Bailed-out Bankia sees profits slump after Florida sale

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Bankia, Spain’s fourth largest bank that was bailed out by the state in 2012, on Monday reported a much steeper drop in net profit for last year than analysts had expected.

In a statement, the bank blamed the 22.7 percent net profit drop to €804 million partly on “the negative interest rate environment experienced throughout most of the year” and the sale of a subsidiary …