BNU Macau was the largest contributor to CGD’s results in the first half

Banco Nacional Ultramarino (BNU) Macau was the largest contributor in the international business area to the consolidated net income of Portuguese state bank Caixa Geral de Depósitos (CGD) in the first half of the year, providing 30.5 million euros, according to an unaudited report released on Friday in Lisbon.

The document also showed that after the BNU Macau, Banco Comercial e de Investimentos, in Mozambique, provided an income of 10.1 million euros and the bank’s branch in France accounted for 9.8 million euros.

The report added that exchange rate developments in the Angolan and Macau currencies against the euro contributed decisively to reducing margins (compared to the first half of 2017), offsetting the trend in local currency.

The contribution of the international business area to consolidated net income for the first half was 75.4 million euros, a 36.9% drop compared to the same period of 2017.

The document pointed out that the downturn in overall turnover, which decreased by 31.0 million euros (-10.8%) against the same period of the previous year, was partially offset by the decrease in all components of international operations costs.

Overall, CGD posted consolidated profit of 194 million euros in the first half, compared with losses of 50 million euros in the first six months of 2017. (macauhub)