Macao's banking industry has seen a rosy year in 2005 mainly due to the region's stable economic growth, a financial official said on Wednesday.

Anselmo Teng, president of the Monetary Authority, said while addressing a cocktail reception here that the banking industry has sailed through 2005 with "flying colors."

The official said total asset of the banking sector jumped 26.6 percent to 216.5 billion patacas (27.06 billion U.S. dollars) at the end of 2005.

Deposits increased by 29.4 percent to 184.8 billion patacas (23.1 billion U.S. dollars) at the end of the year, Teng said.

The overall annual profit rocketed 123.6 percent to 3.31 billion patacas (414 million U.S. dollars), said the official.

"The banking sector has capitalized on the potentials brought about by Macao's sustained economic growth, " Teng noted.

The region has seen for years a two-digital annual GDP growth since it returned to the motherland in 1999.

Source: Xinhua