Banks operating in the Maldives recorded a combined net profit of MVR 2.1 billion during the first six months of 2026, supported by growth in both interest and non-interest income, according to figures released by the Maldives Monetary Authority (MMA).
The sector generated a gross profit of approximately MVR 2.8 billion between January and June. After paying MVR 721.6 million in income tax, banks closed the six-month period with MVR 2.1 billion in net profit.
MMA figures show that interest income continued to account for a significant share of earnings, rising to MVR 3.6 billion during the first half of the year. This was MVR 499.9 million higher than the MVR 3.1 billion recorded during the corresponding period in 2025.
Interest-related expenses also increased, reaching MVR 809.6 million, compared with MVR 722.2 million a year earlier.
Banks also recorded stronger earnings from sources outside interest income. Non-interest income increased to MVR 1.7 billion by the end of June, up from MVR 1.4 billion during the same period last year.
Combined interest and non-interest income reached MVR 4.6 billion, representing an increase of MVR 726.2 million from the MVR 3.8 billion reported during the first half of 2025.
The latest figures indicate continued profitability across the country’s banking sector at a time when demand for financing and foreign currency remains high.
Banks play a central role in the Maldivian economy by providing financing to individuals and businesses, facilitating domestic and international payments and supplying foreign currency for trade and other economic activities.
A profitable and adequately capitalised banking system can also strengthen the sector’s ability to extend financing to private businesses, supporting investment and economic activity. However, banking profitability is only one measure of the wider economy’s performance, with factors such as credit quality, liquidity, inflation and broader economic conditions also important when assessing the health of the financial system.
The banking sector operates under the supervision of the MMA, which is responsible for monetary policy and the regulation and oversight of financial institutions in the Maldives.
