Bank of Maldives (BML), the country’s leading financial institution, has reported a net profit of USD 32 million (MVR 497 million) for the first quarter of 2025, reaffirming its position as a pillar of economic stability and growth in the Maldives. The national bank’s operating profit for the quarter stood at USD 45.2 million (MVR 698 million), marking a slight dip of 1.4% compared to the same period last year, when it posted USD 45.9 million. Nonetheless, net profit rose by 1% from Q1 2024’s USD 31.8 million, demonstrating sustained financial resilience.
The bank’s financial performance in the opening quarter of the year was underpinned by a substantial expansion in its lending portfolio. BML disbursed USD 110.2 million (approximately MVR 1.7 billion) in new loans to both individuals and businesses, which represents a remarkable 72% increase over the first quarter of 2024. This surge reflects growing demand and confidence across key sectors of the Maldivian economy, particularly tourism and small business development.
The bank’s net loan portfolio expanded by over USD 30.4 million during the quarter, while maintaining capital adequacy and liquidity ratios well above regulatory thresholds. These strong fundamentals offer assurance to both local and foreign investors looking at the Maldives as a destination for business and tourism.
BML’s Chief Executive Officer and Managing Director, Mohamed Shareef, attributed the positive performance to the bank’s commitment to financial inclusion and its mission to serve every corner of the Maldives. “We are pleased to continue the momentum from last year’s record-breaking results into the first quarter of 2025. Our solid financial position allows us to further extend our reach and support the economic aspirations of individuals, businesses and communities nationwide,” he stated.
BML continues to provide wide-ranging access to financial services throughout the archipelago, with a nationwide network comprising 39 branches covering all 20 atolls, 107 Self Service Banking Centres, 165 ATMs, and comprehensive Agent Banking and Digital Banking services. These services are instrumental in supporting the country’s tourism-driven economy and facilitating ease of business across remote islands.
With total revenues for the quarter reaching MVR 1.3 billion, around MVR 100 million higher than Q1 2024, the bank’s growth is not only measured in profit, but in its role in strengthening the financial ecosystem of the Maldives.
advertisment
advertisment
