Bankia posts $9.1 billion loss as EU prepares bailout funds

Bankia group, the lender whose nationalization pushed Spain toward a European bank bailout, announced a 7.05 billion-euro ($9.1 billion) loss, as European officials said the country may get its first rescue funds soon.

Bankia said the nine-month loss compared with a pro-forma profit of 295 million euros a year ago, as deposits fell 13 per cent from December and lending dropped 10 per cent. It posted results as the European Union and European Central Bank said the bailout is “on track.”

via Business feed http://www.scmp.com/business/article/1070983/bankia-posts-91-billion-loss-eu-prepares-bailout-funds