The Bank of Maldives (BML) has announced a net profit of MVR 448 million for the second quarter of 2024, highlighting a successful period for the financial institution.
In its latest financial report, the bank revealed an operating profit of MVR 698 million for the quarter, reflecting a 3% increase compared to the same period last year. This positive performance underscores the bank’s continued strength and stability in the financial sector.
Throughout the first half of the year, BML issued MVR 2.8 billion in new loans to both individuals and businesses. The bank noted that business activities across all major sectors remained strong during this period. Additionally, the bank’s capital ratios were reported to be solid, well exceeding regulatory requirements.
At the end of the quarter, BML’s total assets were recorded at MVR 44.9 billion, with deposits totaling MVR 29.5 billion. The bank managed to keep its operating costs stable despite ongoing inflationary pressures. Furthermore, the provision coverage remained robust at 100%.
In a notable development, the bank introduced the Maldives’ first Shari’ah-compliant credit card during the quarter. Alongside this, BML launched new Home Build and Home Equity Loans designed to meet the increasing demand for home construction and renovation.
As part of its corporate social responsibility efforts, BML also unveiled the ‘Bank Fund,’ aimed at empowering NGOs to support sustainable community projects.
The Bank of Maldives operates a network that includes 38 branches, 86 Self Service Banking Centres, and 144 ATMs.
