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Bankia Key Figures at JUNE 30th, 2019

400

Bankia ends the first half of 2019 with an attributable profit of €400 million and consolidates itself as the most solvent among Spanish largest banks.

+153,000

Net new customers performance continues at a strong pace and in 12 months have grown by 153,000 (63% more than the growth one year ago), with the number of customers with direct deposit of income rising by 144,000 (+29%).

49.7%

Further progress in the multichannel strategy. As of June 2019, digital sales represent 24.4% of total sales and digital customers represent 49.7% of total customers.

12.91%

In terms of solvency, the group continues to generate capital organically and reaches a CET1 Fully Loaded ratio of 12.91%, representing an increase of +52 basis points in the first half of the year.

 

Key Figures:

Bankia ends the first half of 2019 with an attributable profit of €400 million and consolidates itself as the most solvent among Spanish largest banks.

The good performance in commercial activity, “core” result growth and reduction in expenses reinforce the group’s results.

Net interest income and fee and commission income grow by 2.9% and 4.8% respectively, versus previous quarter.

Cost synergies resulting from the merger with BMN reduce operating expenses by 3.4% compared to the first half of 2018, bringing the “core” result (net interest income plus fee and commission income minus operating expenses) to €639 million as of June 2019. Compared to the previous quarter, “core” result is up 9%.

Performing credit maintains the positive trend exceeding €106,700 million, a 2.2% growth compared to December 2018. New mortgage lending and new consumer lending have grown year-on-year 5.4% and 16.2% respectively, while in companies the stock of performing loans grows 4.5% vs June 2018.

Net new customers performance continues at a strong pace and in 12 months have grown by 153,000 (63% more than the growth one year ago), with the number of customers with direct deposit of income rising by 144,000 (+29%).

Customer funds are up 1.7% year-on-year and 3.6% in the half-year, with a particularly strong performance in demand deposits and mutual funds.

Bankia closed the first half of the year as market leader in net contributions to mutual funds (€632 million) with more than €20,700 million under management. Bankia’s market share in mutual funds rises 24 basis points to 6.79%.

Card turnover and new insurance premiums grow, respectively, 14.4% and 36% compared to the first half of 2018.

Further progress in the multichannel strategy. As of June 2019, digital sales represent 24.4% of total sales and digital customers represent 49.7% of total customers.

Gross non-performing loans are down by €902 million (-10.7%) in the half year, accompanied by a major year-on-year drop in the NPL ratio from 8.1% to 5.7% (-240 basis points). Net NPAs (non-performing loans and foreclosed assets, net of provisions) are down 9.4% in the first half of 2019 and down 32.4% since June 2018 and the net NPA ratio drops to 3.8%.

In terms of solvency, the group continues to generate capital organically and reaches a CET1 Fully Loaded ratio of 12.91%, representing an increase of +52 basis points in the first half of the year.

Key figures

  Jun-19 Dec-18 Change
Balance sheet (€ million)
Total assets 209,925 205,223 2.3%
Loans and advances to customers (net) 120,347 118,295 1.7%
Loans and advances to customers (gross) 124,086 122,505 1.3%
On-balance-sheet customer funds 147,628 144,680 2.0%
    Customer deposits and clearing houses 130,563 126,319 3.4%
    Borrowings, marketable securities 14,098 15,370 (8.3%)
    Subordinated liabilities 2,967 2,990 (0.8%)
Total customer funds 176,579 171,793 2.8%
Equity 13,037 13,030 0.1%
Common Equity Tier I - BIS III Phase In 11,518 11,367 1.3%
Solvency (%)
Common Equity Tier I - BIS III Phase In 14.08% 13.80% -0.28 p.p.
Total capital ratio - BIS III Phase In 17.86% 17.58% -0.28 p.p.
Ratio CET1 BIS III Fully Loaded 12.91%  12.39% +0.52 p.p.
Risk management (€ million and %)
Total risk 130,810 129,792 0.8%
Non performing loans 7,514 8,416 (10.7%)
NPL provisions 4,122 4,593 (10.3%)
NPL ratio 5.7% 6.5% -0.8 p.p.
NPL coverage ratio 54.9% 54.6% +0.3 p.p.
  Jun-19 Jun-18 Change
Results (€ million)      
Net interest income 1,018 1,047 (2.8%)
Gross income 1,671 1,841 (9.2%)
"Core" result (Net interest income + Net fees and commissions - Operating Expenses) 639 637 0.3%
Pre-provision profit 759 897 (15.4%)
Profit/(loss) attributable to the Group 400 515 (22.3%)
Key ratios (%)
Cost to Income ratio (Operating expenses / Gross income) 54.6% 51.3% +3.3 p.p.
R.O.A. (Profit after tax / Average total assets) (1) 0.4% 0.5% -0.1 p.p.
RORWA (Profit after tax / RWA) (2) 1.0% 1.2% -0.2 p.p.
ROE (Profit attributable to the group / Equity) (3) 6.3% 8.3% -2.0 p.p.
ROTE ( Profit attributable to the group / Average tangible equity) (4) 6.5% 8.5% -2.0 p.p.
  Jun-19 Dec-18 Change
Bankia share      
Number of shareholders 180,724 184,643 (2.12%)
Number of shares in issue (million) 3,070 3,085 (0.5%)
Closing price (end of period, €) (5) 2.08 2.56 (18.8%)
Market capitalisation (€ million) 6,378 7,898 (19.2%)
Earnings per share (€) (6) 0.26 0.23 15.2%
Tangible book value per share (€) (7) 4.23 4.18 1.2%
PER (Last price (5) / Earnings per share(6)) 7.92 11.23 (29.5%)
PTBV (Last price (5) / Tangible book value per share) 0.49 0.61 (19.8%)
Additional information      
Number of branches 2,277 2,298 (0.9%)
Number of employees 16,062 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 28 June 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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