managed customer funds||153,360||155,402||(0.03%)|
|Common Equity Tier I - BIS III Phase In||11,272||11,289||(0.2%)|
|Capital adequacy (%)|
|Common Equity Tier I - BIS III Phase In||14.53%||13.89%||+0.64 p.p.|
|Total capital ratio - BIS III Phase In||15.85%||15.16%||+0.69 p.p.|
|Ratio CET 1 BIS III Fully Loaded||12.89%||12.26%||+0.63 p.p.|
|Risk management (€ million and %)|
|Non performing loans||11,751||12,995||(9.6%)|
|NPL ratio(1)||9.8%||10.8%||-1.0 p.p.|
|NPL coverage ratio||60.8%||60.0%||+0.8 p.p.|
|Key ratios (%)|
|Cost to Income ratio (Operating expenses / Gross income)||46.8%||42.6%||+5.1 p.p.|
|R.O.A. (Profit after tax / Average total assets) (2)||0.5%||0.4%||+0.0 p.p.|
|R.O.E. (Profit attributable to the group / Equity) (3)||8.2%||8.7%||-1.6 p.p.|
|Results (€ million)|
|Net interest income||1,124||1,388||(19.1%)|
|Operating income before provisions||900||1,186||(24.2%)|
|Profit/(loss) attributable to the Group (1)||481||556||(13.4%)|
(1) NPL ratio is calculated excluding from total risk the amount of credit with BFA (June 2016: €1,501 MM of reverse repos, €461 of amounts to be recovered from BFA corresponding to the 60% of estimated contingencies which BFA will assume arising from the legal proceedings in relation with Bankia IPO, and €1MM of collateral delivered in repo and IRS transactions).
|Number of shareholders||337,207||435,755||(22.6%)|
|Number of shares in issue (million)||11,517||11,517||-|
|Closing price (end of period)||0.646||1.074||(39.9%)|
|Market capitalisation (€ million)||7,440||12,370||(39.9%)|
|Earnings per share (4)||0.08||0.09||(6.9%)|
|Tangible book value per share (5)||1.09||1.08||0.7%|
|Number of branches||1,894||1,932||(2.0%)|
|Number of employees||13,449||13,569||(0.9%)|
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