April 27, 2018 / 6:20 AM / a month ago

Spain's Bankia posts 24.5 pct fall in Q1 profit on lower trading gains

MADRID, April 27 (Reuters) - Spain’s state-owned lender Bankia posted on Friday a 24.5 percent fall in first-quarter net profit from a year earlier due to lower trading gains.

Net profit for the quarter came in at 229 million euros ($277.25 million), above an average of analysts’ forecasts in a Reuters poll of 223 million euros.

Net interest income, a measure of earnings on loans minus deposit costs, was 526 million euros, up 4.4 percent from a year ago thanks to the integration of BMN, which it fully consolidated for the first time in the quarter.

Analysts expected NII to come in at a 538 million euros.

However, the integration hit the bottom line as staff costs increased to 305 million euros in the quarter. ($1 = 0.8260 euros) (Reporting By Jesús Aguado; editing by Paul Day)

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