BML posts net profit of MVR 2.1bn for 2024; up 4%

The Bank of Maldives (BML) announced on Wednesday that it generated a net profit of MVR 2.1 billion in 2024 – marking a four percent increase compared to 2023.

The BML released the unaudited financial figures of 2024 in a statement on Wednesday.

According to BML, it generated an operating profit of MVR 685 million for Q4 2024. Meanwhile, the net profit amounted to MVR 725 million – marking a 47 percent increase from Q3 2024.

The bank attributed this to benefits from a “significant impairment provision reversal.”

Unaudited results for 2024 show a net profit of MVR 2.1 billion – marking a four percent increase compared to 2023.

The bank added that total assets grew by MVR 3 billion compared to 2023, while loan book quality continued to improve with MVR 5.2 billion in new loans to individuals and businesses during the year, and capital and liquidity ratios remained solid and well above regulatory requirements.

Commenting on the results, BML’s CEO and Managing Director, Mohamed Shareef thanked the bank’s dedicated staff for their contributions in the past year.

“Our strong financial performance in 2024 not only highlights the resilience and commitment of the bank but also reinforces our ongoing dedication to supporting the communities we serve,” he said.

“As we move into 2025, we are confident that these results will position us for continued success and align with our mission of driving positive change and creating a brighter future for all Maldivians.”

During Q4 2024, the bank announced an ambitious initiative to install ATMs in all inhabited islands by the end of year 2025 under the “Mulhi Raajje ah BML ATM” project. 

The bank also announced the fivewinners of its inaugural annual 'Bank Fund', an initiative aimed at empowering NGOs and driving sustainable development projects across the Maldives.

BML boasts a nationwide network of 39 branches across all 20 atolls, 95 Self Service Banking Centers, 150 ATMs, Agent Banking Service and a full suite of Digital Banking services.

The bank said it is committed to supporting individuals, businesses and communities across Maldives.