MADRID:

The Pak Banker - - FRONT PAGE -

Spain's state-con­trolled len­der Bankia said on Mon­day net profit for 2015 rose nearly 40 per­cent from a year ago to 1.04 bil­lion euros ($1.13 bil­lion), in spite of le­gal charges linked to its con­tro­ver­sial list­ing over four years ago.

An­a­lysts had ex­pected Bankia profit to fall on the year due to the pro­vi­sions. In the fourth quar­ter alone, profit was 185 mil­lion euros, down from a quar­ter ear­lier but up from a 50 mil­lion-euro loss a year ear­lier.

Bankia had to book ex­tra charges in 2015 to cover po­ten­tial le­gal costs linked to claims by small in­vestors who bought into its flota­tion in mid-2011 and ar­gue they were mis­led. Bankia had to be bailed out less than a year later, caus­ing share­hold­ers to lose money.

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