Banks see 21% profit drop in 2024

Macau’s banks recorded a profit of over 4 billion patacas in 2024, a 21.3% decline compared to the previous year, when profits totaled 6.14 billion patacas. According to official data from the Monetary Authority of Macau (AMCM), the decline was largely due to an 18.3% decrease in the interest margin. This drop followed three cuts in the main reference interest rate in the last quarter of 2024, mirroring actions by the US Federal Reserve. While loans, the primary source of banking revenue, fell by 7.2% to just over one billion patacas, deposits grew by 4% to 1.27 trillion patacas.