In 2021

Number of banks continued to decrease

According to data from Statistics Portugal (INE), in 2021, the other monetary intermediation (Portuguese acronym: OIM) which includes banks, saving banks and mutual agricultural credit banks had 88 establishments in the Autonomous Region of Madeira. Compared to 2020, the number of establishments went down by 7. After having reached a peak in 2009 (182 establishments), the number of banks has been successively decreasing, with the number in 2021 being the lowest recorded in the Region since the starting point of the time series (1997). In the year under review, more than half (53.4%) of the 88 establishments of banks, savings banks and mutual agricultural credit banks in the Autonomous Region of Madeira were concentrated in the municipality of Funchal (47 establishments), followed by Santa Cruz with 8 establishments.

The number of establishments by 10,000 inhabitants, in 2021, was 3.5, 0.3 percentage points (pp) lower than the national ratio. Porto Moniz and Porto Santo had the highest ratios (8.3 and 7.7, in the same order as Santa Cruz and Câmara de Lobos, with 1.8 each and Ponta do Sol, with 1.2 establishments per 10 000 inhabitants, on the opposite pole. 

The application of the principle of statistical confidentiality by Statistics Portugal makes it impossible to release the number of staff in service and the respective costs for three municipalities of the Autonomous Region of Madeira, for 2021. However, the information available for the remaining eight municipalities shows that there was a reduction in the number of employees in Calheta and Santa Cruz (both with -8), in Câmara de Lobos and Machico (both with -5) and in Ribeira Brava (-1), while Porto Santo maintained the value of 2020. In overall terms, in 2021, 473 people were employed in the Region's banks. Regarding personnel costs, only Machico registered a drop, of -16.9%, while the others registered increases, ranging between 9.6% in Ribeira Brava and 2.6% in Calheta.

Interest and similar income amounted to around 39.8 million euros in 2021, -10.7% compared to 2020, while commissions received by banks located in the Region rose to 28.2 million euros, i.e., +4.8% compared to the previous year.

In 2021, interest on customer deposits reached the lowest level of the available times series (which started in 1997), standing at 3.6 million euros (-19.6% than in 2020).

Gross insurance premiums also decreased in 2021

In the insurance business, 11 insurance company establishments were identified in the Region, down by 2 over 2020. The number of persons employed was 41 (40 in 2020). With regard to personnel costs, these increased by 21.8% between 2020 and 2021. Finally, gross premiums written by insurance companies in the Region fell to 45.5 million euros in 2021, -4.4% compared to the previous year.

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