BANKIA SA BFA Group posts net profit of 919 million euros
Bankia obtains attributable profit of 244 million euros in first quarter of 2015, up 12.8%• Return on equity stands at 8.7%, in line with the year-end target of 10%
• Higher revenues and lower expenses drive up operating income before provisions by 7.2%
• Income from new loans to self-employed professionals, SMEs and businesses 74.7% higher
• Strict customer deposits rise by 1.13 billion euros during the quarter, 5.30 billion euros year on year
• Gains in share of term deposit and investment fund markets achieved
• Productivity of Bankia branch network rises 37.7% year on year, with an average of 30.7 products sold per employee per month
• Efficiency ratio for the quarter stands at 42.6%, 2.8 points higher than a year earlier
• Balance of non-performing loans (NPLs) down 462 million euros for the quarter, with NPL ratio dropping to 12.6% and coverage ratio rising to
59.4%
• Fully-loaded CET1 ratio climbs from 10.6% to 11.01%, quarter on quarter
Madrid, 27/04/2015. Bankia posted net attributable profit of 244 million euros in the first quarter of 2015, 12.8% higher than in the same period of 2014. The rise comes off the back of a 7.2% increase in operating income before provisions and a decrease in NPL provisions, offsetting a period of low interest rates.
Bankia's chairman, José Ignacio Goirigolzarri, declared: "These are positive results, putting Bankia in a great position to achieve a return on equity of 10% by the end of the year. The bank is holding up well in what is a challenging
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interest rate climate and has been able to consistently boost earnings, stripping out non-recurring profit".
"Bankia has demonstrated its strengths and customer focus in the banking business at the start of the year. We have increased loans to the self-employed and SMEs by 70%. We have brought in more customer funds and won market share in the institution's key segments," added the Bankia chairman.
Bankia's CEO, José Sevilla, highlighted the robustness of the bank's balance sheet. "For yet another quarter, Bankia has shown its ability to bolster solvency, which is essential to be able to repay the aid received."
Sevilla went on to say: "Bankia has managed to slash the NPL balance during the quarter, which has fallen by over 3 billion euros in the last year. This reduction is accompanied by an increase in provision coverage for loans remaining on the balance sheet, without an increase in foreclosed assets."
One of the most noteworthy milestones in the first quarter is the increase in lending in the institution's key segments: business loans and consumer loans to households. Quarter-on-quarter growth was close to 900 million euros, hitting
47.3 billion euros as new loans outstripped repayments.
This increase was driven by the sharp rise in new loans, up 69.2% in the first quarter of 2015 compared to the same period in 2014. Stripping out loan modifications, Bankia awarded new loans to the self-employed, SMEs and businesses totalling 3.22 billion euros in the first three months of the year (up
74.7%), with a 17.3% rise in consumer loans to 230 million euros.
Turning to customer funds, strict customer deposits rose over the quarter by
1.13 billion euros to 96.05 billion euros, with a 5.3 billion year-on-year increase. Off-balance sheet funds also grew by a further 1.39 billion euros over the three months to 22.43 billion euros.
The increase in new retail customer funds has led to year-on-year gains in market share in both the business and household term deposit segment, which rose almost a percentage point from 9.58% in March 2014 to 10.57% (latest available figure at February 2015), and in the investment fund segment which
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saw an increase from 4.85% to 5.09% (figures at March 2014 and 2015, respectively).
These figures come off the back of a rise in productivity. In the first quarter of
2014, each Bankia employee sold a total of 22.3 products per month on average. A year later, this figure had risen 37.7% to 30.7 products per employee every month.
Bankia kicked off 2015 enhancing the quality of its loan book. The balance of NPLs fell a further 462 million euros quarter on quarter to 16.05 billion euros. The decrease over the last 12 months has totalled 3.13 billion euros. Consequently, the NPL ratio fell to 12.62%, compared to 12.86% in December and 14.31% a year ago.
The reduction in NPLs is accompanied by a decrease in assets foreclosed during the quarter and a higher NPL coverage ratio of 59.4% at March end, versus 57.6% in December and 57.4% in the first quarter of 2014.
The uptick in the bank's activity and controls over NPLs led to an improved income statement, despite the challenging climate for the banking business with interest rates close to zero and a decrease in Sareb bond yields.
Net interest income remained practically unchanged year on year at 693 million euros, down 0.6%. Stripping out the "Sareb effect" (the bonds of which only contributed 45 million euros this quarter compared to 99 million euros a year ago), net interest income would have risen by 8.2%. Controls over funding costs drove up the customer margin from 1.12% to 1.40% year on year.
Fee and commission income rose slightly during the first quarter to 233 million euros (+0.8%), primarily due to an upturn in sales of insurance and investment funds.
Gains on financial assets and liabilities and other operating income totalled 59 million euros, boosting gross income by 2% to 992 million euros compared to the first quarter of 2014.
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A more efficient bank
Despite having completed the restructuring plan, Bankia continued its cost cutting drive. Total expenses in the first quarter of the year were 423 million euros, down 4.2% on the figure a year earlier. The efficiency ratio stood at
42.6% at the close of the quarter, some 2.8 points higher than at the same date in 2014.
Consequently, operating income before provisions for the period from January to March amounted to 569 million euros, representing a rise of 7.2% versus the first quarter of 2014. The aforementioned improvement in the NPL balance allowed Bankia to cut provisioning by 27.7% to 219 million euros.
Consequently, pre-tax profit hit 336 million euros. Stripping out the tax effect and contributions of non-controlling interests, net attributable profit for the first quarter amounted to 244 million euros, up 12.8% year on year.
In terms of solvency, Bankia once again boosted its capital ratios in the first quarter of the year. As regards solvency ratios, under Basel III standards, the phase-in Common Equity Tier 1 (CET1) ratio ended March at 12.52% (24 basis points higher than in December). The total capital ratio climbed 26 basis points to 14.08%.
On a 'fully loaded' Basel III basis, that is, moving future requirements up to the present date, the CET1 ratio rose from 10.6% to 11.01%, while the total capital ratio was 12.56% - an advance of 42 basis points.
On the liquidity side, Bankia continued to strengthen its position for yet another quarter, cutting its commercial gap by a further 1.4 billion euros (to 12.3 billion euros). The loan-to-deposit ratio was also cut from 105.5% in December to
104.6% in March.
Over the course of the last 12 months, the bank cut wholesale maturities by close to 7 billion euros to 24 billion euros, driving up liquid assets to 34.6 billion euros (+7.6 billion euros), resulting in a coverage ratio of 144%.
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Bankia's parent, the BFA Group, posted first quarter net profit of 919 million euros. The group had already announced plans to sell off BFA's public debt portfolios and tap unrealised gains. Stripping this out, net profit would have been 285 million euros compared to 279 million euros in the first quarter of
2014.
In terms of solvency, BFA saw its December 2014 phase-in CET1 ratio of
13.28% climb to 13.89% at the end of the first quarter of 2015, i.e. an improvement of 61 basis points. The total solvency ratio rose by 65 points to
15.44%. The fully-loaded CET1 ratio was 108 basis points higher for the quarter
at 11.43%.
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Main first quarter 2015 events
On 19 January, Bankia announced a further commitment to its strategy in the young persons segment by improving these customers' access to its "Commission-free" scheme.
On 23 January, Bankia and Valencia Basket signed an agreement to promote the "Culture of Effort" values.
On 26 January, Bankia strengthened its support for the self-employed by offering them more opportunities to enjoy commission-free banking, and launching a programme to waive these specific charges for the farming sector.
On 9 February, Bankia unveiled more competitive terms for both its fixed-rate and variable-rate mortgage loans.
On 25 February, Bankia and the Bertelsmann Foundation signed an agreement to jointly promote Dual Professional Training in Spain
At its 27 February meeting, Bankia's board resolved to propose to shareholders the institution's first dividend pay-out in its history: 1.75 euro-cents per share.
On 4 March, Bankia entered into an agreement with the developer Inmobiliaria
Carso to sell its entire stake in Realia.
On 5 March, Bankia launched its "Creéditos" campaign to boost consumer loans to households.
Bankia issued 1 billion euros of mortgage covered bonds on 10 March, with a term of 10.5 years and a coupon of 1%.
For more information:
Bankia Communication (bankiacomunicacion@bankia.com)
Juan Emilio Maíllo 91 423 90 09 / 689 869 034 (jmaillo@bankia.com) Virginia Zafra 91 423 51 04 / 690 047 723 (vzafra@bankia.com) Mariano Utrilla 91 423 94 72 / 691 827 401 (mutrilla@bankia.com)
Carmen de Miguel 91 423 96 57 / 679 982 792 (cmiguelh@bankia.com)
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Balance (millones de euros)
mar‐15 dic‐14 Variación
Activos totales 231.972 233.649 (0,7%) Crédito a la clientela neto 115.344 112.691 2,4% Crédito a la clientela bruto 124.469 121.769 2,2% Crédito bruto al sector privado residente 95.724 96.550 (0,9%) Crédito bruto con garantía real 72.914 74.075 (1,6%) Recursos de clientes en balance 131.684 131.200 0,4% Depósitos de la clientela 106.679 106.807 (0,1%) Empréstitos y valores negociables 23.950 23.350 2,6% Pasivos subordinados 1.056 1.043 1,2% Total recursos gestionados de clientes 154.118 152.242 1,2% Fondos propios 11.582 11.332 2,2% Capital de nivel I ordinario (CET 1) ‐ BIS III Phase In 11.027 10.874 1,1%
Solvencia (%)
Capital de nivel I ordinario (CET 1) ‐ BIS III Phase In 12,52% 12,28% +24 p.b. Coeficiente de solvencia ‐ Ratio Total capital BIS III Phase In 14,08% 13,82% +26 p.b. Ratio CET1 BIS III Fully Loaded 11,01% 10,60% +41 p.b. Gestión del Riesgo (millones de euros y %)
Riesgos totales (1) 127.366 128.584 (0,9%) Deudores morosos 16.084 16.547 (2,8%) Provisiones para insolvencias 9.554 9.527 0,3% Tasa de morosidad (1) 12,6% 12,9% (0,3) p.p. Tasa de cobertura 59,4% 57,6% +1,8 p.p.
Resultados (millones de euros)
mar‐15 mar‐14 Variación
Margen de intereses 693 698 (0,6%) Margen bruto (2) 992 972 2,0% Margen neto antes de provisiones (2) 569 531 7,2% Beneficio atribuido al Grupo (2) 244 217 12,8% Ratios relevantes (%)
Eficiencia 42,6% 45,4% (2,8) p.p. R.O.A. (Beneficio después de impuestos / ATMs) (3) 0,4% 0,3% +0,1 p.p. R.O.E. (Beneficio atribuido / Fondos propios) (4) 8,7% 7,8% +0,9 p.p.
Acción Bankia
mar‐15 dic‐14 Variación
Nº de accionistas 451.702 457.377 (1,2%) Nº Acciones (millones) 11.517 11.517 0,0% Cotización cierre del periodo 1,298 1,238 4,8% Capitalización bursátil (millones de euros) 14.949 14.258 4,8% Beneficio por acción (euros) (5) 0,09 0,08 13,9% Información Adicional
Nº de oficinas 1.978 1.978 0,0%
Nºdeempleados(6)14.32914.382(0,4%)
(1) Se excluyen de los riesgos tota les la s a dquis iciones tempora les de activos con BFA reclasificadas como crédito a la clientela des de enero de 2015 (3.269 millones de euro en ma r‐15) (2) Como cons ecuencia de la a plica ción de IFRIC 21 sobre la conta biliza ción de gravámenes , en 2015 la conta biliza ción de la contribución al Fondo de Ga ra ntía de Depós itos (FGD) se
refleja rá en la cuenta de res ulta dos como un único pa go a fina l de año, en luga r de rea liza r su devengo a lo la rgo del ejercicio. Cons idera ndo un devengo linea l de dicha s cuota s , el ma rgen bruto sería de €951 millones en el 1T 2015 (+2,2% con respecto al 1T 2014), el ma rgen neto antes de provis iones tota liza ría €528 millones (+8,0% en rela ción con el 1T 2014) y el beneficio atribuido se situaría en €216 millones (+15,1% s uperior al del 1T 2014).
(3) Beneficio des pués de impues tos a nua liza do sobre activos tota les medios
(4) Beneficio a tribuido anua lizado sobre fondos propios medios
(5) Beneficio a tribuido anua lizado dividido por el número de a cciones
(6) Número de emplea dos afectos a activida des fina nciera s en Es pa ña y en el extra njero
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Variación s/ 1T 2014
(millones de euros) 1T 2015 (1) 1T 2014 (1) Importe %
Margen de intereses | 693 | 698 | (4) | (0,6%) |
Dividendos | 1 | 1 | ‐ | ‐ |
Resultado por puesta en equivalencia | 6 | 7 | (2) | (22,4%) |
Comisiones totales netas | 233 | 231 | 2 | 0,8% |
Resultado de operaciones financieras | 73 | 21 | 52 | 248,0% |
Diferencias de cambio | (1) | 14 | (15) | ‐ |
Otros productos y cargas de explotación | (13) | (0) | (13) | 8295,5% |
Margen bruto | 992 | 972 | 20 | 2,0% |
Gastos de administración | (390) | (403) | 13 | (3,1%) |
Gastos de personal | (250) | (256) | 6 | (2,2%) |
Otros gastos generales | (140) | (146) | 7 | (4,7%) |
Amortizaciones | (33) | (39) | 6 | (14,9%) |
Margen neto antes de provisiones | 569 | 531 | 38 | 7,2% |
Dotación a provisiones | (175) | (229) | 54 | (23,6%) |
Dotaciones a provisiones (neto) | 23 | 49 | (26) | (52,5%) |
Pérdidas por deterioro de activos financieros (neto) | (198) | (277) | 80 | (28,7%) |
Resultado de actividades de explotación | 394 | 302 | 92 | 30,6% |
Pérdidas por deterioro de activos no financieros | (2) | (3) | 1 | (40,5%) |
Otras ganancias y pérdidas | (57) | (10) | (47) | 465,6% |
Resultado antes de impuestos | 336 | 289 | 47 | 16,1% |
Impuesto sobre beneficios | (86) | (89) | 3 | (3,2%) |
Rdo. del ejercicio procedente de operaciones continuadas | 250 | 200 | 50 | 24,8% |
Rdo. operaciones interrumpidas (neto) (2) | 0 | 15 | (15) | (100,0%) |
Resultado después de impuestos | 250 | 215 | 34 | 16,0% |
Resultado atribuido a intereses minoritarios | 5 | (1) | 7 | ‐ |
Resultado atribuido al grupo | 244 | 217 | 28 | 12,8% |
Ratio de eficiencia (3) | 42,6% | 45,4% | (2,8) p.p. | (6,1%) |
Ratio de eficiencia recurrente (4) | 48,1% | 49,3% | (1,2) p.p. | (2,4%) |
(1) Como cons ecuencia de la aplica ción de IFRIC 21 sobre la conta biliza ción de gra vá menes , en 2015 la conta biliza ción de la contribución al Fondo de Ga ra ntía de
Depós itos (FGD) se refleja rá en la cuenta de res ulta dos como un único pa go a fina l de año, en luga r de rea liza r su devengo a lo la rgo del ejercicio. Cons idera ndo un devengo linea l de dicha s cuota s , el ma rgen bruto sería de €951 millones en el 1T 2015 (€930 millones en el 1T 2014), el ma rgen neto antes de provis iones tota liza ría €528 millones (€489 millones el 1T 2014) y el beneficio atribuido se situaría en €216 millones (€187 millones en el 1T 2014).
atribuido se situa ría en €216 millones (+15,1% superior al del 1T 2014).
(2) En el 1T 2014 en es te epígra fe se incluyen los res ulta dos de As eva l
(3) Ga s tos de explota ción / Ma rgen bruto
(4) Ga s tos de explota ción / Ma rgen bruto (excluyendo ROF y diferencia s de ca mbio e incluyendo un devengo linea l de la aporta ción al FGD )
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CUENTA DE RESULTADOS TRIMESTRAL GRUPO BANKIA
(millones de euros) 1T 15 (1) 4T 14 (1) 3T 14 (1) 2T 14 (1) 1T 14 (1)
Margen de intereses 693 765 735 730 698
Dividendos 1 1 2 2 1
Resultado por puesta en equivalencia 6 4 11 11 7
Comisiones totales netas 233 246 234 237 231
Resultado de operaciones financieras 73 68 75 53 21
Diferencias de cambio (1) 6 (19) 6 14
Otros productos y cargas de explotación (13) (159) 14 16 (0)
Margen bruto 992 930 1.052 1.055 972
Gastos de administración (390) (402) (389) (392) (403) Gastos de personal (250) (240) (242) (250) (256) Otros gastos generales (140) (163) (147) (143) (146) Amortizaciones (33) (34) (42) (42) (39) Margen neto antes de provisiones 569 494 621 620 531
Dotación a provisiones (175) (189) (202) (226) (229)
Dotaciones a provisiones (neto) 23 (7) 46 17 49
Pérdidas por deterioro de activos financieros (neto) (198) (182) (248) (243) (277)
Resultado de actividades de explotación 394 305 419 394 302
Pérdidas por deterioro de activos no financieros (2) (3) (3) 2 (3) Otras ganancias y pérdidas (57) (122) (23) (35) (10) Resultado antes de impuestos 336 179 394 362 289
Impuesto sobre beneficios (86) (24) (112) (94) (89)
Rdo. procedente de operaciones continuadas 250 155 281 268 200
Rdo. operaciones interrumpidas (neto) (2) ‐ 39 17 14 15
Resultado después de impuestos 250 194 298 282 215
Resultado atribuido a intereses minoritarios 5 26 (0) 0 (1)
Resultado atribuido al grupo 244 168 299 282 217
Impacto neto provisión OPS (218)
Resultado atribuido reportado 244 (50) 299 282 217
Ratio de eficiencia (3) 42,6% 46,9% 40,9% 41,2% 45,4% Ratio de eficiencia recurrente (4) 48,1% 53,6% 45,2% 45,6% 49,3% (1) Como consecuencia de la aplicación de IFRIC 21 sobre la contabilización de gravámenes, en 2015 la contabilización de la contribución al Fondo de Garantía de
Depósitos (FGD) se reflejará en la cuenta de resultados como un único pago a final de año, en lugar de realizar su devengo a lo largo del ejercicio. Considerando un
devengo lineal de dichas cuotas, el beneficio atribuido se situaría en €216 millones en el 1T 2015, €50 millones en el 4T 2014, €266 millones en el 3T 2014,
€245 millones en el 2T 2014 y €187 millones en el 1T 2014. (2) En 2014 en este epígrafe se incluyen los resultados de Aseval (3) Gastos de explotación / Margen bruto
(4) Gastos de explotación / Margen bruto (excluyendo ROF y diferencias de cambio e incluyendo un devengo lineal de la aportación al FGD )
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BALANCE CONSOLIDADO GRUPO BANKIAVariación s/dic‐14
(millones de euros) mar‐15 dic‐14 mar‐14 Importe %
Caja y depósitos en bancos centrales 1.632 2.927 1.538 (1.295) (44,2%) Cartera de negociación 20.496 18.606 20.036 1.890 10,2% Crédito a la clientela 0 0 0 0 ‐ Activos financieros disponibles para la venta 34.035 34.772 42.026 (736) (2,1%) Valores representativos de deuda 34.035 34.772 42.026 (736) (2,1%) Instrumentos de capital 0 0 0 0 ‐ Inversiones crediticias 123.421 125.227 139.243 (1.806) (1,4%) Depósitos en entidades de crédito 6.506 10.967 20.483 (4.462) (40,7%) Crédito a la clientela 115.344 112.691 117.169 2.653 2,4% Resto 1.572 1.569 1.592 3 0,2% Cartera de inversión a vencimiento 25.843 26.661 26.731 (819) (3,1%) Derivados de cobertura 5.819 5.539 4.470 281 5,1% Activos no corrientes en venta 8.288 7.563 12.263 725 9,6% Participaciones 305 298 168 7 2,2% Activo material e intangible 2.220 2.058 2.133 162 7,9% Otros activos, periodificaciones y activos fiscales 9.912 9.997 9.748 (85) (0,9%)
TOTAL ACTIVO 231.972 233.649 258.357 (1.677) (0,7%) Cartera de negociación 20.097 18.124 18.569 1.973 10,9% Pasivos financieros a coste amortizado 188.863 193.082 215.623 (4.219) (2,2%) Depósitos de bancos centrales 32.868 36.500 51.125 (3.632) (10,0%) Depósitos de entidades de crédito 23.111 23.965 25.622 (854) (3,6%) Depósitos de la clientela 106.679 106.807 111.061 (128) (0,1%) Débitos representados por valores negociables 23.950 23.350 26.473 600 2,6% Pasivos subordinados 1.056 1.043 0 12 1,2% Otros pasivos financieros 1.200 1.417 1.341 (216) (15,3%) Derivados de cobertura 2.421 2.490 2.082 (69) (2,8%) Pasivos por contratos de seguros 0 0 236 0 ‐ Provisiones 1.611 1.706 1.600 (94) (5,5%) Otros pasivos, periodificaciones y pasivos fiscales 6.148 5.714 8.318 434 7,6% TOTAL PASIVO 219.140 221.115 246.427 (1.975) (0,9%) Intereses minoritarios (7) (13) (33) 7 (50,0%) Ajustes por valoración 1.256 1.216 1.149 41 3,3% Fondos propios 11.582 11.331 10.815 251 2,2% TOTAL PATRIMONIO NETO 12.832 12.533 11.930 298 2,4%
TOTAL PATRIMONIO NETO Y PASIVO 231.972 233.649 258.357 (1.677) (0,7%)
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