BML reports MVR 492m net profit in Q3 2024

Bank of Maldives (BML) on Tuesday released its third quarter report, with net profit of MVR 492 million --  up 9.6% from the second quarter. 

The bank reported an operating profit of MVR 718 million, up 2.9% from the previous quarter. 

The bank's loan portfolio continues to grow steadily, with MVR 1.2 billion in new loans to individuals and businesses during the quarter.

Total assets at the end of the quarter stood at MVR 44.7 billion.

Capital adequacy remains strong at 54%, well above regulatory requirements.

“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," BML’s CEO Mohamed Shareef said.

During the quarter, the bank made a substantial investment in the Islamic University of Maldives' Sanabil project.

The bank also announced winners of the MVR 1 million worth Bank Fund initiative which will support five projects in the areas of education, environment, sports, and community development to promote sustainability, innovation and provide a social opportunity for communities.

With a nationwide network of 39 branches across all 20 atolls, 89 Self Service Banking Centres, 144 ATMs, cash agent service and a full suite of digital banking services, BML is committed to supporting individuals, businesses and communities across Maldives.