Bank of Maldives (BML) announced today that it received MVR 631 million as net profit during the first three months of this year.
The bank with the largest customer base in the Maldives stated that it earned MVR 879 million as operating profit in the first quarter of this year. It noted that the net profit after tax deduction is MVR 631 million. This is a 27 percent increase compared to the first quarter of last year.
"The significant growth achieved by the bank in the first quarter of 2026 is a testament to the bank's financial health and the high quality of its assets," BML said.
According to BML, its total income increased to MVR 1.24 billion due to an increase in income from interest on loans and financing, as well as fee and commission income.
While MVR 796 million was received as income from loan and financing interest, MVR 332 million was earned from fees and commissions over the past three months. BML also noted that due to very careful management of bank operating expenses, they were maintained at a robust level, and the cost-to-income ratio improved further from 25 percent the previous year to 24 percent.
"In addition, the amount deducted for loans (ECL) is also being determined and managed robustly in accordance with IFRS 9 standards."
Some achievements of BML in the first three months of this year:
- By the end of the first quarter, total assets reached MVR 60.6 billion. This is an increase of approximately MVR 4.8 billion compared to the final quarter of 2025. This also marks the first time in BML's history that total assets have exceeded MVR 60 billion.
- The amount deposited by customers increased to MVR 40.7 billion. Foreign currency deposits played a significant role in this.
- The volume of loans issued to individuals and businesses increased, bringing the total loan amount to MVR 27.6 billion.
BML stated that the bank's capital adequacy also remains at a strong level.
"This is a great strength that ensures the sustainability of the bank and allows for further business expansion in accordance with regulatory standards," the bank said.
The information released by BML shows that the bank issued MVR 4.6 billion in brand new loans to various industries during the first quarter of this year.
Including these loans and the MVR 488 million in loans issued during the first 15 days of this month, the bank stated that the total of new loans issued this year has now exceeded MVR 5 billion.
"This is an amount equivalent to half of the new loans issued in the entire year of 2025. This demonstrates the importance the bank gives to Maldivian businesses and economic growth."
