The capital of Portuguese-owned bank Banco Nacional Ultramarino (BNU) has been raised five-fold to 2 billion patacas (US$250 million), the bank said in a statement issued in Macau.
Banco Nacional Ultramarino, which along with the Bank of China shares the responsibility of issuing currency in the Macau Special Administrative Region (MSAR), is part of the Portuguese state financial group Caixa Geral de Depósitos.
Founded 110 years ago, BNU now has 14 branches in Macau and its islands and in 2011 posted a drop of 13 percent in its net profit to 325.3 million patacas.
Speaking to Portuguese news agency Lusa at the end of 2011, Pedro Cardoso, the bank’s chief executive, said that despite reduced profit in 2011 BNU had posted “growth of 13 percent in turnover.”
“It was a positive year and net profit fell because we had to increase credit provisions by 145 percent and because our financial margins fell due to competition in the local market,” he explained.
In 2011 BNU ended the year with 8 percent more customers, or a total of 180,000, and with successful containment of costs as staff expenses rose by just 2 percent within an inflationary scenario of over 6 percent. (macauhub)