Bankia parent group BFA posts 2011 loss of 3.3 billion euros

Mon May 28, 2012 4:01pm EDT
 

MADRID (Reuters) - BFA, the parent group of nationalized Spanish bank Bankia (BKIA.MC: Quote), said on Monday it had restated its 2011 results to reflect a 3.3 billion euro loss, rather than a 41 million euro profit, following a bailout from the state.

In a statement to the stock exchange regulator, BFA said the restated loss reflected a review of its loan portfolios and capital needs after a new audit and as part of the clean-up plan implemented by the government.

BFA last Friday asked for a public bailout of 19 billion euros ($23.8 billion) on top of an earlier cash injection of 4.5 billion euros.

(Reporting by Jesus Aguado,; Editing by Julien Toyer and Sarah Morris)

 
The logo of Spain's Bankia bank is seen on a wall of one of its branches in Madrid May 28, 2012. Spanish debt yields jumped and shares in fourth-largest lender Bankia SA plunged to record lows, highlighting a lack of confidence in government efforts to stabilise the finances of Spain and its ailing banks. REUTERS/Sergio Perez