March 21, 2019 / 3:38 PM / a year ago

Bankia sticks to profit target of 1.3 bln euros in 2020

VALENCIA, Spain, March 21 (Reuters) - The chairman of Spain’s Bankia on Thursday said the state-owned lender would meet its net profit target of 1.3 billion euros ($1.48 billion) in 2020 despite the current low interest-rate environment.

“We will stick to our net profit target and to our plan to pay back 2.5 billion euros to our shareholders,” Jose Ignacio Goirigolzarri told journalists in Valencia, a day before the annual shareholder meeting.

Analysts have been questioning whether the lender would be able to meet its net profit target for 2020 after the European Central delayed any prospects of interest rates rises until 2020.

Reporting By Jesús Aguado, editing by Axel Bugge

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