Spain's Bankia says H1 net profit doubles, beats forecasts

MADRID, July 28 Mon Jul 28, 2014 2:27am EDT

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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)