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Bankia warns it will not meet €1.3B profit target by 2020-end

Bankia SA said it will not be able to achieve its target of €1.3 billion in profit by 2020-end, a part of the new three-year strategy the Spanish lender unveiled in February 2018.

The bank attributed this to the recent communications by the ECB and their negative impact on short-term interest rates. The central bank has hinted that it will adopt a loose monetary policy for a longer-than-expected period.

On July 29, Bankia reported second-quarter profit attributable to the group of €195 million, down from €285 million in the same period in 2018.

Spanish midsize lenders Banco de Sabadell SA and CaixaBank SA also cut key 2019 targets on July 26, citing the low-interest-rate horizon.