BML Reports MVR 2.1 Billion Net Profit for 2024
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Photo: MV+
The Bank of Maldives (BML) announced that it generated a net profit of MVR 2.1 billion in 2024, reflecting a four percent increase compared to the previous year.
BML revealed its unaudited financial results for 2024, which showed an operating profit of MVR 685 million for the fourth quarter. The bank’s net profit for Q4 reached MVR 725 million, marking a 47 percent increase from the third quarter. This surge was attributed to a significant impairment provision reversal.
The unaudited figures for the full year indicated an overall net profit of MVR 2.1 billion, a four percent rise from 2023. Additionally, the bank reported a growth in total assets by MVR 3 billion compared to the previous year. Loan book quality continued to improve, with MVR 5.2 billion in new loans extended to individuals and businesses. Capital and liquidity ratios remained solid, well above regulatory requirements.
BML’s CEO and Managing Director, Mohamed Shareef, expressed gratitude towards the bank’s staff for their contributions in 2024. He highlighted that the strong financial performance underscored the resilience and commitment of the bank, reinforcing its dedication to supporting the communities it serves. He further stated that the bank is confident the results will position it for continued success in 2025, aligning with its mission to drive positive change for all Maldivians.
In Q4, BML announced the launch of the “Mulhi Raajje ah BML ATM” project, an ambitious initiative aimed at installing ATMs in all inhabited islands by the end of 2025. The bank also introduced the five winners of its inaugural annual ‘Bank Fund’, an initiative designed to empower NGOs and drive sustainable development across the Maldives.
BML operates a nationwide network with 39 branches across all 20 atolls, 95 Self Service Banking Centers, 150 ATMs, Agent Banking Services, and a full suite of Digital Banking services. The bank reaffirmed its commitment to supporting individuals, businesses, and communities throughout the Maldives.