China Guangfa Bank announces record profits

The Macau branch of China Guangfa Bank recorded a profit of 102 million patacas for the whole of 2013, according to the group’s annual results published yesterday in the Official Gazette. These results mean that profit increased 27 percent in comparison to the previous year, while earnings were 80.3 million patacas. In the annual results it is also mentioned that the Macau Branch of the Chinese bank – which counts Citigroup, China Life Insurance, CITIC and State Grid Yingda among its largest shareholders – had achieved its best result since opening in the former Portuguese enclave some 20 years ago.