The Bank of Maldives (BML) has reported a net profit of MVR 2.1 billion for 2024, reflecting a 4% increase compared to the previous year. The bank released its unaudited financial figures for the year on Wednesday, highlighting strong financial growth and strategic initiatives aimed at expanding banking accessibility across the Maldives.
In the final quarter of 2024, BML recorded an operating profit of MVR 685 million, while net profit soared to MVR 725 million—a 47% increase from Q3. The bank attributed this surge to a significant impairment provision reversal, which bolstered its overall performance.
Throughout the year, total assets grew by MVR 3 billion, and the loan book continued to strengthen, with MVR 5.2 billion in new loans issued to individuals and businesses. The bank also maintained robust capital and liquidity ratios, remaining well above regulatory requirements.
Reflecting on the results, BML CEO and Managing Director Mohamed Shareef credited the bank’s success to the dedication and resilience of its staff.
“Our strong financial performance in 2024 not only highlights the resilience and commitment of the bank but also reinforces our ongoing dedication to supporting the communities we serve,” Shareef stated.
“As we move into 2025, we are confident that these results will position us for continued success and align with our mission of driving positive change and creating a brighter future for all Maldivians.”
In Q4 2024, BML launched several key initiatives, including the ambitious “Mulhi Raajje ah BML ATM” project, which aims to install ATMs on all inhabited islands by the end of 2025.
Additionally, the bank announced the first winners of its annual ‘Bank Fund’, an initiative designed to empower NGOs and support sustainable development projects throughout the country.
BML currently operates 39 branches across all 20 atolls, along with 95 Self-Service Banking Centers, 150 ATMs, and an extensive Agent Banking Service network. The bank continues to strengthen its digital banking services, ensuring greater financial accessibility for individuals and businesses across the Maldives.
With consistent growth and new initiatives, BML remains committed to driving economic progress and enhancing financial inclusion across the nation.
