Bankia SA, the nationalized lender that Spain’s government is selling back to investors in a sign of the country’s recovery, said profit more than doubled as revenue rose and bad loans and costs fell.

Net income increased to $580 million in the first half from $269 million a year earlier, the Valencia, Spain-based lender said Monday in a filing to regulators. Earnings beat the $528 million mean estimate in a Bloomberg survey of nine analysts.