5% increase in loans issued by banks

Central Bank has stated that bank loans issued during the second quarter of the year increased by 5% compared to the previous year.

Maldives Monetary Authority (MMA)'s quarterly bulletin report shows MVR 1.4 billion has been issued by the banks as loans.

During this period, Maldives banking sector performed well with an increment of 22% being recorded in the pre-tax profits compared to the same period last year. The pre-tax profit of the banks reach over MVR 1.3 billion.

During this period, non-performing loans (NPLs) also increased by 14%, reaching MVR 302 million.

Six banks are currently operated in the Maldives banking sector. The banks are national bank Bank of Maldives, Bank of India , Bank of Ceylon, Habib bank, Mauritius Commercial Bank, Maldives Islamic Bank, MCB and HSBC.