Spain's Bankia loses 4.45 bn euros in first half of 2012

Spain's rescued lender Bankia said Friday it had lost 4.45 billion euros ($5.6 billion) in the first half of 2012, prompting an immediate promise of state cash.

Created with fanfare in 2010 from a merger of seven troubled regional savings banks, and then listed on the market in July 2011, Bankia's fortunes have collapsed in dramatic style.

A year ago, it was reporting first-half profits of 205 million euros.

But in May it was nationalized after saying it would need a total 23.5 billion euros to salvage its balance sheet, loaded with risky loans that had turned sour after the 2008 property crash.

Bankia's woes exposed the scale of the problems in Spain's banks, and pushed Prime Minister Mariano Rajoy's government to seek a eurozone loan of up to 100 billion euros to rescue the industry.

Read Full Article from AFP

- Posted: 2012-08-31 14:20:39

More Stock Investor Place Top Stories

Anglo platinum arm sheds 14,000 jobs, risking unrest Apple falls below $500 US retail sales rose 0.5 percent in December, led by autos, furniture and clothing sales Recovery in U.S. Saving 8 Million Underwater Homeowners Facebook shares rise in buildup to mystery event, earnings

Stock Investor Place Top Stories Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008