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Key figures

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Bankia Key Figures at MARCH 31th, 2019

205

The Bankia Group posts an attributable profit of 205 million euros, while improving the quality of its assets and generating capital.

306

Cost synergies harvested from the merger with BMN reduce operating expenses by 6% with respect to the first quarter of 2018 and 2.5% in the quarter, allowing the Group to post “core” earnings of 306 million euros in March 2019.

137,000

Since March 2018 the Group records 137,000 net new customers (+43%), customers with payroll and pension direct deposit arrangements rise by 133,000 (+40%), in-store cards turnover grows 14.1% and Point of Sale Terminals turnover is up 13%.

12.43%

In terms of capital adequacy, the Group continues to generate capital organically and achieves a CET1 Fully Loaded ratio of 12.43% (excluding sovereign gains in the fair value portfolio), a gain of +15 basis points in the quarter.

 

Key Figures:

The Bankia Group posts an attributable profit of 205 million euros, while improving the quality of its assets and generating capital.

Net interest income stabilises in the quarter on a deseasonalised basis, reflecting growth in performing credit and stabilisation of the gross customer margin.

Cost synergies harvested from the merger with BMN reduce operating expenses by 6% with respect to the first quarter of 2018 and 2.5% in the quarter, allowing the Group to post “core” earnings (net interest income plus fees and commissions less operating expenses) of 306 million euros in March 2019.

The healthy credit book grows 0.5% with respect to December 2018. New mortgage lending is up 14.6% over the first quarter of 2018 and new consumer lending posts year-on-year growth of 25.8%.

Since March 2018 the Group records 137,000 net new customers (+43%), customers with payroll and pension direct deposit arrangements rise by 133,000 (+40%), in-store cards turnover grows 14.1% and Point of Sale Terminals turnover is up 13%.

Developments continue in the multichannel strategy. In March 2019 sales through digital channels reach 23.5% of total sales and the number of digital customers is up by 586,000 over March 2018.

Customer funds increase at a good pace, which rise 2.1% in the quarter, with an outstanding performance of demand deposits (current accounts and savings accounts) and mutual funds. In March 2019 Bankia's share of the mutual funds market is up 21 basis points year-on-year reaching 6.63%, lifting the Group to second position in the ranking of net new customer funds.

Non-performing loans are down 5.3% from December 2018, cutting the Group's NPL ratio to 6.2%, an improvement of 30 basis points in the quarter and 250 basis points from March 2018.

In terms of capital adequacy, the Group continues to generate capital organically and achieves a CET1 Fully Loaded ratio of 12.43% (excluding sovereign gains in the fair value portfolio), a gain of +15 basis points in the quarter.

Key figures

  Mar-19 Dec-18 Change
Balance sheet (€ million)
Total assets 208,760 205,223 1.7%
Loans and advances to customers (net) 118,812 118,295 0.4%
Loans and advances to customers (gross) 122,808 122,505 0.2%
On-balance-sheet customer funds 147,188 144,680 1.7%
    Customer deposits and clearing houses 128,419 126,319 1.7%
    Borrowings, marketable securities 14,781 15,370 (3.8%)
    Subordinated liabilities 3,987 2,990 33.4%
Total customer funds 175,358 171,793 2.1%
Equity 12,859 13,030 (1.3%)
Common Equity Tier I - BIS III Phase In 11,372 11,367 0.1%
Solvency (%)
Common Equity Tier I - BIS III Phase In 13.78% 13.80% -0.02 p.p.
Total capital ratio - BIS III Phase In 17.51% 17.58% -0.07 p.p.
Ratio CET1 BIS III Fully Loaded 12.61%  12.39% +0.22 p.p.
Risk management (€ million and %)
Total risk 129,369 129,792 (0.3%)
Non performing loans 7,969 8,416 (5.3%)
NPL provisions 4,381 4,593 (4.6%)
NPL ratio 6.2% 6.5% -0.3 p.p.
NPL coverage ratio 55.0% 54.6% +0.4 p.p.
  Mar-19 Mar-18 Change
Results (€ million)      
Net interest income 502 526 (4.7%)
Gross income 813 939 (13.3%)
"Core" result (Net interest income + Net fees and commissions - Operating Expenses) 306 305 0.3%
Pre-provision profit 357 453 (21.2%)
Profit/(loss) attributable to the Group 205 229 (10.8%)
Key ratios (%)
Cost to Income ratio (Operating expenses / Gross income) 56.1% 51.7% +4.4 p.p.
R.O.A. (Profit after tax / Average total assets) (1) 0.4% 0.4% -
RORWA (Profit after tax / RWA) (2) 1.0% 1.1% -0.1 p.p.
ROE (Profit attributable to the group / Equity) (3) 6.6% 7.5% -0.9 p.p.
ROTE ( Profit attributable to the group / Average tangible equity) (4) 6.7% 7.7% -1.0 p.p.
  Mar-19 Dec-18 Change
Bankia share      
Number of shareholders 183,472 184,643 (0.63%)
Number of shares in issue (million) 3,085 3,085 -
Closing price (end of period, €) (5) 2.31 3.56 (9.8%)
Market capitalisation (€ million) 7,126 7,898 (9.8%)
Earnings per share (€) (6) 0.27 0.23 18.1%
Tangible book value per share (€) (7) 4.14 4.18 (1.0%)
PER (Last price (5) / Earnings per share(6)) 8.58 11.23 (23.6%)
PTBV (Last price (5) / Tangible book value per share) 0.56 0.61 (8.8%)
Additional information      
Number of branches 2,298 2,298 -
Number of employees 16,069 15,924 0.9%

(1) Annualized profit after tax divided by average total assets for the period.

(2) Annualized profit after tax divided by risk weighted assets at period end.

(3) Annualized attributable profit divided by the previous 12 months average equity, excluding the expected dividend payment.

(4) Annualized Attributable profit divided by the previous 12 months average tangible equity, excluding the expected dividend payment.

(5) Using the last price as of 29 March 2019 and 31 December 2018.

(6) Annualized attributable profit divided by the number of shares in issue.

(7) Total Equity less intangible assets divided by the number of shares in issue.

 

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