Bankia’s activities generated a positive impact of €4.7 billion on the Spanish economy in 2016

Bankia’s activities in 2016 generated a positive impact of €4.7 billion on the growth of the Spanish economy, equivalent to 0.5% of GDP, according to Bankia’s first Socioeconomic impact study 2016, which was produced with advice from KPMG regarding application of the methodology.

Of this amount, €1.447 billion was related to wage and salary payments, €2.267 billion was supplier payments, €724 million was taxes paid and collected, and €259 million related to dividends distributed in Spain, which represented 81.7% of the total amount paid.

The study, which measures the direct, indirect and induced impact of the bank’s activities, states that the bank sustained more than 47,000 jobs, of which 13,141 were direct, 15,250 were indirect and 18,655 induced. Meanwhile, the bank directly paid its employees more than €500 million in wages and salaries.

By region, in 2016 Bankia’s activities sustained more than 29,800 jobs in the Region of Madrid, followed by the Region of Valencia (5,844), Catalonia (3,280), Castilla y León (1,587), Castilla-La Mancha (1,410), the Canary Islands (1,396) and La Rioja (538).

The taxes paid and collected by Bankia during the period totalled €724 million, of which 160 million related to Social Security payments.

The bank’s activities generated supplier payments totalling €2.267 billion, of which 662 million were direct payments. Some 95.1% of this procurement was made from national suppliers.

Bankia’s average supplier payment time was 10.4 days, meaning that 83% of payments were made within the 60-day maximum legal period. Paying suppliers promptly is a priority for the bank since this encourages the flow of funds to society.

In terms of banking activity, the report shows that the bank granted more than €14.7 billion in financing to large companies and €1.9 billion to SMEs and the self-employed. Bankia also provided €9.9 billion in foreign trade support for Spanish companies and financed nearly €1.36 billion in consumer credit for Spanish households.

• The report, produced in collaboration with KPMG, equates this figure to 0.5% of Spanish GDP in 2016
• The bank sustained more than 47,000 jobs, of which 13,141 were direct jobs and 33,900 were indirect or induced
• The bank’s activities generated €2.267 billion in supplier payments, of which 662 million were direct payments
• The taxes paid and collected by Bankia during the period totalled €724 million, of which 160 million related to Social Security payments