In the year 2023

Number of banking establishments and employees continued to decline 

The Regional Directorate of Statistics of Madeira (DREM) updates today the Time Series of Bank and Insurance Statistics for the Autonomous Region of Madeira with the 2023 data.

Interest and similar income increased significantly in 2023

According to information gathered by Statistics Portugal (INE), in 2023, the other monetary intermediation (Portuguese acronym: OMI), composed of bank establishments, savings banks and mutual agricultural credit banks, maintained 78 establishments in operation in the Autonomous Region of Madeira (ARM), which is 4 establishments fewer than in 2022. After a peak reached in 2009 (182 establishments), the number of banking establishments has been falling successively, with the number in 2023 being the lowest recorded in the Region since the beginning of the series (1997).

In the reference year, more than half (53.8%) of the 78 bank establishments, savings banks and mutual agricultural credit bank establishments in the Autonomous Region of Madeira were concentrated in the municipality of Funchal (42 establishments), followed by Santa Cruz, with 7 establishments. The number of OMI establishments per 10 000 inhabitants in the ARM in 2023 was 3.1, a value 0.2 percentage points (pp) lower than that recorded for the country (3.3 establishments). Porto Moniz and Porto Santo had the highest rates (8.0 and 5.5, in the same order), while Ponta do Sol and Câmara de Lobos appeared at the opposite pole, with 1.2 establishments per 10 000 inhabitants each, respectively.

Due to the application of statistical confidentiality measures by Statistics Portugal, the release of employees and associated costs was not possible for three municipalities in the ARM for 2023. However, the information available for the remaining municipalities shows that there was a reduction of employees in Funchal (-9), Ribeira Brava (-7), Câmara de Lobos and Machico (-2), Calheta and Santa Cruz (-1), while Porto Santo maintained the value of 2022. Overall, in 2023, 443 persons were employed in banking establishments in the Region, representing a decrease of 21 compared to 2022. As for personnel costs, they totalled 20.4 million euros.

Interest and similar income amounted to around 110.9 million euros in 2023, marking a significant increase of 135.8% compared to 2022. As for commissions received by banking establishments located in the Region, these fell to 29.3 million euros, reflecting a 6.9% decline from the previous year.

In 2023, interest on customer deposits reached 16.2 million euros (+518.6% compared to 2022), a sixfold increase compared to 2022, thereby reversing the declining trend observed since 2012.

Gross insurance premiums grew in 2023

In the insurance business, 11 insurance establishments were identified in the Region, the same as in 2022. The number of persons employed was 43, identical to the previous year. Regarding personnel costs, there was a slight reduction of 0.8% between 2022 and 2023. Finally, gross premiums issued by insurance establishments in the Region rose to 72.8 million euros in 2023, representing a 27.5% increase compared to the preceding year.

For more information, please refer to:

• Time Series

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