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JP Morgan raises Bankia after "better than expected" results


JP Morgan experts have raised Bankia's target price up to 1.75 euros from 1.65 euros, while maintaining their 'underweight' advice. This price means granting you a potential of 5% from the current contribution levels (1.67 euros).

These analysts point out that the fourth quarter results published Tuesday by the entity they have been "better than expected". At the same time, they emphasize that there is no news of a "special dividend" in sight.

Bankia announced losses of 34 million euros in the fourth quarter Y a drop in net profit in the whole of last year of 22.9%, up to 542 million. These results are due to greater effort to reduce unproductive assets. The entity announced that it maintains its dividend without changes. "With the solid capital position, we can announce our intention to maintain the dividend and pay a total of 355 million euros to our shareholders, which is equivalent to 6.1% profitability per dividend, calculated on the closing price of 2019. We take a further step in the return of aid to taxpayers, ”said José Ignacio Goirigolzarri, president of Bankia.

The remuneration will be 11,576 cents per share, which means maintaining the amount per title and raising the distribution of profits to shareholders up to 65%, the so-called 'pay-out', the part of the result that is delivered to shareholders.

Bankia already announced in 2019 that it would not reach the benefit of 1.3 billion euros in 2020 because of the low interest rate scenario. However, the entity pledged to meet the objective of generating an excess of 2,500 million capital between 2018 and 2020, which would be distributed in dividends to its shareholders.

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