BML sees 1 billion in profit over the past six months, an increase of 12%

Bank of Maldives (BML) has received profits of MVR 1 billion in the past six months. The bank said that this is a profit margin of 12% compared to the same time last year.

This year's second quarter sees a profit margin of 24% compared to last year. This year's second quarter saw the company rake in MVR 790 million in profits. This is an increase of MVR 232 million from last year.

BML has stated that the loans given out during the second quarter totaled MVR 21.3 billion. With deposits of MVR 33.6 billion, BML's total assets have reached MVR 51 billion.

BML released MVR 3 billion in loans to the general public and businesses by the second quarter of this year.

BML CEO and Managing Director Mohamed Shareef has stated that BML's financial results are directly due to their financial strategies.

"While the bank aims to expand its services across the country, we are working to further strengthen our sustainability efforts and make the service we provide to our customers as convenient as possible. Our goal is to increase the bank's profitability and bring about changes that will benefit the country," the CEO and MD stated.

BML saw a profit of MVR 2.25 billion last year. This is an increase of five percent from 2023. The bank's total income last year was MVR 4.7 billion, with their 2024 total asset amount seeing an increase of MVR 3 billion from 2023.

Last quarter, BML paid shareholders MVR 55 per share which came up to MVR 296 million, a new record.

BML's "Mulhi Raajje ah BML ATM" campaign has seen significant progress this quarter as well. All inhabited islands in atolls such as Shaviyani, Noonu and Meemu now have functioning BML ATM's, with an ATM in Kaafu Huraa becoming operational as well, completing the Kaafu Atoll portion of the campaign.

BML has 40 branches, 133 self-service banking centers and 188 ATMs in 20 atolls in the country.