Spain’s economic recovery is gathering steam. That’s the view of analysts after Bankia, the country’s fourth largest lender by market value said net profit for the first-quarter rose 12.4 percent to 244 million euros from a year earlier.
The bank posted net interest income of 693 million euros which was down nearly one percent compared with the year-earlier period.
Net interest income is the difference between what lenders pay clients for deposits and charge for loans.
Bankia was bailed out by the Spanish government in 2012. More than 60 percent of the lender’s shares are still owned by the government.