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Bankia receives the award for the "most transparent company of the Ibex 35" by AECA

The deputy general director of Communication and External Relations of Bankia, Amalia Blanco, went to collect the prize

Bankia Comunicación

By  Bankia Comunicación

Publish on 
03 July 2018 - 10:30

  • The award recognises Bankia as the ‘most accountable’ company on the Ibex 35

The Spanish Association of Accounting and Administration Companies (AECA) has awarded Bankia the award for the ‘most accountable company in the Ibex35’.  The award was accepted by Amalia Blanco, deputy general director of Communication and External Relations in the course of an event held in Madrid, at the headquarters of the Génova Financial Club.

The two runner-up awards granted by AECA went to Indra and BBVA. Regarding the ‘Listed on the IBEX Medium and Small Cap’ modality, the award went to the company Ezentis.

This is a particularly important award for Bankia, because it recognises the hard work done on one of the basic attributes of the company’s positioning: accountability. It therefore recognises the entire team.

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Earnings

Recurrent attributable profit stood at 788 million euros

Bankia posts attributable profit of 703 million euros in 2018, up 39.2% year-on-year

Bankia’s chairman, José Ignacio Goirigolzarri, has highlighted that from a strategic perspective, 2018 has been “extremely important for us because we have integrated BMN in record time and with great success, opening up huge possibilities for the future”.

Communication Bankia

By  Communication Bankia

Publish on 
28 January 2019 - 07:30

  • Net interest income increased by 5.5% and gross income was up 11.3%, fuelled by a 25.3% rise in fee and commission income, all this without including BMN in 2017
  • Expenses were down 4.3% on a constant perimeter basis after synergies from the merger with BMN were captured earlier than expected
  • The CET1 Fully Loaded ratio stands at 12.51% after improving by 56 basis points during the year, and close to 800 million euros of capital being generated
  • Non-performing assets (non-performing loans and gross foreclosed assets) decreased by 6,000 million euros; more than double what was envisaged in the Strategic Plan
  • Bankia attracted 120,576 new customers over the year and increased the number of customers with direct income deposits by 103,000
  • There was a 6% rise in new mortgage loans, while both consumer loans and loans to companies rose by 13%
  • 45.4% of the bank’s customers are already digital, with 25.8% of sales executed through this channel in December

Bankia posted an attributable profit of 703 million euros in 2018, an increase of 39.2% with respect to 2017. The recurrent attributable profit stood at 788 million euros, a decrease of 3.4% compared to the 816 million euros on the same period a year earlier.

Bankia’s chairman, José Ignacio Goirigolzarri, has highlighted that from a strategic perspective, 2018 has been “extremely important for us because we have integrated BMN in record time and with great success, opening up huge possibilities for the future”, adding that the merger “has already led to an increase in our customer base”.

As a result, Goirigolzarri stated that the dividend per share out of 2018 profits will be 5% higher, meaning that “over the years, Bankia has returned more than 3,000 million euros of state aid”.

We begin 2019 with a new organisation: an organisation designed for the future; far more agile and much more ambitious. This will undoubtedly bear fruits now, but also in the medium and long term.

José Ignacio Goirigolzarri
Bankia’s chairman

Goirigolzarri is also very confident about the bank’s transformation over the year ahead. “We begin 2019 with a new organisation: an organisation designed for the future; far more agile and much more ambitious. This will undoubtedly bear fruits now, but also in the medium and long term”.

The bank’s CEO, José Sevilla, meanwhile, notes that “throughout 2018 we have grown in key segments of our business, such as consumer lending and lending to companies, in which both the number of loans and our market share have increased”.

Sevilla underlined that last year “was a key milestone in terms of cleaning up the balance sheet and boosting our solvency ratio, which will stand at 12.51% when the transactions that are in process are closed, which maintains us as one of the most solvent entities in the sector”.

Results

The year 2018 was once again marked by extremely low interest rates, prompting the bank to focus its efforts on improving the business’s dynamics to boost current revenues and lay the foundations to bring in even more revenues moving forward and, on the other hand, to speed up the process of offloading problematic assets, capturing synergies from the BMN merger to achieve many of the cost savings envisaged in the Strategic Plan ahead of schedule.

During 2018, Bankia enjoyed a 5.5% increase in net interest income to 2,049 million euros (nonetheless, if BMN’s results had been included in the 2017 income statement there would have been a 9.6% decrease). Fee and commission income went up 25.3% (3.4% on a constant perimeter basis) and net trading income rose by 11.5%, increasing gross income by 11.3% (a decrease of 6.3% if BMN is factored in) to 3,368 million euros.

The gross customer margin widened to 1.58% – in line with that generated in the first quarter of 2017, which had not been achieved since the second half of 2013. This figure was five basis points higher than in the last quarter of 2017, primarily because of the lower cost of deposits coupled with slightly higher returns on loans.

Operating expenses grew by 20.7% due to the BMN takeover, although on a constant perimeter basis, there was a fall of 4.3% because of accelerated capture of cost synergies sooner than expected. These already total 130 million euros, while the forecast was only 66 million euros. As a result, pre-provision profit went up 1.4% (-9.1% proforma) to 1,498 million euros.

Ordinary provisions for loan losses and foreclosed assets totalled 437 million euros – down 2.5% year-on-year, cutting the recurrent cost of risk by five basis points to 0.18%. Furthermore, an extraordinary allowance of 85 million euros after tax was recognised for the sale of a portfolio of non-performing assets amounting to 3,070 million euros, at the time of the agreement. On the other hand, this deal will result in a saving of 200 million euros over the subsequent three years after the transaction is closed.

Thus, ordinary profit totalled 788 million euros (down 3.4%) or 703 million euros if the extraordinary provisions related to the sale of portfolios is deducted (39.2% higher than the 505 million euros posted a year earlier, when 312 million euros were charged for the merger).

Increased dividend per share

With these results, the Board of Directors will propose to the General Meeting of Shareholders to raise the dividend per share by 5% to 11.576 euro cents (11.024 euro cents in 2017). Bankia’s shareholders will thus receive 357 million euros in total compared to 340 million euros in the previous year. The pay-out will therefore stand at 50%.

Given the FROB’s current 61.4% stake in Bankia, this dividend sees a further 219 million euros of state aid being repaid. Once this dividend has been distributed, which is planned for April, 3,083 million euros of the financial aid will have been repaid, of which 961 million correspond to the five dividend payments since 2014.

Higher quality balance sheet and greater solvency

One of the areas in which the group dedicated most effort in 2018 was to improve the quality of its balance sheet by paring back both doubtful loans and foreclosed assets. The bank reduced non-performing assets (NPAs) by 6,000 million euros from 16,900 million euros a year earlier to 10,900 million euros. This means it has more than doubled its target of a 2,900 million-euro reduction per year over the three years of the Strategic Plan.

Of the reduction in non-performing assets, 3,702 million euros correspond to doubtful loans, the total balance of which now stands at 8,416 million euros. This puts the non-performing loan ratio at 6.5% – 2.4 points lower year-on-year.

The remaining 2,300 million euro decrease in NPAs correspond to the decrease in foreclosed assets, which now stand at 2,462 million euros. On top of the major portfolio asset portfolio transaction, Bankia has offloaded 13,300 units organically, totalling sales of 646 million euros – 7.2% more than a year earlier.

Turning to solvency, Bankia saw out 2018 with a CET1 Fully Loaded ratio of 12.51%, which includes the effect of the sale of NPAs and the reorganisation of the bancassurance business. This involved an increase of 56 basis points with respect to the previous year and generating 775 million euros of capital over the course of the year.

Including the unrealised sovereign gains in the fair value portfolio, the CET1 Fully Loaded ratio stands at 12.62%. The total solvency ratio stands at 16.34%, an increase in the year of 161 basis points.

On a Phase-in basis, which is the regulatory ratio, the CET1 ratio is 13.80%, which includes the unrealised gains in the AFS portfolio and does not include the problematic assets portfolio sale. The capital buffer over and above the SREP requirement is 524 basis points.

Bankia also saw its liquidity improve. At the end of the year, the LTD ratio stood at 91.2% compared to 93.9% a year before.

More customers, more loyal and more digital

Business last year was heavily influenced by the Bankia-BMN merger and precisely because of that, commercial activity gradually rose over the course of the year. In the end, the bank managed to reach and indeed exceed the cruising speeds achieved in previous years, boosting both new and loyal customer numbers alike. It granted more mortgages, consumer loans and loans to companies; enjoyed growth in the value-added businesses such as payment services and asset management; and increased the rate at which customers are moving over to digital banking.

The bank attracted 120,576 new customers over the year and boosted customer loyalty, ending the year with a further 103,000 customers with direct income deposits.

Customers also switched over to digital banking at a faster rate, meaning that at year-end, 45.4% of customers were digital and 25.8% of sales had been made through digital channels versus 15.7% in the preceding year. Notably, 31.4% of consumer loans were arranged online, as were 19.4% of pension plans and 12.6% of mutual fund investments.

Half the bank’s customers also have a personal manager, 755,000 of whom already have an online personal advisor through the Connect with your expert service.

Lending has increased

New mortgage loans rose by 6% to 2,928 million euros, while new consumer loans increased by 13% to 2,286 million euros and 13% more loans to companies were granted for a total of 14,484 million euros. Consequently, the balances of consumer loans and loans to companies rose by 14.1% and 4.4%, respectively.

The bank also showed significant progress in the payment services business. Point-of-sale (POS) terminal turnover went up 15.2%, and customer in-store card payment turnover was 12.8% higher. All this translated into an increased market share: 12.39% of total POS turnover and 12% of card turnover.

There was a 0.3% fall in retail customer funds by year-end to 147,149 million euros. The performance of mutual funds was most notable, boosting the market share by 17 basis points to 6.55% during what was a very challenging year for the markets.

Key events in 2018

  • On 8 January 2018, Bankia and BMN culminated their legal integration with the filing in the companies register of the corresponding public deed.
  • On 11 January, BMN shareholders received one ordinary Bankia share with a par value of 1 euro for 7.82987 ordinary BMN stakes, also with a par value of 1 euro.
  • On 26 January, Bankia’s Board appointed Carlos Egea as executive member of the Board.
  • On 6 February, Fitch upgraded Bankia’s outlook from stable to positive, leaving its rating unchanged at BBB-.
  • On 27 February, Bankia unveiled its 2018-2020 Strategic Plan. The bank announced its intention to distribute over 2,500 million euros to its shareholders over the next three years; more than double the 1,160 million euros paid out during the last four years.
  • On 7 March, Bankia and Crédit Agricole agreed to exclusively negotiate establishing a consumer credit joint venture.
  • On 19 March, Bankia completed integrating its IT platforms following the merger with BMN.
  • On 22 March, Bankia and PayPal joined forces to enhance the payment experience for their customers in Spain.
  • On 6 April, S&P upgraded Bankia’s rating a notch from BBB- to BBB.
  • On 20 April, Bankia paid out a cash dividend of 340 million euros, taking the amount of state aid it has repaid to 2,864 million euros.
  • On 27 April, Bankia reached an agreement with Haya Real Estate for the management of it real-estate assets.
  • On 11 June, the bank launched "Bankia Easy”: a raft of practical solutions from Bankia to make its customers’ lives easier.
  • On 3 July, Bankia customers could start using Apple Pay to make payments using their mobile phones.
  • On 10 July, Bankia completed the acquisition of 50% of Caja Granada Vida and Caja Murcia Vida y Pensiones.
  • On 2 August, a corporate banking directorate was created specialising in the hotel sector in the Balearic Islands.
  • On 6 August, the bank announced it would reimburse the arrangement costs of loans to develop real estate with environmental sustainability certificates.
  • On 10 September, the bank placed 500 million euros of CoCos, enabling it to fulfil “anti-crisis buffer” requirements.
  • On 26 October, Bankia’s Board of Directors approved the appointment by co-option of Laura González Molero as a new independent director of the bank.
  • On 6 November, Bankia offered its customers the option of using the Samsung Pay mobile payment service.
  • On 20 November, Bankia announced an agreement with PayPal, which is the first collaboration of its kind between PayPal and a bank in Spain. The bank also revealed that the Google Pay payment service would be launched for its customers.
  • On 17 December, Bankia announced an agreement with Lone Star to pare back its NPAs by over 3,000 million euros. This, along with other deals over the course of the year, enabled the bank to reduce its problematic assets by 6,000 million euros.

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The president of Bankia, José Ignacio Goirigolzarri, during his inaugural speech at Forinvest in Valencia.

Business

At the inaugural speech of Forinvest in Valencia

Goirigolzarri: "Our goal is to turn Bankia into the preferred bank in Spain"

To achieve this, Bankia has "customer satisfaction, an excellent corporate governance, a permanent vocation of service to society and absolute respect for our principles and values".

Communication Bankia

By  Communication Bankia

Publish on 
05 March 2019 - 13:30

  • The president of Bankia highlighted, at the main financial forum of the country, the importance of customer satisfaction, the permanent vocation of service to society, excellent corporate governance and the "absolute respect for principles and values" required to achieve this goal
  • Goirigolzarri claimed that "we must be aware of and deal with" the reputation of banking and argued that "Bankia is possibly the best example of the recovery of the financial system"
  • "Valencia is our home, we were born here and here we have our headquarters since the beginning" he said.

The president of Bankia, José Ignacio Goirigolzarri, has assured that the objective of the financial institution is "to be the preferred bank in Spain" and that, to achieve this, Bankia has "customer satisfaction, an excellent corporate governance, a permanent vocation of service to society and absolute respect for our principles and values".

Goirigolzarri has inaugurated the twelfth edition of the Forinvest fair, which is being held today and tomorrow at the Valencia Fair, with a conference entitled 'Bankia against the challenges of the financial system'.

"In the main financial forum of our country", he pointed out that, strategically, the companies that overcome the challenges of the future will be those that "give a high quality response in virtual relations with their customers, promoting digital practices to protect data privacy” and that, at the same time, are capable of "accommodating their traditional distribution network so that it complements a multi-channel approach and is a source of competitive advantages".

The great challenges of the financial sector

The president of Bankia underlined in the course of his speech that "the two great challenges" of the Spanish economy in the medium and long term are the high level of unemployment and the level of public debt.

In addition, he pointed out that the financial industry faces three major challenges: reputation, profitability and the strategic challenge derived from the change of habits of its customers due to the emergence of new technologies.

With regard to reputation, Goirigolzarri stressed that "the financial system is key to the future of society" and has admitted that, in 2012, it was the main economic problem in Spain, but that it has carried out "a very significant restructuring and transformation process". "While it is true that the bailout received made it solvent and guaranteed the safety of the customers and the system, it was not a guarantee of its viability in the long term", he pointed out.

"The savings of the depositors were rescued, but the bank, employees and shareholders have undergone a profound restructuring process", he explained, assuring that "it has led it to a 40% decrease in offices and a similar decrease in workforce, about 80,000 people". In this regard, Goirigolzarri argued that "Bankia is possibly the best example of the recovery of the financial system".

The president of Bankia stressed that he has "always" considered reputation to be "highly important". "We must not only be aware of, but also deal with what society is asking of us because it is evident that society is very disappointed with the operation of the financial system during the crisis", he acknowledged.

On the opening day of Forinvest, Goirigolzarri stressed the importance of having "excellent corporate governance practices" and insisted that "the sustainability of a project lies in society finding it useful" and "wanting us to exist".

In addition, the president of Bankia has mentioned profitability as one of the great challenges faced by the financial industry. "Without adequate profitability, which must be higher than the capital cost, the bank will be unable to attract investors and, therefore, finance the economy", he warned, and mentioned negative interest rates as a cause of low profitability along with the continuous deleveraging of families and businesses.

Lastly, Goirigolzarri pointed out that banking faces a "very important" strategic challenge derived from the change in customers' habits and that "it is boosted by a technological revolution".

However, he stated that he sees this technological change "as a great opportunity" and not "as a great threat" along with the fact that there are new competitors due to the rise of new technologies. "Technology is a weapon that should allow us to improve service to our customers," he remarked.

Bankia Fintech by Innsomnia in Valencia

Goirigolzarri pointed out that Bankia's strategy regarding new competitors is "collaboration and alliance" and that, for this reason, it created Bankia Fintech by Innsomnia in La Marina de Valencia, with the aim of incubating and accelerating national and international startups. He explained that, in two and a half years, it has received more than 300 startup applications from which the entity has selected 47, with 60% of which it has signed a collaboration agreement.

The president of Bankia also stressed that Valencia is "a very important region" for the entity. "It's our home, we were born here as a bank, and here we have our headquarters since the beginning", he said, and highlighted its "great importance from a business perspective."

In this line, he acknowledged that the fact of having 1.6 million Valencian customers, more than 60,000 companies working with the entity in the Community of Valencia and having a 19% market share in the province of Valencia entails a "great responsibility".

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Goirigolzarri: “Bankia has started 2019 with great sales momentum and has entered a growth phase”

The Bankia chairman said "we are working every day to be the bank of choice for Spanish society” and that to achieve it has "taken as its reference the satisfaction of our customers".

Communication Bankia

By  Communication Bankia

Publish on 
22 March 2019 - 15:00

  • In its 2018-2020 Strategic Plan, Bankia sets a target of acquiring 400,000 new customers and increasing its share of lending to households (to 12.6%) and companies (7.7%)
  • “Interest rate policies and the deleveraging of the Spanish private sector have exerted a relentless pressure on our recurring revenue,” said Bankia chairman José Ignacio Goirigolzarri, while emphasising that “2019 may see a break in that trend”
  • The General Meeting of Shareholders approved a proposal to increase the dividend by 5%, to 357 million euros
  • This year the bank will bring more than 200 new professionals into its workforce, including specialists in new technologies and additional staff for the sales network, with the aim of boosting business activity
  • With the capital generated in 2018, the ratio of highest quality capital has reached 13.8%, making Bankia the most solvent of the large Spanish banks
  • Bankia CEO José Sevilla highlighted the growth in higher value products, which has brought the bank’s market share to 5.57% in consumer finance, 7.42% in loans to businesses and 6.55% in mutual funds

Bankia chairman José Ignacio Goirigolzarri said that the bank has started 2019 “with great sales momentum”, allowing it to increase new lending to households and companies and acquire new customers.

During his address to shareholders at the General Meeting, held in Valencia, Goirigolzarri emphasised that, following the successful conclusion of the merger with BMN, “today we are a fully integrated institution, with unified processes and management styles, a united team and a common culture”.

Goirigolzarri recalled how, in the first few months of 2018, in mid-merger, sales activity suffered, “but in the second half, the activity rebounded vigorously, with steady monthly growth until year-end and with significant market share gains in investment products such as consumer loans and business loans, as well as in higher value products such as mutual funds and payment services”.

The Bankia chairman said he was confident that “the integration is behind us and we can now focus our attention and our efforts on the most important thing, namely, serving our customers”.

Goirigolzarri drew attention to the fact that “thanks to this excellent integration, we have been able to bring our synergy plan, as originally announced to the market, forward by one year, which has been extremely valuable from a strategic point of view”.

Business momentum

In terms of sales activity, the bank is making progress towards the customer acquisition target set in its 2018-2020 Strategic Plan, which envisages increasing the number of customers by 400,000. In 2018 alone, Bankia won the trust of more than 120,500 new customers and also gained their loyalty, as by year-end the bank had added a further 103,000 customers with direct income deposit.

As regards lending to households and companies, Bankia is working to accelerate the achievement of its targets over the next two financial years and improve its market share. The bank ended 2018 with 2,928 million euros of new mortgages, up 6%, and 14,484 million of business loans (+13%).

“I honestly believe that 2019 marks the start of a new phase for Bankia from three points of view. First, from the organisational point of view, because the changes will be a spur to performance; second, from the point of view of talent acquisition; and third, from the financial point of view”, he explained.

We know that the environment for the financial sector is not easy, but we intend to meet the future with clearly defined plans and programmes

José Ignacio Goirigolzarri
Bankia chairman

Goirigolzarri recognised that “interest rate policies and the deleveraging of the Spanish private sector have exerted a relentless pressure on our recurring revenue”, but added that 2019 “may break this trend, although we realise we cannot expect a change in interest rate levels in the near term”.

The Bankia chairman stated that “we are working every day to be the Spanish society’s bank of choice” and that to achieve this Bankia has “taken as its reference the satisfaction of our customers, excellent corporate governance, a permanent aspiration to serve society and total respect for our principles and values”.

“We know that the environment for the financial sector is not easy, but I believe we have a clear idea of how we intend to meet the future, along with clearly defined plans and programmes”, Goirigolzarri concluded.

Increase in business share

Bankia’s CEO, José Sevilla, spoke about the effort made last year to promote higher value products, such as consumer finance, business loans and mutual funds, and the growth in payment services.

“These business objectives were especially ambitious in the context of the BMN merger because, as a rule, mergers tend to result in more or less significant losses in market share, whereas in the Bankia-BMN merger this has not been the case”, he explained.

Sevilla pointed out that in 2018 Bankia’s consumer credit portfolio grew 14.1%, increasing the bank’s market share by 15 basis points to 5.57%. The increase in loans to companies was 4.4%, representing market share growth of 51 basis points, to 7.42%.

Additionally, in a year marked by adverse market trends, Bankia’s share in mutual funds rose 17 basis points, to 6.55%, in line with the Strategic Plan.

In payment services, which is a strategic business line for the bank, card revenue grew 12.8%, increasing Bankia’s market share by 38 basis points, to 12%. Meanwhile, the volume of sales made using Bankia POS terminals in retail establishments grew 15.2%, bringing the market share to 12.4% (+33 basis points).

Digital transformation

Goirigolzarri noted that the financial sector as a whole is facing major strategic challenges. “Changes in our customers’ habits, combined with an ongoing technological revolution, are giving rise to very deep shifts. One of the most visible changes is the lowering of entry barriers to the financial industry and the consequent entry of new players whose aim is to disrupt the status quo", he said.

The Bankia chairman pointed out that this situation directly affects all the business variables, “but the challenge is most apparent in the impact these developments are having on our distribution channels”, that is, “the coexistence of online and offline channels”.

Bankia’s response to this situation is based on segmenting customers according to their level of digitisation and the depth of their relationship with the bank. “This scheme is what has enabled us to keep pace with our customers in their digitisation process, respecting their preferences,” he went on.

Goirigolzarri explained that in 2019 more than half of Bankia’s customers will be digital, while already last year 25% of their purchases were made through the bank’s online channels.

We defend a digital ethic with new technologies transparent and responsible and always guaranteeing the privacy and security of our customers’ personal information

José Ignacio Goirigolzarri
Bankia chairman

“Although all this information indicates that we are on the right track, in the process of reflection I mentioned earlier we came to the conclusion that we needed to make a qualitative leap in our digital transformation, looking at the short, medium and longer term”, he said.

For that reason, he said, Bankia this year brought 200 new professionals into its workforce, 50 of whom come from fields such as artificial intelligence, Big Data and customer experience.

“We are equipping ourselves with specialists in new technologies”, Goirigolzarri said, “and we are also hiring 150 people to reinforce the commercial networks, which will give fresh momentum to our sales activity.”

According to Goirigolzarri, “at Bankia we believe we have an obligation to guarantee the privacy and security of our customers’ personal information”, which means that the new technologies must prove themselves to be “inclusive, transparent and responsible”. “That is our standpoint in Bankia,” he said, “the standpoint of digital ethics”.

Solvency

Strengthening the bank’s balance sheet, Goirigolzarri said, “is an absolute priority for Bankia”. The capital generated in 2018 brought the ratio of highest quality capital to 13.8%, “making us the most solvent of all the large Spanish banks”.

As a result, Bankia has a capital surplus of 524 basis points above the regulatory minimum, which means 4,313 million euros. Additionally, the bank has further strengthened its balance sheet by issuing 500 million euros of Additional Tier 1 capital, supplemented by 1000 million euros of Tier 2 capital and 500 million of senior preferred securities at the beginning of 2019.

“Reflecting this balance sheet soundness, last January Fitch Ratings announced a further improvement in our rating”, the Bankia chairman said.

The bank’s CEO explained that an additional factor was the substantial decrease in non-performing assets, which were reduced by 6 billion euros in 2018, leaving the total at 10.9 billion, compared to 16.9 billion in 2017. This is more than double the target reduction of 2.9 billion per year during the three years of the Strategic Plan.

This plan also sets a target of distributing 2.5 billion euros to shareholders over the three-year period. The dividend approved today by the General Meeting of Shareholders, to be paid out of profit for 2018, is 357 million euros, 5% more than the previous year, while the capital surplus generated during the year was 418 million. Therefore, the total amount of capital generated to remunerate shareholders was 775 million.

Responsible Management

Sevilla also explained that the financial statements submitted to the General Meeting of Shareholders for approval included, for the first time, a statement of non-financial information, which reports on environmental, social and employment matters, respect for human rights, the fight against corruption and social issues.

From this information, he highlighted the fact that “today, 56% of our professionals are women, but we are aware how important it is to continue to actively manage diversity and are taking steps to support the advancement of women into management positions”, stating that the aim is that by 2020 at least 30% of the directors should be women.

Goirigolzarri said he believed that “the sustainability of a project, an industry or a company depends on whether society finds it useful”. So “you have to listen to society and understand what it wants from you”. In his view, “society wants us to produce extraordinary results, but to produce them by doing things impeccably”.

Goirigolzarri reported that at the beginning of 2019 Bankia approved its second Responsible Management Plan, which will be implemented over a two-year period. The first pillar of this plan is “excellent corporate governance, implemented on the basis of well established values and principles”, which must aim for “balanced diversity at all levels of our organisation”.

The chairman added that Bankia must “contribute to the education of our fellow citizens, because that is the best way to fight against inequality”. To do that, the bank aims to work through its Foundation to support dual vocational training, “a field in which we are setting new standards”.

Bankia also has “a clear commitment to the environment and the sustainability of our planet”, Goirigolzarri said. “Accordingly, the climate change recommendations supported by the G20 are central part of our priorities”. For that purpose, the bank periodically assesses its contribution to the United Nations’ 2030 Agenda for Sustainable Development.

The bank’s chairman noted that “this year, Bankia contributes primarily to nine of the sustainable development goals, including decent work and economic growth; industry, innovation and infrastructure; and accessible, non-polluting energy”.

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Dividend per share rises to 11.576 cents

Bankia’s General Meeting of Shareholders agrees to increase dividend by 5%, to 357 million

The shareholders also approved the bank’s financial statements for 2018.

Communication Bankia

By  Communication Bankia

Publish on 
22 March 2019 - 15:00

  • The Spanish State, through the FROB, will receive 219 million euros with its current shareholding, bringing the total amount of aid repaid by Bankia to 3,083 million euros
  • The payout ratio is 50%, in line with the target the bank announced in its 2018-2020 Strategic Plan
  • In 2018, a year of very low interest rates, the bank improved its business dynamic to boost revenue, accelerated the reduction of non-performing assets and brought forward the capture of synergies from the BMN merger
  • Bankia’s shareholders also ratified the appointment of Laura González Molero as an independent director

Bankia’s General Meeting of Shareholders today approved a dividend of 357 million euros, to be paid out of profit for 2018, which is 5% more than the previous year.

Accordingly, the dividend is set at 11.576 cents per share, which is also 5% more than the previous year. As in the last four years, this ordinary dividend will be paid in cash and in a lump sum and will be settled on 11 April.

This is the fifth dividend in Bankia’s history. It brings the cumulative amount paid out since July 2015, when Bankia paid its first dividend, to 1,517 million euros.

Although 2018 was characterised by a low interest rate environment, the bank chaired by José Ignacio Goirigolzarri focused its management efforts on improving the dynamic of the business so as to boost revenue, accelerating the reduction of non-performing assets and capturing synergies in the wake of the merger with BMN.

As a result, Bankia ended 2018 with net attributable profit of 703 million euros and a payout ratio of 50%, in line with the target the bank announced in its 2018-2020 Strategic Plan.

The Fund for Orderly Bank Restructuring (FROB), directly and indirectly through BFA Tenedora de Acciones, currently owns 61.4% of Bankia. When the dividend is paid, it will therefore receive 219 million euros.

Repayment of state aid increases to 3,083 million euros

With the privatisation of 7.5% of Bankia’s capital in February 2014, which brought proceeds of 1,304 million, the sale of another 7% in December 2017, brought an additional 818 million euros of revenue for the FROB, and the four dividends paid to date, the State will already have recovered a total of 3,083 million euros.

The shareholders today also approved the bank’s financial statements for 2018. Additionally, the General Meeting gave the Board of Directors authority to pay interim dividends during 2019 and ratified the appointment of Laura González Molero as an independent director.

The shareholders also agreed on a share capital reduction of 15.58 million euros through the cancellation of treasury stock.

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