BML delivers stronger financial performance in Q2, recording MVR 558M net profit

Bank of Maldives (BML) has delivered even stronger financial performance in the second quarter of this year compared to the first, recording a net profit of MVR 558 million.  

The bank reported an operating profit of MVR 790 million and a net profit of MVR 558 million for the second quarter of this year, marking an increase from the MVR 698 million in operating profit and MVR 497 million in net profit recorded in the first quarter.

The MVR 790 million operating profit reflects a 13 percent increase compared to the same period last year, while the MVR 558 million net profit marks a significant 24 percent year-on-year growth.

By the end of the quarter, the Bank's total assets reached MVR 51 billion, with a loan portfolio of MVR 21.3 billion and customer deposits totaling MVR 33.6 billion. So far this year, BML has issued MVR 3 billion in new loans and financing to individuals and businesses. The Bank's capital and liquidity ratios remain robust, significantly exceeding regulatory requirements.

Commenting on the result, BML’s CEO, Managing Director Mohamed Shareef said the strong financial performance for the quarter reflects the dedication of the bank’s team and the effectiveness of its strategic direction.

“Our commitment to expanding reach, fostering sustainable practices and enhancing customer convenience remains paramount, driving both our profitability and our positive impact on the nation,” he added.

During the quarter, BML held its Annual General Meeting, where shareholders approved a record dividend payout of MVR 296 million, equivalent to MVR 55 per share. The Bank also made notable progress on key strategic initiatives, including the "Mulhi Raajje ah BML ATM" project, with ATMs now installed in every island of Noonu, Meemu, Shaviyani atolls and Kaafu Atoll Huraa.

Additionally, the Bank launched ENV POS, the first environmental initiative of its kind in the Maldivian banking sector. Through this program, BML will allocate a portion of its earnings from each POS terminal transaction to support environmental projects nationwide—without any extra cost to customers or merchants.

With a nationwide presence that includes 40 branches across all 20 atolls, 133 self-service banking centres, 188 ATMs, Agent Banking services, and a comprehensive range of digital banking solutions, BML remains committed to serving individuals, businesses, and communities throughout the country.