Bank of Maldives Reports MVR 448 Million Net Profit in Q2

The bank reported an operating profit of MVR 698 million, reflecting a 3 percent increase compared to the same period last year.

During the first half of the year, BML issued MVR 2.8 billion in new loans to individuals and businesses. The bank noted robust business volumes across key sectors, with solid capital ratios well above regulatory requirements. At the end of Q2, total assets amounted to MVR 44.9 billion, and deposits stood at MVR 29.5 billion.

Despite inflationary pressures, BML successfully maintained operating costs and reported strong provision cover at 100 percent. Notably, the second quarter saw the launch of the Maldives' first-ever Shari'ah-compliant credit card and the introduction of new home build and home equity loans to meet customer demands for home construction and renovation.

As part of its corporate social responsibility efforts, BML introduced a 'Bank Fund' to support NGOs in sustainable community projects. The bank continues to serve the nation with a comprehensive network of 38 branches and service centers, 86 self-service banking centers, 144 ATMs, cash agents, and a full suite of digital banking services. BML reiterated its commitment to supporting individuals, businesses, and communities across the Maldives.