BNU Macau helps Portuguese state financial group CGD reduce its losses

5 August 2013

Macau-based bank Banco Nacional Ultramarino (BNU) Macau posted a profit of 18.7 million euros (around 193 million patacas) in the first half of the year, Portuguese state financial group Caixa Geral de Depósitos (CGD) said.

According to the group’s consolidated financial report for the first half of the year, it’s Asian and African units made significant contributions to the group’s bottom line, such as BCI Moçambique contributing 6.9 million euros, BCG Totta Angola 7 million euros and Mercantile in South Africa contributing 6 million euros.

In fact BNU Macau contributed the biggest amount to the CGD group’s international results. Overall the group posted losses of 54.6 million euros in the period, due to losses of 90.4 million euros of losses in Spain in the first six months of the year.

Impairments and provisions in Spain and increased one-off costs resulting from restructuring the network and business model reduced the group’s international results which, excluding Spain, posted a 35.8 million-euro profit.

Overall in the first half of the year the group posted a consolidated loss of 181.6 million euros, compared to a loss of 12.7 million euros in the same period of 2012 (macauhub)