Spain's economy is heading in a "very good direction" and is set to grow more than the European Union, the CFO of the Spanish lender Bankia told CNBC on Thursday.
The retail bank beat analysts' expectations when reporting second quarter profits Wednesday of 210 million euros ($244 million). Analysts had forecast a net profit of 188 million euros. The recent economic recovery in Spain contributed to the bank's performance.
"GDP (gross domestic product) is going to grow this year probably above 3 percent, as much as 3.3 percent, and what's more important it's going to be 3 percent next year, so it's well-above the European Union level," Leopoldo Alvear, chief financial officer of Bankia, told CNBC Thursday.
"The micro in Spain is also working very well. We've seen this in consumption, we've seen this in the number of cars being sold, and we've seen of course in tourism," he noted.
The International Monetary Fund noted last week that Spain's economic recovery remains strong. The Fund estimated a 3.1 percent GDP rate for this year, benefiting from the economic reforms undertaken in the years after the 2008 crisis.