The Maldives Monetary Authority (MMA) has reported that Maldivian banks generated a revenue of MVR 638.7 million in January, with a net profit of MVR 269 million. 

According to the MMA’s financial statement, the banks earned MVR 507.4 million as interest income, with a net profit of MVR 386.8 million. 

In addition to this, banks also earned MVR 251.9 million as non-interest income, including MVR 22 million earned on fees and commissions, and MVR 6.1 million from other sources. 

While the banks earned MVR 638.7 million as interest and non-interest income, they spent MVR 237.3. million as expenditures. According to the financial statement, banks spent MVR 66.1 million on staff expenses and MVR 171.2 million on other operational costs. 

After deducting the expenditure, the banks earned MVR 365.2 million as profit before tax. According to MMA banks paid MVR 95.7 million as revenue tax, bringing their net profit to MVR 269 million.