Macau’s banking sector witnessed an improvement in profitability in 2011.

As of the end of November, the operating profits of local banks had already exceeded the profits for the whole year of 2010.

For the first 11 months of last year, the total operating profits of the local banking system increased 34.8 percent year-on-year to MOP4.8 billion (US$600 million).

This indicates that the local banking sector most likely posted a new 12-month profitability record in 2011. This would only not be the case if banks ended December with sharp losses, an unlikely scenario.

The previous record was set in 2006, when operating profits reached MOP4.05 billion.

The total number of banks in Macau stands at 28, including 25 commercial banks, one postal savings bank and two offshore banking units.