April 29, 2020 / 5:35 AM / a month ago

Bankia's Q1 net profit falls 54% on higher provisions

MADRID, April 29 (Reuters) - Spain’s Bankia on Wednesday said its first quarter net profit fell 54% to 94 million euros ($102 million) from the same period a year ago on higher provisions to offset a potential impact on its business from the coronavirus crisis.

Bankia set aside an extraordinary provision of 125 million euros for the quarter to protect its balance sheet and support its customers against the fallout from the COVID-19 disease.

$1 = 0.9217 euros Reporting By Jesús Aguado, Editing by Inti Landauro

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