Bank of Maldives Reports Strong Q2 Profits and Launches Innovative Services

The Bank of Maldives (BML) has reported a net profit of MVR 448 million for the second quarter of this year. Announced on Tuesday, the bank's Q2 results reflect strong financial performance and the introduction of innovative services.

Operating profit for the quarter reached MVR 698 million, marking a 3 percent increase compared to the same period last year. During the first half of the year, BML recorded MVR 2.8 billion in new loans to individuals and businesses, demonstrating robust business volumes across all key sectors.
As of the end of the quarter, BML's total assets stood at MVR 44.9 billion, with deposits amounting to MVR 29.5 billion. The bank maintained solid capital ratios well above regulatory requirements and managed to keep operating costs stable despite inflationary pressures. Provision cover also remained strong at 100 percent.

In Q2, BML made history by launching the first-ever Shari’ah compliant credit card in the Maldives. Additionally, the bank introduced new home build and home equity loans, catering to the growing customer demand for home construction and renovation.

As part of its Corporate Social Responsibility (CSR) initiative, BML launched the ‘Bank Fund’ to empower NGOs to contribute to their communities through sustainable projects. This initiative underscores BML's commitment to supporting individuals, businesses, and communities across the Maldives.

BML's extensive network includes 38 branches and service centers, 86 self-service banking centers, 144 ATMs, cash agents, and a comprehensive suite of digital banking services. This nationwide presence ensures that BML remains accessible and continues to meet the diverse needs of its customers.

The bank's Q2 performance highlights its resilience and adaptability in a dynamic economic environment. BML's efforts to introduce new products and services, alongside its strong financial management, position it as a leading financial institution in the Maldives.

As BML continues to support the Maldivian economy, it remains dedicated to fostering growth and innovation within the banking sector. The positive Q2 results and new service offerings are a testament to BML's ongoing commitment to excellence and customer satisfaction.