Banco Nacional Ultramarino increases profits by 23.1 percent in 2013 to US$50.3 million

7 May 2014

Macau-based bank Banco Nacional Ultramarino (BNU) posted a profit of 402.6 million patacas (US$50.3 million) in 2013, which was a rise of 23.1 percent year on year, according to the bank’s balance sheet published in the Macau press.

Signed by Pedro Cardoso, the bank’s chief executive, the balance sheet showed that the bank’s business increased by 26 percent, with customer deposits increasing by 33.4 percent and loans by 11.5 percent.

BNU ended 2013 with 459 employees, which was 23 more than in 2012, due to four new branches that opened and a need for more staff.

Cardoso noted the introduction in 2013 of debit cards with “chips”, which earned the bank some awards and “creation of the digitalisation and filing centre, which is essential for internal operations.”

“Due to strong growth of business we improved financial results, despite the bank’s high liquidity, in a context of interbank rates close to zero having negatively affected profitability and despite increased competition between banks crushing the financial margin,” the summary of the quarterly report said.

Banco Nacional Ultramarino (BNU) is the subsidiary of Portuguese state financial group Caixa Geral de Depósitos (CGD) in Macau, which it provides a universal banking service, and it also issues the territory’s currency alongside the Bank of China. (macauhub/MO/PT)