Banco Nacional Ultramarino (BNU) has reported an unaudited profit after tax of MOP 322 million for 2022, a decrease of MOP 125.4 Million compared to 2021.
The decrease was mainly driven by the net impairment charge during the year. Adjusted profit before impairment charges and tax was up 1.2 per cent compared to 2021, to MOP 505.9 million.
The result reflects continuous improvements in net interest income which increased by MOP 76.4 million or 11 per cent compared to 2021, and quarterly growth of MOP 32.6 million or 16.5 per cent compared to the third quarter of 2022.
During the year, business volumes were up with credit granted and customer deposit increased by 8.5 per cent and 7 per cent respectively. However, net fees and commission income decreased by MOP 38.5 million or 26.7 per cent compared to 2021, reflecting the heightened uncertainties on global and local economies.
In addition, the bank recorded a net loss of MOP 27.7 million (2021: net gain of MOP 13.9 million) on disposal of financial investments, mainly due to the global interest rate hikes and certain downgrading of assets risk ratings, which negatively impacted the valuation of the bank’s investments.
During the year, the bank reported a net charge of impairment on credit and financial investments of MOP 136.9 million (2021: net release of credit provisions of MOP 1.2 million).
