Banco Nacional Ultramarino (BNU) posted a profit of MOP325.3 million (US$40.7 million) last year, a year-on-year drop of 13 percent. Even so, the bank recorded a growth in turnover of 13 percent, chief executive officer Pedro Cardoso told Portuguese news agency Lusa. The bank’s results were negatively influenced by an increase in credit provisions and a drop in profit margins due to increasing competition in the market, Mr Cardoso said. BNU also posted an increase in the number of customers. In December, the bank had around 180,000 clients, up by 8 percent from one year before.
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