Banco Nacional Ultramarino (BNU) reported a net profit of 110.6 million patacas (approximately €11.7 million) for the first quarter of 2026, marking a 17% decline compared to the same period last year. Despite this year-over-year drop, the bank highlighted a “positive dynamic” within the quarter itself, noting that monthly results grew steadily from January through March.
The decline was largely driven by a reduction in net interest income, which fell 8% to 214.2 million patacas (€22.7 million), a shift the bank attributed to the evolving global interest rate environment. Net commission income also saw a contraction, falling 15.5% to 20.7 million patacas (€2.2 million). This particular decrease was linked to increased costs associated with credit card reward programs.
Despite the headline drop in profit, BNU demonstrated strong risk management and operational discipline:
-
Non-Performing Loans (NPLs): Bad debt for loans and financial investments fell by 29.3% to 3.8 million patacas (€402,000), reflecting stable asset quality.
-
Operating Costs: Expenses decreased slightly to 104 million patacas (€11 million). The bank attributed this to process simplification and efficiency gains, even as it continues to invest in digital transformation and talent development.
-
Balance Sheet Growth: Credit granted reached 26.8 billion patacas (€2.84 billion), up 5.1% year-over-year, while customer deposits rose significantly by 8.7% to 35.5 billion patacas (€3.76 billion).
BNU, a subsidiary of the Portuguese state-owned Group Caixa Geral de Depósitos (CGD), remains a critical pillar for the group’s international operations. In the first quarter of 2026, BNU contributed €13 million to CGD’s total results. This outperformed BCG Angola (€5 million) but trailed behind BCI in Mozambique, which generated €24 million for the parent group.
Read more: Macau’s post-pandemic recovery has “exceeded expectations” (with video)
As one of the two note-issuing banks in Macau (alongside the Bank of China), BNU emphasized its strategic role in the Hengqin Special Economic Zone. The bank’s branch in the neighboring island continues to serve as a cross-border financial hub, facilitating economic collaboration between mainland China, Macau, and the Community of Portuguese Language Countries (CPLP).
While BNU’s profits contracted, the broader Macau banking sector showed resilience, with total industry profits reaching 4.02 billion patacas (€426 million) in Q1, a 5.4% increase compared to the previous year. BNU maintains that its robust capital and liquidity positions ensure it is well-equipped to navigate complex market conditions for the remainder of the year.
