|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.2700 - 2.3600|
|52 Week Range||2.2700 - 4.3500|
|Beta (3Y Monthly)||0.96|
|PE Ratio (TTM)||11.46|
|Forward Dividend & Yield||0.14 (5.14%)|
|1y Target Est||N/A|
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Bankia, S.A. Madrid, June 13, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bankia, S.A. and other ratings that are associated with the same analytical unit. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Spain's Bankia, majority owned by the state, posted a drop in first-quarter net profit on Monday due to lower trading income as attention turned to privatisation prospects after an election made a left-wing coalition likely. The Socialists, who won the most votes in Sunday's election but will need at least one partner to govern, are expected to turn to far left-wing party Podemos, which has floated the idea that Bankia could become a permanent national bank. Podemos has also lobbied for Bankia to offer services based on social, as well as market, considerations and had advocated a supplementary tax on banks' earnings.
Retail bank TSB needs to turnaround its business and cut costs before becoming a candidate for a sale or to take part in any consolidation in Britain, the chairman of parent Banco Sabadell said on Wednesday. Sabadell bought TSB for £1.7 billion in 2015 to expand into Britain and challenge incumbent retail banks. TSB has also been hit by an IT glitch forcing the bank to hire 2,100 staff to help fix the problems which left customers locked out of their online accounts for weeks.
State-owned Spanish lender Bankia will meet its net profit target of 1.3 billion euros ($1.48 billion) in 2020 despite low interest rates, its chairman said on Thursday. Analysts have been questioning whether Bankia would be able to meet the 2020 target after the European Central Bank delayed any prospects of higher interest rates next year. "We will stick to our net profit target and to our plan to pay back 2.5 billion euros to our shareholders," Jose Ignacio Goirigolzarri told journalists in Valencia, a day before the bank's annual shareholder meeting.
The rating action reflects the replacement of Banco Santander S.A. (Spain) (A2, LT Bank Deposits (Domestic)) with Bankia, S.A. (Baa2, LT Bank Deposits (Domestic)) as issuer account bank. The rating action is prompted by the change of issuer account bank provider in the transaction from Banco Santander S.A. (Spain) to Bankia, S.A. Bankia, S.A. was appointed as the new issuer account bank via an amendment to the original Treasury Account Agreement, taking over the function of issuer account bank for the transaction substantially under the same terms as agreed with the previous issuer account bank. The Credit Ratings for this rating action were assigned in accordance with Moody's existing Methodology entitled "Moody's Approach to Rating RMBS Using the MILAN Framework" dated 11 September 2017.
Moody's Investors Service ("Moody's") has today downgraded the ratings of three Notes in three Spanish RMBS deals issued by Madrid Residencial I, FTA, Madrid Residencial II, FTA and Madrid RMBS IV, FTA. The rating action reflects the replacement of Banco Santander S.A. (Spain) ("Banco Santander") (A2, LT Bank Deposits) with Bankia, S.A. ("Bankia") (Baa2, LT Bank Deposits) as issuer account bank, in the three transactions. Please refer to the end of the Ratings Rationale section for a list of affected ratings.
Spain's Bankia posted an almost 40 percent rise in full-year net profit in 2018, with a pick up in trading offsetting a fourth-quarter loss from the sale of toxic assets as the lender intensified efforts to clean up its balance sheet. Net profit reached 703 million euros ($802.3 million) in 2018, up from 505 million euros a year earlier, boosted by higher commissions and trading income despite ongoing pressure on lending. The Spanish government holds a 64 percent stake in Bankia, the country's fourth largest bank by assets, following a 22.4 billion euro rescue in 2012 during the country's financial crisis.
Rodrigo Rato blamed the Bank of Spain for mishandling the creation of Bankia on Tuesday at a trial in which the former International Monetary Fund chief and three other ex- board members of the Spanish lender are accused of fraud. Rato, who denies any wrongdoing, was Bankia's chairman at the time of a merger of seven unlisted regional banks to form Bankia in 2010 and its ill-fated 2011 initial public offering. Less than a year after the 3.1-billion-euro ($3.6 billion) IPO, Bankia reported a 3 billion euro loss, prompting a 22.5 billion euro state bailout and its nationalisation.
Spain's state-held lender Bankia said on Monday it had sold a portfolio of toxic assets with a gross value of 3.1 billion euros ($3.5 billion) to two subsidiaries of U.S. private equity firm Lone Star, confirming a Reuters report on Friday. The portfolio includes foreclosed assets with a gross book value of 1.65 billion euros and non-performing loans worth 1.42 billion euros, the bank said.
A former head of the International Monetary Fund and three other former executive board members of Bankia (BKIA.MC) went on trial in Spain's High Court on Monday accused of fraud over the lender's ill-fated public listing in 2011. If found guilty, Rodrigo Rato, a former economy minister who led the IMF from 2004 to 2007 and was Bankia's chairman at the time of the listing, could face up to five years in jail. Rato, who resigned from Bankia in 2012, is already serving a 4-1/2 year prison term for embezzlement.
MADRID (AP) — Spain's National Court is beginning a massive trial over alleged fraud in the stock market listing of Bankia, a financial giant that was bailed out during the country's economic crisis.
The Spanish government is not planning to sell or reduce its stake in Bankia for the time being due to its low share price, Prime Minister Pedro Sanchez said on Wednesday. This reaffirmed a view expressed by other government officials on not selling the holding any further until shares have recovered, in order to be able to recover most of the public aid pumped into Bankia. The government has until the end of 2019 to sell off the 61 percent stake it holds.
Spanish bank shares fell sharply on Thursday after the Supreme Court ruled banks must pay stamp duty on mortgage loans, potentially costing them billions of euros in compensation and raising pressure on their lending business. "The Supreme Court states that the person who must pay the stamp duty in the public deeds of loans with mortgage guarantees is the lender, not the one who receives the loan," the court said in a document. The Supreme court ruling, which overturned a previous ruling from earlier this year, is now final and could leave banks potentially exposed to additional legal provisions, analysts said.
In June 2018, Bankia SA (BME:BKIA) released its earnings update. Generally, it seems that analyst forecasts are substantially optimistic, as a 80.7% rise in profits is expected in the upcomingRead More...
Among the questions facing Spain’s new government is what to do with its stake in Bankia, the country’s fourth-largest bank. The prior government set itself a deadline of December 2019 to sell its 61 percent stake in Bankia, but its falling price has made selling on the open market a politically unpalatable prospect. 1. How did Spain’s government end up with Bankia?
This analysis is intended to introduce important early concepts to people who are starting to invest and want a simplistic look at the return on Bankia SA (BME:BKIA) stock. BankiaRead More...