BNU profits surge 62% in 2023

BNU has reported unaudited profits of MOP587.3 million in 2023, indicating a significant increase of 62% compared to the MOP224.5 million recorded in 2022. According to a press release, the bank’s financial performance in 2023 was primarily driven by a notable rise of MOP242.6 million, or 31% in net interest income, primarily resulting from interest rate hikes. However, BNU experienced a decline of MOP19.2 million, or 19% year-on-year in net commission revenue. This decline was attributed to intensified competition from other banks, the emergence of new payment methods and the availability of alternative investment channels.