Banks operating in the Maldives recorded a combined net profit of MVR 858.9 million in the first quarter of 2025, according to data released by the Maldives Monetary Authority (MMA).

The central bank reported that banks earned MVR 1.5 billion in interest income during the January–March period. After deducting MVR 357.2 million in interest expenses, net interest income stood at MVR 1.1 billion.

Banks also generated MVR 766.7 million in non-interest income, including MVR 656.1 million from fees and commissions, MVR 79.3 million from financial instruments, and MVR 31.3 million from other sources.

Total income for the quarter reached MVR 1.9 billion, while non-interest expenses totalled MVR 722.5 million.

After accounting for operating costs, banks reported MVR 1.1 billion in pre-tax profits. Business income tax payments for the quarter amounted to MVR 306.6 million, resulting in a net profit of MVR 858.9 million.

The report also noted a rise in lending to private businesses during the same period.