Bank of Maldives (BML) has recorded a net profit of USD 125.2 million for the first nine months of 2026, delivering the strongest nine-month financial performance in the bank’s history and reflecting continued growth across lending, deposits, foreign currency transactions and digital banking activity.
According to BML’s financial report for the third quarter of 2026, covering the nine months ended 30 September, net profit after tax increased by 26 per cent compared with USD 99.2 million recorded during the corresponding period of 2025. The performance places the bank on course for what could become its most successful financial year to date.
During the third quarter alone, BML generated a net profit of USD 42 million, representing a 36 per cent increase from USD 30.8 million during the same quarter last year. Net interest income reached USD 56.7 million during the quarter, while non-interest income stood at USD 24.5 million, demonstrating continued strength across the bank’s core business activities.
BML also maintained a strong capital position, with its capital adequacy ratio reaching 38 per cent at the end of September. The figure is more than three times the regulatory minimum requirement of 12 per cent, providing the bank with significant capacity to support further lending and economic activity.
Commenting on the results, BML Chief Executive Officer and Managing Director Mohamed Shareef said 2026 was shaping up to be the most successful year in the bank’s history. He said the bank’s strong capital and liquidity positions, together with the continued confidence of customers, were supporting further growth in its balance sheet.
Customer deposits increased to USD 2.75 billion by the end of September, representing a 14 per cent rise from USD 2.41 billion at the end of 2025. The expansion of the deposit base reflects continued confidence in the country’s largest banking institution and strengthens its capacity to finance businesses, households and key sectors of the Maldivian economy.
Lending also reached a new high during the first nine months of the year, with BML issuing USD 785 million in new loans. The amount has already exceeded the total value of loans issued throughout 2025, highlighting increased demand for financing and the bank’s growing contribution to economic activity and private-sector development.
Foreign currency transactions recorded significant growth during the period. BML sold USD 721.1 million equivalent in foreign currency to customers in exchange for Maldivian rufiyaa during the first nine months of 2026, approaching the USD 733.8 million recorded for the whole of 2025. Average monthly foreign currency sales stood at USD 80.2 million, 31 per cent higher than the monthly average recorded last year.
The financial report also showed that outward remittances from the Maldives totalled USD 2.86 billion during the first nine months of 2026 through more than 373,600 transactions, reflecting the scale of international financial flows passing through the domestic banking system.
BML attributed its strong performance to higher lending to key sectors of the economy, continued expansion of its customer deposit base and increased volumes of digital transactions. The bank reported a cost-to-income ratio of 28 per cent, which it described as among the most efficient levels in the region, while return on equity stood at 14 per cent.
The results come as the Maldives continues to navigate external economic pressures arising from the conflict in the Middle East and changing global geopolitical conditions. Despite these challenges, BML’s record profitability, strong liquidity and capital position, expanding lending portfolio and rising customer deposits indicate continued resilience within the country’s financial sector and provide further support for the government’s broader efforts to strengthen economic stability and sustain growth.
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