BNU profits rise in Q1

Banco Nacional Ultramarino (BNU) reported an after-tax profit of MOP163.2 million for the first quarter of 2022, an increase of MOP40.9 million from the same period last year. The bank attributed the gain to a 7.1% rise in net interest income and higher profits from financial operations. BNU saw its net loan impairment costs decrease sharply. However, investments in digitalization, staffing and advertising meant operating expenses grew despite cost-cutting efforts. BNU said these investments aim to boost customer experience and position the bank for long-term growth.