BML reports 2024 net profit as MVR 2.1 billion, 4% hike from 2023

Bank of Maldives (BML) on Wednesday reported net profit of MVR 2.1 billion in 2024, up 4% compared to 2023.

BML reported an operating profit of MVR 685 million for the fourth quarter of 2024. Net profit amounted to MVR 725 million, up 47% on Q3 2024, as significant impairment provision reversal benefited.

Unaudited results for 2024 show a net profit of MVR 2.1 billion, up 4% compared to 2023.

The total assets grew by MVR 3 billion compared to 2023.

Loan book quality continued to improve with MVR 5.2 billion in new loans to individuals and businesses during the year. Capital and liquidity ratios remain solid and well above regulatory requirements.

“I want to extend my heartfelt thanks to our dedicated staff for their remarkable contributions in the past year. 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," BML’s CEO and Managing Director Mohamed Shareef said.

"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.”

During the last quarter, the bank announced an ambitious initiative to install ATMs in all inhabited islands by the end of year 2025 with the 'Mulhi Raajje ah BML ATM' project. The bank also announced the 5 winners of its inaugural annual Bank Fund, an initiative targeted to empower NGOs and drive sustainable development projects across the Maldives.

With a nationwide network of 39 branches across all 20 atolls, 95 self service banking centres, 150 ATMs, agent banking service and a full suite of digital banking services, BML says it is committed to supporting individuals, businesses and communities across Maldives.