In 2024

Number of banking establishments maintained its downward trajectory

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 2024 data.

Interest and similar income increased in 2024

According to information compiled by Statistics Portugal (INE), in 2024, the other monetary intermediation (Portuguese acronym: OMI), comprising bank establishments, savings banks and mutual agricultural credit banks, maintained 75 establishments in operation in the Autonomous Region of Madeira (ARM), representing a reduction of three units compared to 2023. Following the peak reached in 2009 (182 establishments), the number of banking establishments has been declining consistently, with the number recorded in 2024 being the lowest observed in the Region since the beginning of the series (1997).

In the reference year, more than half (52.0%) of the 75 bank establishments, savings bank and mutual agricultural credit bank establishments in the ARM were concentrated in the municipality of Funchal (39 establishments), followed by Santa Cruz with 7 establishments. The number of OMI establishments per 10 000 inhabitants in the ARM in 2024 was 2.9, a value 0.3 percentage points (pp) below that observed nationally (3.2 establishments). Porto Moniz (7.8) and Porto Santo (5.3) presented the highest ratios, whilst at the opposite end, Ponta do Sol (1.1) and Câmara de Lobos (1.2) presented the lowest.

The application of statistical confidentiality treatment by Statistics Portugal (INE) prevents the disclosure of the number of persons employed and the respective cost for three municipalities of the ARM with regard to 2024. However, the information available for the remaining municipalities shows that there was a reduction in persons employed in Funchal (-15 persons), Calheta, Câmara de Lobos and Santa Cruz (-1 person in each), as well as an increase in Ribeira Brava (+1). In turn, Santana (10), Machico (21) and Porto Santo (9) maintained the 2023 value. Overall, in 2024, 425 persons worked in banking establishments in the Region, 18 fewer than in 2023, representing a decline of 4.1%. The total number of persons employed corresponded to a cost of 20.8 million euros (+1.9% compared to 2023).

Interest and similar income stood at around 127.1 million euros in 2024, representing a significant increase of 14.6% compared to 2023. As regards commissions received by banking establishments located in the ARM, these rose to 34.1 million euros, i.e. +16.5% compared to the previous year.

In 2024, interest on customer deposits reached 45.2 million euros, representing a significant increase of 179.5% compared to the previous year.

Gross insurance premiums grew in 2024

In the insurance activity, 11 insurance establishments were identified in the Region, maintaining the 2023 value. The number of persons employed was 46 (+3 compared to 2023). Regarding personnel costs, a reduction of 2.6% was recorded between 2023 and 2024. Finally, gross premiums issued by insurance establishments in the Region rose to 71.2 million euros in 2024, corresponding to an increase of 12.8% compared to the previous year.

For more information, please refer to:

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