Macau’s retail banks post record profit of US$785 million in 2012

15 February 2013

Retail banks operating in Macau posted record profit of 6.285 billion patacas (US$785 million) in 2012, which was a year-on-year rise of 24.4 percent, the Macau Monetary Authority (AMCM) said.

The previous record had been set in 2011 when the territory’s banks posted profit of 5.052 billion patacas (US$631 million).

At the end of 2012, there were over 648,000 credit cards issued by banking institutions in circulation in the territory, most of which in patacas (470,000) and the remainder in Hong Kong dollars (almost 71,000) and in Chinese yuan (107,000).

The credit limit on the credit cards in circulation totalled 10.8 billion patacas, an increase of 5.7 percent against the limit in September 2012 and credit accessed in the fourth quarter totalled 3.4 billion patacas.

The Macau Monetary Authority also said that foreign reserves in the Macau Special Administrative Region (MSAR) totalled 137 billion patacas (US$17.15 billion) at the end of January 2013, having increased 3.5 percent or 4.5 billion patacas against December 2012.

At the end of January 2013 the MSAR’s foreign reserves were 18 times the currency in circulation. (macauhub)