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Key figures

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Bankia Key Figures at SEPTEMBER 30th, 2019

946

The group’s 'core' result (net interest income plus fees and commissions less operating expenses) reaches €946 million, 0.7% higher year-on-year, underpinned by strong commercial activity and cost containment (operating expenses are 2.3% lower vs 9M18).

575

The group ended September 2019 with an attributable profit of €575 million. Cost cutting and business growth are the key aspects being managed by the group in a market shaped by further interest rate cuts.

51.4%

Progress continues to be made with the multi-channel strategy. As of September 2019, digital sales make up 26.1% of total sales, with 51.4% of customers operating online.

82%

Non-performing assets or NPAs (non-performing exposures and gross foreclosed assets) are down 12.9% on the 2018 close and down 34.8% compared to September 2018. The group has slashed its NPAs by over €7.3 billion since December 2017, achieving 82% of the reduction target set in the Strategic Plan for 2020.

 

Key Figures:

The group’s 'core' result (net interest income plus fees and commissions less operating expenses) reaches €946 million, 0.7% higher year-on-year, underpinned by strong commercial activity and cost containment (operating expenses are 2.3% lower vs 9M18).

The group ended September 2019 with an attributable profit of €575 million. Cost cutting and business growth are the key aspects being managed by the group in a market shaped by further interest rate cuts.

Net new customers are up 68% versus the figure reported in September 2018, while net new customers with direct income deposits increase 20%.

Quality indicators remain at a high and the group’s market shares increase.

Performing credit (excludes NPLs) continues its growth trend of the previous quarters and is 0.8% higher than in December 2018. In the same period the stock of consumer loans grows by 8.3% (€400 million), while loans to companies are up 8.7% (€2.9 billion), taking Bankia’s market share of consumer loans to 5.62% (+10 basis points YOY) and its market share of loans to companies to 7.53% (+33 basis points YOY).

Bankia’s market share of mutual funds grows by 39 bps since December 2018 to 6.94%, maintaining the group at the top of the ranking of new mutual funds, year to date.

In insurance, the accumulated variation of new insurance premiums are up 31% YOY. In pension plans, assets under management and commercialised by the Group increase 2.1% and net contributions to pension plans grow by 17.2%.

Progress continues to be made with the multi-channel strategy. As of September 2019, digital sales make up 26.1% of total sales, with 51.4% of customers operating online.

Non-performing exposures have decreased by 15.4% since December 2018, pushing the NPE ratio down a percentage point to 5.5% (-2.3 pp since September 2018).

Non-performing assets or NPAs (non-performing exposures and gross foreclosed assets) are down 12.9% on the 2018 close and down 34.8% compared to September 2018. The group has slashed its NPAs by over €7.3 billion since December 2017, achieving 82% of the reduction target set in the Strategic Plan for 2020.

In terms of solvency, the group has made further headway generating capital organically and has posted a CET1 Fully Loaded ratio of 13.00% and a CET1 Phase In ratio of 14.22%. On a Fully Loaded basis, the group has generated 61 bp of capital since December 2018.

Key figures

  Sep-19 Dec-18 Change
Balance sheet (€ million)
Total assets 207,403 205,223 1.1%
Loans and advances to customers (net) 118,786 118,295 0.4%
Loans and advances to customers (gross) 122,247 122,505 (0.2%)
On-balance-sheet customer funds 146,715 144,680 1.4%
    Customer deposits and clearing houses 128,726 126,319 1.9%
    Borrowings, marketable securities 15,007 15,370 (2.4%)
    Subordinated liabilities 2,983 2,990 (0.2%)
Total customer funds 176,370 171,793 2.7%
Equity 13,191 13,030 1.2%
Common Equity Tier I - BIS III Phase In 11,425 11,367 0.5%
Solvency (%)
Common Equity Tier I - BIS III Phase In 14.22% 13.80% +0.42 p.p.
Total capital ratio - BIS III Phase In 17.86% 17.58% +0.28 p.p.
Ratio CET1 BIS III Fully Loaded 13.00%  12.39% +0.61 p.p.
Risk management (€ million and %)
Total risk 129,702 129,792 (0.1%)
Non performing exposure 7,117 8,416 (15.4%)
NPE provisions 3,823 4,593 (16.8%)
NPE ratio 5.5% 6.5% -1.0 p.p.
NPE coverage ratio 53.7% 54.6% -0.9 p.p.
  Sep-19 Sep-18 Change
Results (€ million)      
Net interest income 1,520 1,542 (1.4%)
Gross income 2,546 2,706 (5.9%)
"Core" result (Net interest income + Net fees and commissions - Operating Expenses) 946 939 0.7%
Pre-provision profit 1,176 1,304 (9.8%)
Profit/(loss) attributable to the Group 575 744 (22.6%)
Key ratios (%)
Cost to Income ratio (Operating expenses / Gross income) 53.8% 51.8% +2.0 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) 6.0% 7.9% -1.9 p.p.
ROTE ( Profit attributable to the group / Average tangible equity) (4) 6.2% 8.1% -2.0 p.p.
  Sep-19 Dec-18 Change
Bankia share      
Number of shareholders 178,374 184,643 (3.40%)
Number of shares in issue (million) 3,070 3,085 (0.5%)
Closing price (end of period, €) (5) 1,73 2,56 (32.3%)
Market capitalisation (€ million) 5,318 7,898 (32.7%)
Earnings per share (€) (6) 0.25 0.23 10.0%
Tangible book value per share (€) (7) 4.24 4.18 1.5%
PER (Last price (5) / Earnings per share(6)) 6.91 11.23 (38.5%)
PTBV (Last price (5) / Tangible book value per share) 0.41 0.61 (33.3%)
Additional information      
Number of branches 2,275 2,298 (1.0%)
Number of employees 16,051 15,924 0.8%

(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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