The Bank of Maldives (BML) is on track to conclude this year with its strongest financial performance to date, according to the bank’s Chief Executive Officer and Managing Director, Mohamed Shareef.
Speaking on the PSM programme Hafuthaa 104 — a special broadcast reviewing the achievements of President Dr Mohamed Muizzu’s administration over the past two years — Shareef expressed confidence that 2024 will cement itself as another milestone year for the country’s largest financial institution.
Shareef said the bank’s financial results up to the end of October already indicate “a record year in both profitability and key financial ratios,” adding that the positive trajectory is expected to continue well into next year. He attributed the outlook to BML’s long-term strategic plan, which prioritises growth and expansion across multiple fronts.
“Based on our progress so far, this year will close as another remarkable one for the Bank of Maldives,” Shareef said. “Our strategic roadmap positions us for even greater success in the year ahead.”
Reflecting on challenges faced when he first assumed leadership, Shareef noted that BML inherited several operational constraints, including a strained foreign exchange position that lingered since the COVID-19 pandemic. He credited the current administration for extending necessary support, enabling the bank to stabilise and rebuild its financial strength.
Today, he said, BML’s fundamentals have strengthened significantly — a development increasingly recognised by international financial institutions.
“Our profile among foreign banks has improved substantially,” Shareef explained. “They now see the bank’s stability and sound fundamentals, and we actively nurture those relationships.”
Shareef also highlighted BML’s remarkable growth since its inception. The bank, which began operations with a modest capital of roughly USD 648,000, now stands on a capital base of USD 972.65 million — a transformation he described as a testament to decades of disciplined strategy and resilience.
Looking forward, BML aims to further increase its capital and eventually expand operations outside the Maldives. “We have reached a level where international expansion is within reach,” Shareef said, noting that the bank’s risk management systems and business performance are “extremely robust.”
While celebrating the bank’s rising profitability, Shareef emphasised that BML’s primary goal remains to generate long-term value for the Maldivian people. He said the bank’s financial success enables continued investment in programmes that directly benefit communities, reinforcing its commitment to social responsibility.
He also reassured stakeholders that the bank operates strictly in line with national laws and regulatory standards, with equal priority given to customer satisfaction and shareholder interests.
“Our businesses are strong, our risk practices are solid, and we remain committed to ensuring that the benefits of our progress are felt by the public,” Shareef said.
