The national bank, Bank of Maldives (BML) has announced strong financial results for the start of the year, posting an operating profit of USD 45.2 million and net profit of USD 32 million in the first quarter.
Last year, BML recorded an operating profit of USD 45.9 million. Therefore, the current year’s net profit is a decline of 1.4 percent compared to the same period last year.
While the net profit was USD 32 million in the first quarter, this is an increase of one percent compared to the same period last year. During 2024’s first quarter, the net profit was USD 31.8 million.
The quarter saw steady growth across core business areas with USD 110.2 million in new loans to individuals and businesses, a 72 percent increase compared to Q1 2024. The bank’s net loan portfolio also grew by over USD 30.4 million while capital and liquidity levels remained robust, well above regulatory standards.
BML’s Chief Executive Officer and Managing Director, Mohamed Shareef, said the bank recorded its best-ever financial performance last year, and that the bank was pleased to maintain the momentum into the first quarter of 2025. The bank’s solid financial position enables it to further its mission of expanding banking access and enabling growth for individuals, businesses and communities across the country, he added.
With a nationwide network of 39 branches across all 20 atolls, 107 Self Service Banking Centres, 165 ATMs, Agent Banking services, and a full suite of Digital Banking solutions, BML is dedicated to serving individuals, businesses, and communities across the country.