Local bank Banco Nacional Ultramarino (BNU) has ended the first quarter of this year with some MOP109.4 million (US$13.6 million) in net profits.
According to the bank when compared to March 2020, net profits were reduced by 21 per cent due to lower interest rates.
‘In fact, and despite the dynamism of the growth in credit to customers (+7.8 per cent compared to March 2020), with gross credit reaching MOP26.9 billion, the general decline in interest rates has negatively impacted the net interest margin, which decreased by MOP42.4 million,’ the bank indicated in an announcement.
Meanwhile, BNU’s non-interest income increased by 24 per cent year-on-year to MOP8.4 million with operating costs decreased slightly by 1.2 per cent, while the solvency ratio reached 20.5 per cent.
BNU recorded a total of MOP420.3 million (US$52.6 million) in profits last year, a 41.7 per cent year-on-year drop, but maintaining a solvency ratio of 20.33 per cent despite the adverse local and international economic conjuncture