BML's total assets exceed MVR 60 billion for the first time
Bank of Maldives has achieved a historic milestone as its total assets reached MVR 60 billion for the first time, recording a net profit of MVR 631 million in the first quarter of this year. This represents a 27 percent increase compared to the same period last year, while customer deposits also rose to MVR 40.7 billion. These robust financial results reflect growing customer confidence and the bank's strengthening financial position.
Bank of Maldives. | BML | BML
Bank of Maldives (BML) has reported that its total assets have surpassed MVR 60 billion, according to the bank's first-quarter report released on Monday.
According to the bank's first-quarter report, total assets reached MVR 60.6 billion by the end of the period. The report highlighted that this marks the first time in the bank's long history that its total assets have surpassed the MVR 60 billion milestone. At the end of 2023, the bank's total assets stood at MVR 55.8 billion.
As a result of maintaining customer confidence in the bank, total deposits reached MVR 40.7 billion in the previous quarter. A significant portion of these deposits was made in foreign currency.
According to the report, the bank recorded a total revenue of MVR 1.24 billion in the previous quarter. The bank's operating profit stood at MVR 879 million, while net profit after tax reached MVR 631 million. This represents a 27% increase compared to the same period last year.
Following its record-breaking performance last year—the best in the bank's 43-year history—the institution has continued its strong momentum with robust financial results in the first quarter of this year. These figures underscore the bank's consistent and rapid growth trajectory.
