Banco Nacional Ultramarino (BNU) Chief Executive Carlos Cid Álvares has said the BNU branch on the Mainland Chinese island of Hengqin, which abuts Macao, is now profitable, Ponto Final reports.

The Macao newspaper quotes Mr Cid Álvares as saying the profitability of the BNU Hengqin branch is due to more than just exchange-rate gains.

Mr Cid Álvares said the branch had lent out 400 million patacas (about US$50.1 million), most of it to residents of Macao wishing to invest in ventures on Hengqin.

BNU is thinking about opening a second branch in the Guangdong-Hong Kong-Macao Greater Bay Area to help Macao people invest in the swiftly growing economy of the area, Ponto Final quotes the executive as saying.

BNU is owned by Caixa Geral de Depósitos, a Portuguese state-owned bank.