Bankia back on track

SPANISH lender Bankia has returned to profit, following record losses and an EU-sponsored bailout last year.

The bank announced a €74 million profit in the first three months of 2013, although it warned the Spanish economy was still a cause for concern.

Bankia has been considered one of the greatest casualties of Spain’s economic crisis, after losing €19.2 billion during a disastrous 2012.

“This year, 2013, will mark the return to normality, in an environment that is still not normal,” said Bankia’s director general Jose Sevilla, insisting that 2012 had been “the year of the clean-up”.

“There are macroeconomic tensions, tensions on interest rates… [it] is a very demanding environment,” he added.