Spain's Bankia says H1 net profit doubles, beats forecasts
MADRID, July 28
MADRID, July 28 (Reuters) - Spanish bailed-out lender Bankia on Monday said its first half net profit more than doubled from a year ago to 432 million euros ($580 million), beating forecasts as bad debts fell slightly and lending revenue rose.
The bank, which is about 60 percent owned by the government, was expected to post a 399-million-euro profit in the period according to a Reuters poll.
Net interest income, what the bank makes on loans minus funding costs, was 1.43 billion euros in the first half, up 31 percent on the year-ago period.
Bankia's second quarter net profit came in at 245 million euros, also above analysts' expectations of 212 million euros. ($1 = 0.7445 Euros) (Reporting by Sarah White, Editing by Paul Day)