Profit jump for Spain's Bankia

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Profit jump for Spain's Bankia

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Bankia’s net income has jumped 94 percent in the period between April and June to 245 million euros. The figures represent a two fold rise from the same period last year.

Profits were boosted for the Spanish bank by revenue from lending which rose more than expected.

It is about 60 percent owned by the government, after being bailed out.

Analysts said the figures were more evidence a sustained recovery is starting to take root at the country’s banks as the economy returns to growth and the rate of defaults on loans start to ease.

Bankia, once a symbol of the financial sector’s struggles, has become an example of the turnaround since returning to profit.