In 2015, Banco Nacional Ultramarino’s (BNU) profit in Macau increased 17 per cent year-on-year to MOP521 million (US$64.96 million / 57.39 million euros) from MOP443 million, according to public broadcaster Portuguese TDM, which quotes the bank’s Chief Executive Officer, Pedro Cardoso. The CEO of the bank considered the results “very good”, telling TDM that the institution would work harder to “increase customer loyalty”. In the near future, the bank is planning to open two branches in the SAR, with the first to be located in Coloane. During the past year, BNU generated profits of 58.8 million euros (US$66.6 million) for its parent company Caixa Geral de Depósitos (CGD), which is based in Portugal. According to TDM, this represents an increase of 40 per cent year-on-year from roughly 42 million euros in 2014 and accounts for 42 per cent of CGD’s international operations. Cardoso explained that the increase of 40 per cent profit is for the most part related to exchange difference and the progressive depreciation of the euro throughout 2015. Among its plans, BNU is also opening a branch on Hengqin Island, scheduled for the end of this year or early 2017. In 2015, CGD recorded a net loss of 171.5 million euros vis-à-vis a loss of 348 million euros posted in 2014.
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