ads
Bank of Maldives

Bank of Maldives Issues MVR 5 Billion in Loans in 2023

The Bank of Maldives (BML) announced that it issued MVR 5 billion (USD 324.68 million) in loans throughout 2023. According to BML�s Director of Retail, Business, and SME Banking, Moosa Nimal, MVR 1.4 billion of these loans went to individuals and small businesses, making 2023 a record year for loans issued to small and medium enterprises.

In addition to loans, BML provided startup grants to five businesses, three of which are now operational. The bank extended the repayment period for home purchase loans and financing to 25 years to increase loan eligibility for more people. Additionally, the maximum amount that can be borrowed without mortgage was raised to MVR 1.2 million, easing the loan process for customers.

BML also enhanced its products and services for personal banking customers. Nimal highlighted the importance of easy access to banking services for business owners, noting that all business services were centralized at the Malé Business Center last year.

Emphasizing education, BML reduced interest rates for education loans from nine to five percent to facilitate easier access to financing for educational purposes.

With the addition of 23,000 new customers in 2023, BML’s total customer base has grown to 345,000. The year also marked a significant financial milestone for BML, with a profit of MVR 2 billion and total assets worth MVR 45 billion. This profit is a first for a local company in the Maldives.

0%
0%
0%
0%
Comments