Bank of Maldives (BML) has revealed that last year saw the highest number of loans issued to Small and Medium Sized Enterprises (SMEs) over the past five consecutive years. Despite the global economic downturn characterized by increased inflation, higher interest rates, and geopolitical instability, the Maldives experienced a 6.5% economic improvement.
Moreover, BML reported positive impacts on its business with the improved economic conditions. The bank's balance sheet saw an increase of over USD 246 million, with total assets exceeding USD 2.91 billion. Operational profits surged by 7% to USD 174.6 million, and the net income was USD 133.9 million.
Providing insight into BML's performance last year, Director of Retail, Business and SME Banking Moosa Nimal confirmed that the bank disbursed USD 323.4 million in loans. Of this amount, USD 90.6 million was allocated to individuals and SME segments, marking a record year for SME loan issuance. Nimal further highlighted significant improvements in the services provided to personal banking customers.
Three businesses successfully launched under the BML Startup Grant last year, a program designed to support small and medium enterprises. Additionally, BML provided free financial aid to two startup businesses to ensure their initial survival.
Remarkably, over 23,000 new customers joined BML last year, bringing the total number of customers to 345,000.