Banco Nacional Ultramarino´s Hengqin Branch experienced “substantial growth” in 2021 and is expecting a boost from Guangdong-Macao In-Depth Cooperation Zone.
According to a BNU statement about financial results for the nine months of 2021, the Bank reported an unaudited profit after tax of MOP 338.5 Million and is looking to close the year with a better result than in 2020, in which it had a profit of MOP 420.3 million.
“The Bank’s Hengqin Branch experienced substantial growth in 2021, with net interest income increased by 76.5% year-on-year in the nine months of 2021. The operating results of the Hengqin Branch continued to show positive signs on the Bank’s participation in facilitating economic diversification of Macao, and is expected to achieve further down the line with the recent establishment of The Guangdong-Macao In-Depth Cooperation Zone in Hengqin”, BNU said.
Notwithstanding the contribution from the Hengqin Branch, the financial performance of the Bank “continued to reflect the low interest rates environment with the net interest income down by MOP 95.4 Million (-15.5%) versus the same period in 2020”, BNU said.
This decrease of the net interest income was partially compensated by the increase in other core profits, which was up by 26.5% or MOP 32.7 Million, including an increase of MOP 18.5 Million in net fees and commissions.
“In the midst of the implementation of cost control measures, the Bank continued to invest in innovation and technology to improve ways to serve our customers and increase efficiency”, BNU added.
BNU´s profit after tax in the nine months of 2021 decreased by MOP 24.8 Million (-6.8%) in comparison to the same period in 2020.
The Bank continued to present a robust solvency ratio, of 21.26%, well above the minimum regulatory requirement of 8% and high liquidity levels.