The Chief Executive Officer and Managing Director of Bank of Maldives (BML), Mohamed Shareef, has revealed that the bank increased its USD foreign exchange sales by 70 percent last year.
According to BML’s 2025 financial statements, the year represented a successful period for the bank, which recorded a net profit after tax of USD 162.14 million. This marks a 9.87 per cent increase compared to 2024.
Speaking on PSM News’ programme, CEO Shareef disclosed that the bank sold USD 36.64 million in foreign exchange to private individuals and businesses, representing a 70 per cent increase year-on-year. In addition, BML’s overseas transactions in 2025 amounted to USD 33.98 million. These included card payments, ATM withdrawals, point-of-sale (POS) transactions and e-commerce activity. The bank noted that this reflected a USD 200 million increase compared to previous years.
Among other significant developments, the bank increased US dollar issuance for telegraphic transfers (TT) to 50 percent, compared to 5 per cent in previous years. CEO Shareef emphasised that these changes have had a positive impact on the bank, as well as on private individuals and businesses.
BML’s contribution to economic development is also reflected in its lending activity. The bank provided USD 648.51 million in new loans to individuals and small and medium enterprises (SMEs) last year. This represents the first time the bank has issued such a large volume of loans within a single year.