Macao's banking industry has made 1.1 billion patacas (some US$0.14 billion) in profits in the year of 2003, up 19 percent over the previous year, said Friday the Monetary Authority of the Macao Special Administrative Region (SAR).

According to Teng Lin Seng, Chairman of the Board of Directors of the Monetary Authority, the total assets of the Macao banking industry is estimated at 155.8 billion patacas (US$19.5 billion) in 2003, marking a growth at 2.4 percent as compared to 2002.

Teng attributed the achievement to the acceleration of the banks' disposal of bad loans. He said the amount of bad loans shrinked by 34 percent in 2003. Teng also said that the banking industry in Macao has attached much importance to the development of personal investment service that earned a lot for the banks.

Teng said that the volumn of Macao SAR's foreign exchange reserves reached 34.7 billion patacas (US$4.34 billion),up 13.8 percent over the previous year, while the SAR's reserve funds is of 11 billion patacas (US$1.38 billion).
 
(Xinhua News Agency March 12, 2004)