BNU Macau results fall on year in January to September period

12 November 2018

A non-recurring sale of real estate recorded in 2017 caused the result of Banco Nacional Ultramarino Macau in the first three quarters of 2018 to fall by 15.62%, the bank’s chief executive told Macauhub.

BNU last year sold real estate for about 150 million patacas, which resulted in an extraordinary result of 120 million patacas, which made year-on-year comparisons difficult, Carlos Álvares said adding that the sale was due to moving a branch to a more commercially visible location.

In the period from January to September, the BNU registered a positive result of 475.9 million patacas (US$59.5 million), while in the same period of 2017 it had a positive result of 564 million patacas, according to the balance sheet published on Wednesday of last week in the Macau Official Gazette.

The balance sheet also reveals that BNU, one of the two issuing banks of Macau, obtained revenues of 1.29 billion patacas and registered costs of 814.1 million patacas.

In 2017 Banco Nacional Ultramarino posted a profit of 705.69 million patacas (US$88.2 million), an increase of 25.9% compared to the result of 560.5 million patacas posted in 2016. (macauhub)