Bank of Maldives Reports Strong Q3 Performance with Increased Profits and Community Investments

Bank of Maldives (BML) has released its Third Quarter 2024 financial report, demonstrating continued growth and a solid contribution to the Maldivian economy. The Bank reported an Operating Profit of MVR 718 million, reflecting a 2.9% increase from the previous quarter, alongside a Net Profit of MVR 492 million, a rise of 9.6% from Q2.

The Bank's loan portfolio also showed significant growth, with MVR 1.2 billion in new loans issued to individuals and businesses, contributing to a total asset base of MVR 44.7 billion by the quarter's end. Capital adequacy remains robust at 54%, well above regulatory requirements, underscoring BML’s financial strength.

BML’s CEO Mohamed Shareef expressed pride in both the Bank’s financial performance and its commitment to national development: “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.”

Community-Focused Investments

In line with its mission to support community development, BML made a notable investment in the Islamic University of Maldives' Sanabil project during Q3. Additionally, the Bank announced the recipients of its MVR 1 million Bank Fund initiative, which supports five projects across education, environment, sports, and community development, focusing on sustainability, innovation, and social opportunities.

Expanding Reach Across Maldives

With a nationwide presence, BML serves communities across the Maldives with 39 branches across all 20 atolls, 89 Self Service Banking Centres, 144 ATMs, a cash agent network, and a full suite of digital banking services. This extensive network reinforces the Bank's commitment to supporting individuals, businesses, and communities throughout the country.

Bank of Maldives’ Q3 performance and impactful community investments reflect its strategic role in driving economic growth and enhancing social welfare across the Maldives.