Bank of Maldives (BML), the country’s national bank, has reported a robust start to the year, with a net profit of USD 32 million for the first quarter of 2025, reflecting a steady performance across key business areas.
The bank also recorded an operating profit of USD 45.2 million for the same period—just slightly below the USD 45.9 million reported in Q1 last year, representing a marginal year-on-year dip of 1.4 percent. Nonetheless, the net profit figure shows a modest increase of 1 percent from USD 31.8 million in Q1 2024.
According to BML, the first quarter saw a sharp rise in lending activity, with USD 110.2 million in new loans issued to individuals and businesses. This marks a significant 72 percent jump in new loans compared to the same quarter last year. The bank’s overall net loan portfolio expanded by over USD 30.4 million during the period.
BML’s Chief Executive Officer and Managing Director, Mohamed Shareef, said the bank was pleased to sustain its financial momentum following its record-breaking performance in 2024. “Our continued strength allows us to invest in expanding access to banking and enabling economic growth across the country,” Shareef stated.
He further highlighted the bank’s commitment to community-focused development, underscoring the role BML plays in supporting individuals and businesses nationwide.
The bank’s financial resilience was also noted, with capital and liquidity levels remaining well above regulatory requirements.
With a comprehensive presence across the Maldives—including 39 branches spanning all 20 atolls, 107 self-service banking centres, 165 ATMs, agent banking services, and a full range of digital banking solutions—BML continues to solidify its role as the nation’s leading financial institution.
The Q1 results position BML well to continue its strategic expansion and digital transformation efforts through the remainder of the year.
