BML reports MVR 647m net profit for Q2
31 ޖުލައި 2026 | ހުކުރު 12:32BML has demonstrated strong financial performance, disbursing MVR eight billion in new loans and injecting USD 478 million into the foreign exchange market during the first half of this year. Further, the Bank has introduced concessions for housing loans, launched an AI Lab, and provided significant support towards various social initiatives.
Mr. Mohamed Shareef, BML CEO and Managing Director. | BML
The Bank of Maldives (BML) has recorded a net profit of MVR 647 million during the second quarter of 2026, demonstrating progress over the MVR 631 million generated in the preceding quarter of the same year.
Based on the financial report for the period, total net profits across the first six months accumulated to MVR 1.3 billion, marking a 21 percent growth relative to the equivalent period of the previous year.
Financial declarations provided by the institution detail an operating profit of MVR 887 million for the second quarter, alongside overall revenue reaching MVR 3.2 billion across the first half of the year. This sum encompasses MVR 1.6 billion derived from interest and MVR 830 million accumulated through fees and commission charges. Operating costs were successfully kept at 28 percent, while the Non-Performing Loan (NPL) figure was held at 5.2 percent.
By 30 June 2026, the overall assets on the institution's balance sheet totaled MVR 62.8 billion. Total customer deposits reached MVR 41.6 billion, whereas cumulative active loans totaled MVR 30.5 billion. Throughout the first six-month period, MVR eight billion in new lending was extended across multiple industries.
In terms of foreign currency operations, the institution provided USD 166 million for Telegraphic Transfers (TT) during the year's initial half. Moreover, USD 226 million supported foreign payment transactions executed using debit and credit cards. Summing up these allocations, the institution injected USD 478 million into the market over the six-month timeframe, translating to a monthly average of USD 80 million.
The institution implemented major operational growth measures throughout the quarter. Most prominently, the required equity contribution for home building loans was lowered from 20 percent to five percent. In addition to this, a tailored housing loan program was launched specifically for hospitality industry workers featuring a 7.5 percent interest rate. The institution also executed a Memorandum of Understanding (MoU) alongside Singapore Management University to introduce employee development courses via the BML Academy.
Over the same three-month term, Fitch Ratings affirmed the institution's Long-Term Issuer Default Rating (IDR) at 'CCC-', alongside a local currency rating of 'CCC+'. Advancing its digital strategy, the organization introduced the 'Maldives AI Lab' in tandem with MINDCo.
The organization's ownership distribution remains unchanged, with the state maintaining a 50.80 percent majority stake.
Through its community investment activities, the institution set up the 'iWonder Sensory Classroom' located at Aminiya School. Long-standing ties were also extended with entities including Special Olympics Maldives and the Maldives Surfing Association. In addition, 30 wheelchairs were distributed to individuals living with disabilities, alongside financial grants awarded for local development endeavors under the 'BML Fund.'
Regarding market performance, the peak trading price for shares during the second quarter was MVR 174, while the lowest transaction point dipped to MVR 67.53. At the quarter's close, total market capitalization was valued at MVR 11.3 billion. The institution's governing board convened for four formal meetings over the quarter.
The country’s national bank has reaffirmed its dedication to functioning as a financially stable, dependable entity delivering trusted banking solutions to its clientele.
