In 2022

Number of banking establishments continued its downward trend

According to information gathered by Statistics Portugal (INE), in 2022, the other monetary intermediation (Portuguese acronym: OIM), consisting of banking establishments, savings banks, and mutual agricultural credit banks, remained active with 82 establishments in the Autonomous Region of Madeira (ARM), which is 6 establishments fewer than in 2021. After reaching a peak in 2009 (182 establishments), the number of banking establishments has been steadily decreasing, with the number in 2022 being the lowest recorded in the region since the series began in 1997.

In the reference year, more than half (53.7%) of the 82 banking establishments, savings banks, and mutual agricultural credit banks in the Autonomous Region of Madeira were concentrated in the municipality of Funchal (44 establishments), followed by Santa Cruz with 7 establishments. The number of OMI establishments per 10,000 inhabitants in the ARM in 2022 was 3.2, which is 0.2 percentage points (pp) lower than the national figure (3.4 establishments). Porto Moniz and Porto Santo had the highest ratios (12.0 and 5.7, respectively), while Ponta do Sol and Câmara de Lobos had the lowest ratios, with 1.2 and 1.5 establishments per 10,000 inhabitants, respectively.

The application of the principle of statistical confidentiality by Statistics Portugal precludes the disclosure of the staff employed and their respective costs for two municipalities in the ARM for the year 2022. However, the available information for the remaining nine municipalities shows a reduction in personnel in Câmara de Lobos (-4), Porto Santo (-3), Funchal (-2), and Santana (-1), while Ribeira Brava, Santa Cruz, and Machico maintained the same value as in 2021. Overall, in 2022, there were 464 persons employed in the bank establishments of the region, which is 9 fewer than in 2021 (-1.9%). As for personnel costs, they totalled 26.0 million euros, down by 3.5% over 2021. Only Funchal recorded an increase, of +4.8%, while the rest experienced declines ranging from -32.1% in Santa Cruz to -2.6% in Machico.

Interest and similar income amounted to around 47.0 million euros in 2022, which is +18.2% compared to 2021. As for the commissions received by banking establishments located in the Region, these increased to 31.4 million euros, or +11.5% compared to the previous year.

In 2022, interest on customer deposits reached the lowest level in the available time series (which began in 1997), amounting to 2.6 million euros (-26.8% compared to 2021).

Gross insurance premiums grew in 2022

In the insurance business, 11 insurance enterprise establishments were identified in the Region, the same as in 2021. The number of employees was 43 (41 in 2021). Regarding personnel costs, these decreased by 10.4% between 2021 and 2022. Finally, gross premiums issued by insurance enterprises in the Region rose to 57.1 million euros in 2022, which is +25.5% compared to the previous year.

Back

• Prev
• Next