Troubled Spanish bank Bankia posted better-than-expected results on Monday, but its chief financial officer told CNBC that demand for new bank loans was still hamstrung by the weak economic climate.
"Volumes are still quite low and that reflects the fact that demand in Spain is quite low," said CFO Leopoldo Alvear in an exclusive interview with CNBC.
The Bank of Spain reported this month that the Spanish economy grew by 0.1 percent between July and September, marking its first quarter of growth after two years of recession.
But despite growing optimism among investors, Alvear said that demand for new loans remained limited to Spain's compartively vibrant export sector.
"We are suffering like the rest of the sector with regards to new originations of loans… We are fighting very strongly to be able to originate, but demand is still very weak," he said.