BML Records MVR 1 Billion Profit in Six Months

Bank of Maldives has recorded a profit of MVR 1 billion in the first six months of the year. This marks a 12 percent increase compared to the same period last year.
The second quarter of this year saw a profit of MVR 790 million. This is an increase of MVR 232 million from the same quarter last year, showing a 24 percent growth.
According to the bank, loans issued during the second quarter totaled MVR 21.3 billion. Deposits stood at MVR 33.6 billion, bringing the bank’s total assets to MVR 51 billion. Out of the total loans, MVR 3 billion was given to the public and businesses by the end of the second quarter.

BML CEO and Managing Director Mohamed Shareef said that the financial results reflect the bank’s financial strategies. He stated, “While the bank aims to expand its services across the country, we are working to further strengthen our sustainability efforts and make the service we provide to our customers as convenient as possible. Our goal is to increase the bank's profitability and bring about changes that will benefit the country.”

In 2023, BML earned a profit of MVR 2.25 billion, which is a five percent increase from the previous year. The total income of the bank last year was MVR 4.7 billion. The bank's total asset amount for 2024 shows an increase of MVR 3 billion compared to 2023.
In the last quarter, the bank paid shareholders MVR 55 per share. This totaled MVR 296 million, setting a new record.

BML’s “Mulhi Raajje ah BML ATM” campaign has also made notable progress this quarter. All inhabited islands in Shaviyani, Noonu and Meemu atolls now have functioning BML ATMs. An ATM in Kaafu Huraa has also started service, completing the ATM rollout in the Kaafu Atoll.
The bank currently operates 40 branches, 133 self-service banking centres and 188 ATMs across 20 atolls.