Bank of Maldives reports 27% increase in net profit to MVR 631 million in Q1 2026
Bank of Maldives (BML) recorded a net profit after tax of MVR 631 million for the first quarter of 2026, reflecting a 27% increase compared to the same period last year, according to its latest financial results.
The bank’s performance was supported by growth in core banking operations, alongside improvements in asset quality and cost management. Operating profit for the quarter stood at MVR 879 million.
Total revenue reached MVR 1.24 billion, with net interest income contributing MVR 796 million and fee and commission income adding MVR 332 million. The bank also reported an improvement in its cost-to-income ratio to 24%, down from 25% in the corresponding period last year.
BML’s balance sheet expanded during the quarter, with total assets reaching MVR 60.6 billion, marking the first time the bank’s asset base has exceeded MVR 60 billion. Customer deposits increased to MVR 40.7 billion, while the loan portfolio grew to MVR 27.6 billion.
The bank continued to support economic activity through lending, disbursing MVR 4.6 billion in new loans during the quarter. With an additional MVR 488 million disbursed in the first half of April, total lending for the year has exceeded MVR 5 billion.
In parallel, BML facilitated USD 106.2 million in foreign exchange sales during the quarter to support imports and commercial activity, representing a 142% increase compared to the previous year’s monthly average. Total foreign currency support, including card transactions, exceeded USD 226 million in Q1.
The bank noted emerging pressures on foreign currency inflows following recent geopolitical developments, including a decline in tourist spending and an increase in outflows for imports and services. Despite this, BML stated it has continued to manage foreign currency liquidity while maintaining support for businesses and individuals.
BML also reported a significant increase in market capitalisation following a bonus share issuance and share split, rising from MVR 3.6 billion to MVR 28.2 billion by the end of the quarter.
The bank stated that its first quarter performance reflects continued profitability driven by its core operations, alongside ongoing expansion and lending activity across key sectors including tourism, construction and fisheries.
