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The BFA-Bankia Group achieved a profit after tax of 250 million euros in the first quarter of the year, 17.4% more than in the same period of the previous year, when the figure was 213 million. The difference between the income statement of BFA and that of Bankia lies mainly in the dividends that BFA receives from its investees.
Bankia recorded a profit after tax of 186 million euros in the first quarter of 2014, an increase of 38.5% compared to the pro forma profit of the same period of 2013. First quarter earnings were up 157.1% on accounting earnings for the first quarter of 2013, which were affected by the subordinated loan granted by BFA to Bankia.
The chairman of the BFA-Bankia Group, José Ignacio Goirigolzarri, stated that "these results confirm that the bank is on the right track: core banking business revenue has improved, cost reduction efforts are continuing, and both the balance of non-performing loans and the non-performing loan ratio have been reduced".
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