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Spain's Bankia posts record 19.2 bln eur 2012 loss
February 28, 2013 / 7:57 AM / 5 years ago

Spain's Bankia posts record 19.2 bln eur 2012 loss

MADRID, Feb 28 (Reuters) - Spain’s rescued lender Bankia on Thursday posted a net loss of 19.2 billion euros ($25.2 billion) for 2012.

The bank, which along with its parent group BFA requested 18 billion euros in European funds last year to rebuild its capital, said it had booked provisions of 26.8 billion euros last year.

Bankia was born out of the merger of seven savings banks that were highly exposed to Spain’s property sector, which crashed five years ago.

The Bankia-BFA group as a whole made losses after tax of 21.2 billion euros in 2012. The group said that figure would drop to 19.4 billion euros if trading gains from a pending exchange of hybrid securities were taken into account. ($1 = 0.7628 euros) (Reporting by Sarah White, Editing by Sonya Dowsett)

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