Profit at Banco Nacional Ultramarino falls almost 10 pct in 2009

31 March 2010

Macau, China, 31 March – Profit at Banco Nacional Ultramarino (BNU), owned by Portugal’s Caixa Geral de Depósitos (CGD), fell 9.65 percent in 2009 to 320.1 million patacas (US$40 million), a company source said Tuesday in Macau.

The source told Portuguese news agency Lusa that the fall was mainly a result of “a fall in interest rates on the interbanking market to close to zero” and also “less demand for credit due to the international financial crisis, particularly in the first half.”

The BNU source said that the situation was temporary and that in “2010 the bank would have higher results than in 2009, taking into account that the Macau economy is recovering, demand for credit is more dynamic and the bank’s portfolio may increase as well as the financial services offered.”

BNU has 14 branches and around 430 staff in Macau, and is jointly responsible, with the Bank of China for issuing currency. (macauhub)