BML celebrates strong Q3 growth, commitment to community investment

Bank of Maldives (BML) has recorded a strong financial performance and significant contributions to communities across the Maldives, in its Third Quarter 2024 report.

The country’s national bank publicized its Third Quarter 2024 report on Tuesday.

BML reported an Operating Profit of MVR 718 million, up 2.9 percent from Q2, with a Net Profit of MVR 492 million reported for the quarter which is a 9.6 percent increase from the previous quarter.

Further, the bank highlighted that their loan portfolio continues to grow steadily, with MVR 1.2 billion in new loans issued to individuals and businesses during the quarter.

At the end of the quarter, the Total Assets sat at MVR 44.7 billion with capital adequacy remaining strong well above regulatory requirements at 54 percent.

The bank’s CEO Mohamed Shareef expressed pride in their strong financial performance and said that he remains proud of the bank’s commitment to invest in the future of the nation, through community initiatives and support for individuals and local businesses.

Shareef went on to express confidence that this positive momentum will continue through the remainder of the year.

During Q3, BML made a substantial investment in the Islamic University of Maldives' Sanabil project and also announced winners of the MVR one 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.

BML remains committed to support individuals, businesses and communities across the nation, with a nationwide network of 39 branches across all 20 atolls, 91 self-service banking centers, 147 ATMs, agent banking services and a full suite of digital banking services.