Spain's Bankia misses 2013 profit forecasts

MADRID Mon Feb 3, 2014 2:59am EST

MADRID Feb 3 (Reuters) - Spain's bailed-out Bankia on Monday posted a net profit of 512 million euros ($690 million) for 2013, missing analyst forecasts as the bank works through a turnaround following record losses the previous year.

The lender, rescued in 2012 when it struggled to cope with its soured property loans, said net interest income was 2.4 billion euros in 2013 including the effect of subordinated debt.

Net interest income fell 21.5 percent on the year before and was in line with forecasts.

Profit after tax at Bankia, without including minorities, was 509 million euros, the bank said. Analysts had expected Bankia to post a net profit of 530 million euros for 2013.

The bank made a 156 million euro profit in the fourth quarter, after tax.

($1 = 0.7415 euros) (Reporting by Sarah White, Editing by Fiona Ortiz)