Despite a challenging Macau market, hit by a sharp drop in Tourism and Gaming income, Banco Nacional Ultramarino´s financial performance was “robust” in 2020, the bank announced.
According to the Macau-based bank, the highlights for 2020 were a double-digit growth (10.5%) in credit, along with solid financial ratios.
The solvency ratio was 20.33%, the cost-to income ratio stood at 41,6%, while cost-to income core was 35,6% and return on equity 7,4%.
BNU, owned by Portugal´s Caixa Geral de Depósitos Group (CGD) group is, along with the Bank of China Macau Branch, the currency issuing bank in the Chinese Special Administrative Region.
Besides Macau, BNU is also present in Shanghai, Hengquin and Zhuhai.
The bank´s financial margin in 2020 was hit by a drop in interest rates, and profits fell 33% to MOP 420 million patacas (USD 52.6 million).
While credit card and currency exchange commissions dropped, because of a significant decrease in Macau visitors, the bank´s cost structure remained stable.
Due to the persistent effects of the pandemic on the economy of Macau, BNU reinforced financial provisions, despite the credit default ratio having decreased to 1.05% (from 1.42% the previous year).
Other articles
