BML: Now at the same level as high performing regional banks

Maldives' largest and oldest bank, BML, shows the bank's strong results year on year, improving its liquidity and deposit, customer confidence, and meeting international banking benchmarks.

Last's year's performance of the bank showed its assets were valued at MVR 46.4 billion, a six percent increase from the previous year. The bank accounts for 50 percent of the total assets of the banking sector. This growth is in line with international banking benchmarks, ensuring deposits and security and supporting economic activity. For banks in the United States, the asset growth rate stood at 4.6 percent as of March.

Additional financial results show cash reserves of MVR 3.78 billion and inter-bank placements of MVR 5.67 billion, ensuring the company is ready for customer needs. This exceeds the Basel III liquidity standard that the bank must maintain.

BML’s total equity in 2023 stood at MVR 12.17 billion. Last year, the figure increased to MVR 14.2 billion. With BML's financial strength, its loans and financing portfolio stood at MVR 21.1 billion at the end of last year, accounting for MVR 5.2 billion in new loans and finance disbursement.

These figures indicate that the bank is operating in accordance with international standards by prudently managing its risks as well.

The bank measures its customer confidence based on the increase of its customer base as well as increase in customer deposits.

In terms of customer numbers, more than 21,000 customers joined BML last year alone, the bank said. Deposits increased to MVR 32 billion, reflecting public confidence.

As the only bank with branches and ATMs in all the islands of the country, BML ensures the inclusion of Maldives' smallest populations and isolated islands, within the financial system. The expansion of BML's network of ATMS by installing this facility in remote islands of the Maldives reduces the need for locals to travel to meet basic needs.

BML's operations are similar to that of other island nations such as Indonesia and Philippines, given that BRI, one of the largest and oldest banks in Indonesia, and BDO Unibank, which has the largest asset base and banking network in the Philippines are also working to enhance digital, branch and ATM services.

BML’s 2024 financial position demonstrates that the bank is fulfilling its role as a well-run, financially strong institution, in line with leading global and regional banks. With strong liquidity, increasing equity and a determination to serve the entire country, BML continues to be the bank trusted by its customers and a safe investment for its shareholders.