Bank of Maldives Reports MVR 1 Billion Profit in Six Months, Marks 12% Growth

Bank of Maldives Reports MVR 1 Billion Profit in Six Months, Marks 12% Growth

Bank of Maldives (BML), the country’s leading financial institution, has announced a robust profit of MVR 1 billion for the first six months of 2025—marking a 12% increase compared to the same period last year.

The second quarter alone brought in MVR 790 million in net profit, a notable 24% rise year-on-year. According to BML, this growth reflects the bank’s ongoing efforts to enhance accessibility and strengthen its nationwide service network.

Lending, Deposits, and Total Assets on the Rise

BML's latest financial statement highlights MVR 21.3 billion in total loans issued during the second quarter of 2025. The bank also reported customer deposits reaching MVR 33.6 billion, pushing its total assets to MVR 51 billion.

Within just the second quarter, MVR 3 billion in new loans were disbursed to individuals and businesses, underscoring BML’s commitment to supporting local economic growth.

CEO Attributes Success to Long-Term Strategy

Commenting on the results, BML CEO and Managing Director Mohamed Shareef credited the impressive performance to sound financial planning and strategic focus.

“While we aim to extend our reach across the Maldives, we are also focused on boosting sustainability and delivering services that are more convenient and customer-friendly. Our goal is to increase profitability in ways that ultimately benefit the entire country,” said Shareef.

Shareholder Returns and Asset Growth

BML closed 2024 with a record annual profit of MVR 2.25 billion, reflecting a 5% increase from 2023. Total income for 2024 was MVR 4.7 billion, while total assets grew by MVR 3 billion compared to the previous year.

In a strong show of investor confidence, the bank distributed MVR 296 million in dividends last quarter—MVR 55 per share, the highest payout in its history.

Nationwide ATM Expansion Pushes Ahead

BML’s ambitious “Mulhi Raajje ah BML ATM” campaign also made significant strides during the second quarter. All inhabited islands in Shaviyani, Noonu, and Meemu atolls now have fully operational ATMs. An additional ATM in Kaafu Huraa became functional, completing BML’s coverage for the Kaafu Atoll.

Currently, the bank operates:

  • 40 branches

  • 133 self-service banking centers

  • 188 ATMs

  • Spread across 20 atolls in the Maldives.