Caixa Geral de Depósitos posts H1 losses

Caixa Geral de Depósitos (CGD), the parent company of BNU Macau, has filed losses of 205.2 million euros (MOP1.8 billion/US$229.2 million) for the first half of 2016 compared to profits of 47.1 million euros made in the same period last year, according to a group filing with the Portuguese Securities Market Commission (CMVM).
According to the release, the state owned Portuguese bank saw its banking income fall by 34.6 per cent to 754.7 million euros between January and June, with the public bank justifying the break in the results of financial operations as being ‘influenced by high volatility felt in international financial markets, including public debt associated with the UK referendum on staying in the European Union’.
BNU Macau can’t save the day
CGD stated that its international operations continued to have positive results in the first six months of this year, with 205.3 million euros of gross income from consolidated operating.
The two biggest international contributors to the group were CGD’s branch in France, with 77.1 million euros and BNU Macau, contributing 36.9 million euros to the group’s consolidated results.
The group’s statement also praised its Macau unit’s performance. BNU Macau’s business volume increased 16.9 per cent in the first half of this year to MOP91 billion compared to the same period last year according to the bank’s interim result released earlier this month, despite an increase of competition in the territory’s banking sector.