BML profit growth driven by business expansion, not price hikes: CEO
Bank of Maldives recorded its highest-ever loan disbursements in its 43-year history last year, achieving a net profit of MVR 2.5 billion after tax. CEO Mohamed Shareef highlighted that the addition of 30,000 new customers and a 16% increase in deposits reflect growing public confidence in the institution. With capital adequacy ratios remaining four times above regulatory requirements, the bank continues to demonstrate exceptional financial stability and significant socio-economic impact.
Bank of Maldives. | BML | BML
CEO Mohamed Shareef stated that while there are persistent claims that the bank increases its profits by raising interest rates and fees, last year's profit growth was actually achieved through the further expansion of its business operations.
The CEO of Bank of Maldives (BML) announced that the bank issued over MVR 10 billion in new loans last year, marking the highest volume of lending in a single year throughout its 43-year history. As a result, net loans and advances reached MVR 25.2 billion, representing a 25 percent increase compared to the previous year, according to the CEO.
Furthermore, the CEO stated that the non-performing loan ratio had decreased by 1 percent compared to the previous year. He also highlighted that the capital adequacy ratio stood at 48.1 percent, a figure four times higher than the minimum requirement mandated by law.
The past year was marked by a significant increase in the bank's customer base, with 30,000 new customers joining BML for the first time. The CEO noted that customer deposits grew by 16 percent last year, reaching a total of 37.2 billion. This growth, according to the CEO, reflects the increasing public confidence in BML as a result of ongoing efforts to enhance the bank's services and operations.
The national bank achieved significant financial success last year, posting a net profit of MVR 2.5 billion after tax. This represents a 10 percent increase compared to the previous year.
Highlighting this progress, the CEO stated that the national bank has proven its ability to deliver exceptional financial results while simultaneously driving positive social change across the country. He further emphasized that the bank is not merely an institution focused on financial profit, but is being built as "the people's bank"—dedicated to serving both current and future generations of Maldivians.
