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17/09/2015 09:52

*Bankia: Morgan Stanley alza rating a overweight da equalweight

MF-DJ NEWS 17 set 2015

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BANKIA ... chi la compra e chi ce l'ha

Titolo BANKIA ... spumeggiante..!! :D OK! :D
 

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BANKIA ... chi la compra e chi ce l'ha

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UPDATE 2-Bad debt drop lifts Spain's Bankia, legal bill looms

UPDATE 2-Bad debt drop lifts Spain's Bankia, legal bill looms
01/02/2016 11:18 RSF
* Bankia beats on 2015 profit, rises 34 pct to 1.04 bln eur
* Bad loans ratio falls to 10.8 pct vs 12.9 pct year ago
* Legal bill linked to IPO also rises
* Shares rise but still depressed vs year ago
(Adds details on dividend,share price, markets)
By Sarah White and Jesús Aguado
MADRID, Feb 1 (Reuters) - Falling bad debt charges enabled Spain's bailed-out Bankia (BKIA.MC) to post a near 40 percent rise in net profit for 2015, although a rising legal bill linked to its troubled flotation is clouding its outlook.

Bankia, which has steadily improved profits in the past three years, is entering a key phase for its return to private hands. Madrid, which owns 64 percent of the bank, vowed to sell off Bankia bythe end of 2017.

Its progress so far in shaking off some of its past problems has been mixed, however, and Bankia will now have to contend with an uncertain political backdrop after an inconclusive general election that has yet to result in agovernment.

Falling charges against soured debts as Spain's economy rebounded helped Bankia post better-than-expected earnings, with net profit of 1.04 billion euros for the full year.

"Asset quality trends stand as the main highlight ofthis set of numbers," Andrea Unzueta, analyst at Credit Suisse, said in a note to clients.

On the back of improving earnings, Bankia wants to lift its dividend payments for 2015 by 50 percent - helping the state, which had to inject more than 22 billion euros into the bank, recover funds.

Shares in Bankia were up 7 percent to 0.978 euros ($1.06) at 0943GMT.

But the bank had to book extra provisions against potential legal claims from small investors who lost money inits stock market flotation from mid-2011, causing it to miss its profitability target.

Bankia's return on equity (ROE) came in at 9 percent in the fourth quarter, lower than its 10 percent goal. Without the legal provisions, ROE would have been10.6 percent, Bankia said.


SHARES IN THE SPOTLIGHT
The bank's share price is also down some 18 percent on the year, as investors fret about the impact of low interest rates.

At below 1.35 euros per share, the state cannot exit Bankia at a profit. Volatile global stock markets, which caused Britain to recently postpone a planned share sale in bailed-out Lloyds Banking Group (LLOY.L), are an additional headwind. (news)

Bankia bounced back quickly from huge losses ondud property assets after these were transferred to an external "bad bank" backed by the state. It also cut costs and tried to shift more of its lending to small businesses and away from mortgages.

But thousands of ordinary Spaniards who boughtinto the bank's listing a year before its bailout are still pursuing it through the courts, arguing they were misled.

Bankia and its parent BFA have so far set aside 1.84 billion euros between them to cover potential compensation. ($1 = 0.9225 euros)
(Editing by Paul Day and Alexander Smith)
Keywords: BANKIA RESULTS/
 
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