BML records highest-ever nine-month profit of MVR 1.93 billion
Bank of Maldives (BML) has recorded its highest-ever profit for the first nine months of a year, reporting a profit after tax of MVR 1.93 billion for the period ended 30 September 2026, an increase of 26% compared to MVR 1.53 billion during the corresponding period last year.
According to the bank’s third-quarter financial results released on Thursday, profit after tax for the July–September quarter reached MVR 647.2 million, representing a 36% increase compared to the same quarter in 2025.
Net interest income for the third quarter increased to MVR 874.8 million from MVR 729.7 million a year earlier, while non-interest income rose to MVR 377.5 million from MVR 355.9 million.
BML attributed the performance to sustained growth in lending to key sectors of the economy, an expanding and diversified customer deposit base, increased digital transaction volumes and continued cost management.
The bank’s total assets reached MVR 65.6 billion at the end of September, compared to MVR 55.8 billion at the end of December 2025. Net loans and advances increased from MVR 25.2 billion to MVR 32.9 billion, while customer deposits grew from MVR 37.2 billion to MVR 42.4 billion during the same period.
The bank maintained a cost-to-income ratio of 28%, while its return on equity for the nine-month period stood at 14%.
Asset quality also improved, with the proportion of Stage 3 credit-impaired loans declining from 6% at the end of 2025 to 4.8% in September 2026. The bank reported provision coverage of 100%.
BML’s capital adequacy ratio stood at 38% at the end of September, compared to the regulatory minimum requirement of 12%.
Commenting on the results, the bank’s Chief Executive Officer and Managing Director, Shareef, said 2026 was on course to become the strongest year in the bank’s history.
“Our capital and liquidity remain robust, and our balance sheet continues to grow on the back of the trust that customers place in us every day,” he said.
The bank said its financial performance had been achieved despite a challenging operating environment, including the effects of geopolitical tensions and the ongoing conflict in the Middle East on the Maldivian economy.
BML expects to deliver a strong full-year result, having reported a profit after tax of MVR 2.47 billion for the entirety of 2025.
