The Bank of Maldives (BML), the nation’s largest financial institution and the one serving the highest number of customers, expects the current year to close as another record in profitability and key financial ratios, according to its Chief Executive Officer and Managing Director, Mohamed Shareef.
Speaking on the PSM programme ‘Hafuthaa 104’, which highlighted the achievements of President Dr Mohamed Muizzu’s administration over the past two years, Shareef outlined the bank’s performance and confirmed it is operating profitably. “We will conclude this year, once again, as a record year,” Shareef said, noting that figures through the end of October already confirm this trajectory in both profit and financial ratios.
He projected that the coming year will be even more successful, driven by the institution’s strategic plan for expansion. “Furthermore, our strategic plan is designed to facilitate continued business expansion. Consequently, the coming year is anticipated to be even more successful than the current one,” he noted.
When Shareef assumed leadership, BML faced significant operational difficulties, including a weakened foreign exchange position that had persisted since the Covid-19 pandemic. With the support of President Muizzu’s government, the bank recovered from this strain. Shareef affirmed that BML’s financial condition is now sound.
He pointed to the bank’s rising profile internationally, noting that foreign institutions now recognise BML’s strength. This recognition, he said, is underpinned by strong fundamentals. Shareef added that BML actively engages with foreign banks to establish critical relationships.
Tracing the bank’s growth, Shareef recalled that BML began operations with an initial capital of approximately USD 648,508.43. Today, its capital base has expanded to USD 972.65 million.
Looking forward, Shareef articulated the ambition to further increase capital and extend operations beyond the Maldives. “We intend to further increase our capital and expand our operations beyond the Maldives,” he stated. “Considering this goal, the bank has reached the necessary level to pursue this strategy.”
He reiterated that the bank’s businesses are sound and its risk management practices robust.“The bank’s businesses are sound,” he assured. “Our risk management practices are very robust. We proactively present the bank to foreign banks. This is done specifically to establish vital relationships. They, too, acknowledge the strength of the bank.”
Shareef stressed that the increase in profit and the enlargement of the capital base are ultimately directed towards securing benefits for citizens. He underlined that while the bank is profitable, it operates on principles designed to ensure the public also benefits. This commitment, he noted, is demonstrated through BML’s investment in social responsibility initiatives.
In closing, Shareef assured stakeholders that BML operates strictly in accordance with all relevant laws and regulations. He noted that the bank’s services are consistently delivered with the interests of both customers and shareholders at the forefront.