Bankia’s IPO litigation


Bankia 4Q15: Net Profit Beat, Messy P&L, Strong Balance Sheet

BARCLAYS | Net profit of €185m compares well with consensus’ €122m and includes €184m relating to an IPO litigation announced in December 2015 and reinforced by last week’s Supreme Court ruling. However, earnings performance is mixed with weaker than expected non-interest income and net interest income falling 5% QoQ (in line with expectations), but provisions are significantly better.