BNU Macau accounts for 12% of the consolidated income of the Caixa Geral de Depósitos group in 2018

8 February 2019

Banco Nacional Ultramarino Macau was the largest contributor to the consolidated net income of Portuguese state-owned financial group Caixa Geral de Depósitos (CGD) in 2018, providing 61.5 million euros, according to a financial report published recently by CGD.

The document added that after BNU Macau, the next biggest contributors were Banco Comércio e Indústria de Moçambique (Mozambique), with 34.8 million euros and the CGD’s French branch with 16.2 million euros. The banking group’s consolidated net profit totalled 495.8 million euros, “a strong performance compared to the 51.9 million euros achieved in 2017.”

The report showed that the contribution of domestic activity to the CGD group’s net income was 341.0 million euros in 2018, compared with minus 175.9 million the previous year.

Last year was the second consecutive year in which the group recorded a profit, after accumulated losses between 2011 and 2016 in excess of 3.8 billion euros.

The CGD Group ended the last phase of its Recapitalisation Plan totalling 4.944 billion euros in June 2018, by issuing 500 million euros of Tier 2 equity securities in June.

Following the implementation of the Strategic Plan, CGD’s branches in London, the Cayman Islands, the offshore branch in Macau, Zhuhai and New York were closed, and in 2018 the process of divesting the holdings held by CGD Mercantile Bank Holdings Limited, Banco Caixa Geral (Spain) and Banco Caixa Geral Brasil continued. (macauhub)