Bank of Maldives (BML) delivered a strong financial performance in 2025, with the bank’s Chief Executive Officer and Managing Director, Mohamed Shareef, revealing that foreign exchange sales rose by 70 percent over the course of the year. The growth reflects an important expansion in the bank’s support for private individuals and businesses, while also highlighting BML’s growing role in facilitating financial activity across the Maldives. The increase comes at a time when demand for foreign currency services remains significant for personal transactions, trade, travel, and business operations, placing the bank in a central position in supporting the wider economy.
According to BML’s 2025 financial statements, the bank recorded a net profit after tax of USD 162.14 million, marking a 9.87 percent increase compared to 2024. The results indicate another successful year for the country’s leading financial institution, supported by stronger operational performance and increased service delivery across key banking segments. The bank’s financial growth reflects continued confidence in its services and strategy, while also demonstrating resilience and the capacity to respond to the evolving needs of customers in a dynamic economic environment.
Speaking on PSM News’ programme, CEO Mohamed Shareef stated that BML sold USD 36.64 million in foreign exchange to private individuals and businesses during 2025. This represented a 70 percent increase compared to the previous year and signals a substantial rise in the bank’s ability to meet foreign exchange requirements across the market. The development is especially significant for businesses that rely on international payments and imports, as well as for customers requiring access to foreign currency for education, healthcare, travel, and other overseas expenses. The increase illustrates BML’s continued efforts to strengthen access to essential banking services and provide greater financial convenience to customers nationwide.
BML also reported that overseas transactions reached USD 33.98 million in 2025. These transactions included card payments, ATM withdrawals, point-of-sale transactions and e-commerce activity, underscoring the growing international reach of Maldivian banking customers and the increasing integration of digital financial services into everyday life. The bank noted that this reflected a USD 200 million increase compared to previous years, further demonstrating the rising scale of international transaction activity handled through BML’s platforms. This trend points to stronger consumer confidence, greater business engagement with global markets, and broader use of modern payment channels by both residents and enterprises.
Another major development highlighted by the bank was the increase in US dollar issuance for telegraphic transfers, which rose to 50 percent from just 5 percent in previous years. The improvement marks a notable enhancement in the availability of foreign currency for essential transfers and international business dealings. CEO Shareef said these changes have produced positive results not only for the bank, but also for private individuals and businesses. The increase is expected to bring practical benefits to customers by improving transaction efficiency and easing some of the challenges traditionally associated with accessing foreign exchange for external payments.
BML’s contribution to national economic development was also evident in its lending activity during the year. The bank provided USD 648.51 million in new loans to individuals and small and medium enterprises in 2025, representing the first time BML has issued such a high volume of loans within a single year. This record level of financing reflects the bank’s expanding support for entrepreneurship, personal financial growth and private sector development. For SMEs in particular, increased access to financing can play a transformative role in business expansion, job creation and innovation, while for individuals it supports housing, personal investment and long-term financial stability.
Taken together, BML’s 2025 results present a picture of a bank that is not only achieving strong financial growth, but also expanding its practical contribution to customers and the national economy. From higher foreign exchange sales and stronger overseas transaction volumes to improved telegraphic transfer access and record lending, the bank’s performance reflects meaningful progress across several important areas. As the Maldives continues to strengthen its economic activity and international connectivity, BML’s latest results reinforce its position as a key financial institution supporting business confidence, consumer needs and broader economic advancement.
advertisment
advertisment
