BNU profits fall 20pct y-o-y in H1

Local bank Banco Nacional Ultramarino (BNU) recorded a 20 per cent year-on-year drop in profits in the first half of the year due to the impact of the loss coronavirus pandemic on the economy.

A loss that the bank’s president indicated to Lusa, could be similar until the end of the year, with a fall between 15 per cent and 20 per cent, in contrast to the 25 per cent growth registered in 2019.

The situation can only improve with the return of the issue by China of individual visas to Macau and, consequently, help mass tourism market casinos and the rest of the territory’s economy, underlined Carlos Cid Álvares.

A more optimistic forecast is also only possible with the appearance of a vaccine for Covid-19 that restores people’s confidence in travelling, said the head of the institution, part of the Caixa Geral de Depósitos group.

Last year, the bank’s profits reached MOP366.8 million (US$45.9 million), having then increased by 18 per cent over the same period in 2018. They have now fallen to MOP253.9 million.

Carlos Álvares pointed out that credit and deposits grew while commissions related to credit and insurance cards decreased, which was already expected in this crisis scenario.

Financial commissions associated with buying shares on the stock exchange and investing in real estate funds, on the other hand, rose, he added.

BNU is – together with the Bank of China – a currency emitting bank in Macau.