In a statement, the bank said unaudited net profit between January and September stood at MOP 315.3 million, down MOP 128.9 million year-on-year.
Net interest income — returns on investments after taxes and fees — fell 16.2 per cent to MOP 631.3 million, a decrease of MOP 121.9 million from a year ago, which the bank attributed to developments in interest rates.
The Macau Monetary Authority (AMCM) cut its benchmark rate by 25 basis points in mid-September and lowered it again by the same margin at the end of October, mirroring moves by Hong Kong’s monetary authority, which tracks the U.S. Federal Reserve.
Macau’s currency is pegged to the Hong Kong dollar, which in turn is linked to the U.S. dollar, meaning local rate changes follow U.S. monetary policy. BNU said the narrowing in net interest margin was partly offset by a 3.8 per cent rise in net fees to MOP 68.9 million, up MOP 2.5 million from the same period last year.
Credit and financial investment impairment charges climbed 27.8 per cent to MOP 32.7 million, from MOP 25.6 million a year earlier, reflecting “the bank’s prudent and forward-looking approach to risk provisioning in a still-uncertain macroeconomic context,” the statement said.
“The quality of BNU’s assets remains solid, supported by conservative lending practices and a robust provision buffer,” the bank noted.
Operating costs totalled MOP 323.9 million for the nine-month period, a 3.4 per cent year-on-year increase.
Business volume continued to expand, with loans rising 3.6 per cent to MOP 26.21 billion as of September, while customer deposits climbed 9.9 per cent to MOP 36.42 billion — up MOP 3.28 billion from a year earlier — “demonstrating stable funding and strong customer relationships,” according to the bank.
Headquartered in Macau, BNU is part of Portugal’s Caixa Geral de Depósitos (CGD) Group and, alongside the Bank of China, is one of the currency issuers in the Special Administrative Region.
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