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Bankia Key Figures at JUNE 30th, 2020

COVID-19

Until June 30, Bankia has granted its clients 4,080 million euros in mortgage defaults and 330 million in consumer solutions. The volume of financing backed by the ICO disbursed by the entity has reached 7,450 million euros, which represents 18% of the total credit to companies granted in the semester.

142

The group closed the first half of the year with an attributed profit of 142 million euros after dedicating 310 million to an extraordinary provision by COVID-19.

57.1%

In order to continue providing excellent service to its customers, Bankia has reinforced all its channels during the pandemic. Thus, in the first half of the year, the entity added more than 187,500 digital clients and reached four million, representing 57.1% of the total, compared to 49.7% in June 2019.

13.95%

The fully loaded CET1 capital ratio, incorporating the flexibility measures of regulators, stood at 13.95% and represents a capital generation of 100 basis points in just three months. Bankia remains the sector leader in solvency.

 

Key Figures:

Bankia Group posts half-year attributable profit of 142 million euros.

Quarterly performance of Core Result is very positive (+19.6% vs. the first quarter of the year), thanks to buoyant net interest income (1.3%) and fee and commission income (+5.8%). In the half-year it falls 3.6% compared to the same period in 2019, due to the impact of the 12-month Euribor curve on net interest income and the reduced contribution from fixed income securities.

The group has set aside 310 million euros to cover the potential impact of COVID-19 on its loan portfolio and real estate assets. Of this total, 185 million euros were recognised in the second quarter.

Performing loans to corporates and SMEs grow 5.1% in the half-year, driven by new lending with ICO guarantees, totalling a disbursed amount of 7,450 million euros (18% of the Group’s total loans to corporates and SMEs). Bankia’s market share rises to 8% in loans to corporates and SMEs (+59 basis points year-on-year) and 6.09% in consumer loans (+38 basis points year-on-year).

The situation resulting from COVID-19 has accelerated the digitisation of the bank’s customers. In June 2020, digital sales have reached 39.9% of the group’s total sales (+15.5 percentage points year-on-year), and 57.1% of customers operated through digital channels (+7.4 percentage points).

At the end of June, the gross NPA ratio stands at 6.2%, with NPA coverage of 50% after the provisions set aside for COVID-19, an increase of 1.3 percentage points compared to December.

The institution has drawn the maximum amount available under the ECB’s TLTRO III facility (22,919 million euros).

Turning to capital ratios, Bankia has a CET1 ratio phase-in of 14.32% and a CET1 fully loaded of 13.27%. These levels entail a buffer of +594 basis points above the regulatory minimum for 2020 at the phase-in CET1 level and +489 basis points on a fully loaded basis. Moreover, the easing of capital requirements in response to the COVID-19 crisis has had a positive impact on capital amounting to +68 basis points for the Group, which has not yet been recognised and which would place the CET 1 fully loaded regulatory ratio 13.95% at 30 June 2020.

Key figures

  Jun-20 Dec-19 Change
Balance sheet (€ million)
Total assets 218,455 208,468 4.8%
Loans and advances to customers (net) 122,310 117,444 4.1%
Loans and advances to customers (gross) 125,603 120,623 4.1%
On-balance-sheet customer funds 146,896 143,464 2.4%
    Customer deposits and clearing houses 128,318 124,785 2.8%
    Borrowings, marketable securities 15,619 15,697 (0.5%)
    Subordinated liabilities 2,959 2,983 (0.8%)
Total customer funds 177,218 174,267 1.7%
Equity 12,883 13,142 (2.0%)
Common Equity Tier I - BIS III Phase In 10,957 11,120 (1.5%)
Solvency (%)
Common Equity Tier I - BIS III Phase In 14.32% 14.32% -
Total capital ratio - BIS III Phase In 18.34% 18.09% +0.25 p.p.
Ratio CET1 BIS III Fully Loaded 13.27% 13.02% +0.25 p.p.
Ratio CET1 Fully Loaded ex unrealised gains in the fair value sovereign debt portfolio 13.20% 12.85% +0.36 p.p.
Risk management (€ million and %)
Total risk 133,076 128,156 3.8%
Non performing loans 6,464 6,465 (0.0%)
NPL provisions 3,519 3,491 2.9%
NPL ratio 4.9% 5.0% +0.1 p.p.
NPL coverage ratio 55.6% 54.0% +1.6 p.p.
  Jun-20 Jun-19 Change
Results (€ million)      
Net interest income 922 1,018 (9.4%)
Gross income 1,607 1,671 (3.9%)
"Core" result (Net interest income + Net fees and commissions - Operating Expenses) 616 639 (3.6%)
Pre-provision profit 717 759 (5.6%)
Profit before taxes pre-COVID-19 provision 480 540 (11.2%)
COVID-19 provision (310) - -
Profit before taxes post COVID-19 provision 170 540 (68.6%)
Profit/(loss) attributable to the Group 142 400 (64.4%)
Key ratios (%)
Cost to Income ratio (Operating expenses / Gross income) 55.4% 54.6% +0.8 p.p.
R.O.A. (Profit after tax / Average total assets) (1) 0.1% 0.4% -0,3 p.p.
RORWA (Profit after tax / RWA) (2) 0.4% 1.0% -0.6 p.p.
ROE (Profit attributable to the group / Equity) (3) 2.2% 6.3% -4.1 p.p.
ROTE ( Profit attributable to the group / Average tangible equity) (4) 2.3% 6.5% -4.2 p.p.
ROE (Profit attributable to the group / Equity) pre COVID-19 5.6% 6.3% -0.7 p.p.
ROTE ( Profit attributable to the group  / Average tangible equity) pre COVID-19 5.8% 6.5% -0.7 p.p.
  Jun-19 Dec-19 Change
Bankia share      
Number of shareholders 173,082 173,949 (0.5%)
Number of shares in issue (million) 3,070 3,070 0.0%
Closing price (end of period, €) (5) 0,95 1,90 (50.1%)
Market capitalisation (€ million) 2,911 5,840 (50.1%)
Earnings per share (€) (6) 0.09 0.18 (47.1%)
Tangible book value per share (€) (7) 4.09 4.21 (3.0%)
PER (Last price (5) / Earnings per share(6)) 10.17x 10.79x (5.7%)
PTBV (Last price (5) / Tangible book value per share) 0.23x 0.45x (48.6%)
Additional information      
Number of branches 2,267 2,275 (0.4%)
Number of employees 15,947 16,035 (0.5%)

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

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

(3) Annualised attributable profit divided by the previous 12 months average equity. In Jun-20 is not deducted any expected dividend payment against 2020 result.

(4) Annualised attributable profit divided by the previous 12 months average tangible equity. In Jun-20 is not deducted any expected dividend payment against 2020 result.

(5) Using the last price as of 30 June 2020 and 31 December 2019.

(6) Annualised 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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