BML Q3 Profit Hits MVR 492 Million Amid Growing Community Investments

Bank of Maldives (BML) announced a robust financial performance in its third quarter report for 2024, underscoring both solid profitability and continued support for community-driven projects. The Bank reported an operating profit of MVR 718 million, marking a 2.9% increase from the previous quarter, while net profit surged to MVR 492 million, a 9.6% rise from Q2.

During the quarter, BML’s lending operations saw notable expansion, with MVR 1.2 billion in new loans disbursed to individuals and businesses. This growth propelled total assets to MVR 44.7 billion, reflecting BML’s strength as the nation’s leading financial institution. The Bank’s capital adequacy remains robust at 54%, well above the regulatory minimum, signifying a solid buffer against potential risks.

In a statement accompanying the release, BML’s CEO Mohamed Shareef expressed satisfaction with the Bank’s dual focus on financial performance and societal impact. “We are proud of our strong financial performance, but equally proud of our commitment to investing in the future of the nation, through community initiatives and support for individuals and local businesses. We are confident that this positive momentum will continue through the remainder of the year,” Shareef said.

One notable investment was BML’s funding for the Sanabil project at the Islamic University of Maldives, highlighting the Bank's commitment to advancing educational resources. Additionally, the Bank Fund initiative awarded MVR 1 million to support five projects in the fields of education, environment, sports, and community development. This initiative aligns with BML’s broader mission to foster sustainability, encourage innovation, and provide opportunities for communities across the Maldives.

BML's widespread presence, with 39 branches covering all 20 atolls, along with 89 Self Service Banking Centers and 144 ATMs, underscores its commitment to accessibility and customer service. Through its extensive digital banking offerings and cash agent services, BML is dedicated to supporting the diverse financial needs of individuals, businesses, and communities nationwide.