Bank posts a profit after €7bn loss last year

Bankia, the Spanish lender whose property losses pushed Spain to seek a bailout for its banking industry last year, posted a nine-month profit of €362m on lower impairment charges.

That compares with a loss of €7.1bn in the period a year earlier, which was hurt by over €10bn in impairment charges, Bankia said in a filing to regulators yesterday.

The Bankia group tapped about half of the €41bn of European funds sought by Spain last year to support its banking industry as losses linked to real estate threatened to contaminate government finances.