Spain’s Bankia profits plunge as low rates bite

MADRID: Bankia, Spain’s fourth largest bank that was bailed out by the state in 2012, on Monday reported a much steeper drop in net profit for last year than analysts had expected.

In a statement, the bank blamed the 22.7 percent net profit drop to 804 million euros partly on “the negative interest rate environment experienced throughout most of the year” and the sale of a subsidiary in Florida.