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BML issued MVR 5 billion in loans last year

Bank of Maldives issued MVR 5 billion in loans during 2023 including personal, business, home financing and educational loans.

Ameera Osmanagic
26 May 2024, MVT 21:21
[File] ank of Maldives Ltd head office in Male' City -- Photo: Mihaaru
Ameera Osmanagic
26 May 2024, MVT 21:21

Bank of Maldives (BML) issued MVR 5 billion (USD 324.68 million) in loans during 2023, the bank revealed.

BML's Director of Retail, Business and SME Banking Moosa Nimal detailed that out of all the loans, MVR 1.4 billion was issued to individuals and small businesses, marking 2023 as the year where the most number of loans were issued to small and medium enterprises.

Along with loans, the bank also issued start up grants to five busineses, out of which three are now up and running.

"[We] increased the [repayment] period of the home purchase loans and financing to 25 years in order to qualify more people for loans to buy homes. Additionally, [we] also increased the amount that can be borrowed without mortgage to up to MVR 1.2 million, to make all affairs of the people easier. These changes have been welcomed by [our] customers," he said.

BML said that it also improved the products and services offered to its personal banking customers as well.

"Easy access to various banking services needed [by them] is also very important for business owners. For this purpose, we were able to complete bringing all business services under one roof in Malé Business Center last year," he added.

Nimal went on to say that while the bank prioritises education when providing loans, the bank reduced interest rates from nine to five percent to make it easier for those taking out loans for education purposes.

With the addition of 23,000 new customers last year, BML's total customer base now stands at 345,000. Last year was also one of the most financially successful years for BML, with a profit of MVR 2 billion and total assets worth MVR 45 billion.

This is the first time a local company profited at MVR 2 billion.

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