The Bank of Maldives (BML) has announced a net profit of USD 29 million for the second quarter of 2024.
The national bank said that operating profit for the quarter reached USD 45 million, reflecting a 3% increase compared to the same period last year. During the first half of the year, BML issued USD 181 million in new loans to individuals and businesses. The bank also noted strong business volumes across all major sectors and solid capital ratios well above regulatory requirements.
BML said that its total assets were USD 2.9 billion, with deposits amounting to USD 1.9 billion. Operating costs were kept in check despite inflationary pressures, and the provision cover remained robust at 100%.
BML also introduced several new initiatives this quarter, including the first Shari’ah-compliant credit card in the Maldives. The bank launched Home Build and Home Equity Loans to meet the growing demand for home construction and renovation. It also established the Bank Fund to support non-governmental organisations (NGOs) in advancing sustainable community projects, as part of its Corporate Social Responsibility (CSR) efforts.