Banco Nacional Ultramarino’s (BNU) Hengqin branch experienced “substantial growth” in 2021 and is expecting a boost from the Guangdong-Macao In-Depth Cooperation Zone in future.
According to a BNU report about financial results for the first nine months of 2021, the bank recorded an unaudited profit after tax of MOP 338.5 million and is looking to close the year with a better result than in 2020, when it had a profit of MOP 420.3 million.
“The bank’s Hengqin branch experienced substantial growth in 2021, with net interest income increased by 76.5 per cent year-on-year in the first nine months. The operating results of the branch continued to show positive signs of the bank’s participation in facilitating Macao’s economic diversification, and is expected to achieve more further down the line with the recent establishment of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin,” BNU said.
Apart from the contribution from the Hengqin branch, the financial performance of the bank “continued to reflect the low interest rates environment with the net interest income down by MOP 95.4 million (-15.5 per cent) versus the same period in 2020,” BNU said.
This decrease of the net interest income was partially compensated by the increase in other core profits, which was up by 26.5 per cent or MOP 32.7 million, including an increase of MOP 18.5 million in net fees and commissions.
“In the midst of the implementation of cost control measures, the bank continued to invest in innovation and technology to improve ways to serve our customers and increase efficiency,” BNU added.
BNU’s profit after tax in the first nine months of 2021 decreased by MOP 24.8 million (-6.8 per cent) in comparison to the same period in 2020.
The bank continued to present a robust solvency ratio of 21.26 per cent, well above the minimum regulatory requirement of 8 per cent.
Banco Nacional Ultramarino contributed around 9 per cent to the total profits of Portuguese state-owned banking corporation Caixa Geral de Depósitos in the first nine months of the year.
BNU is Caixa’s best performing overseas subsidiary.
