Bank of Maldives records 9.8% rise in annual profit; MVR 2.5bn

Bank of Maldives (BML) recorded a net profit of MVR 2.5 billion last year, an increase of 9.8 per cent compared to 2024, the bank said on Thursday.

BML released its audited financial statements for the year, reporting its highest annual profit to date.

The bank said its balance sheet expanded during the year, with total assets increasing to MVR 55.8 billion. BML also disbursed MVR 10 billion in new loans and financing to individuals, small and medium-sized enterprises, corporate customers and key sectors of the economy, marking the largest annual loan disbursement in the bank’s history.

More than 30,000 new customers joined the bank during the year, while customer deposits increased by 16 per cent, BML said.

BML Chief Executive Officer and Managing Director Mohamed Shareef said the results reflected a significant year for the bank, adding that the institution had demonstrated its role in supporting economic activity and financial access.

He said the profit performance and level of lending reflected the bank’s operations and its contribution to economic activity.

“With the bank expanding its outlook, ongoing efforts to introduce and further develop digital tools demonstrate our commitment to providing financial services to all Maldivians, wherever they are,” Shareef said. He thanked bank staff, the board of directors, shareholders and customers.

BML said one of its key developments last year was the establishment of self-service banking facilities across all islands of the Maldives.

The initiative received international recognition, with BML receiving the ‘Outstanding Achievement in Financial Inclusion’ award from Chorus.

The bank also reported progress in digital service delivery. Customers can now open accounts and apply for loans through internet and mobile banking platforms. BML has also introduced the ‘Swipe’ wallet, a locally developed digital wallet intended to support services linked to the Maldives’ digital economy.