The Bank of Maldives (BML) has reported a net profit of USD 40.9 million for the first quarter of the year, marking a 26.9 percent increase compared to USD 32.2 million recorded during the same period last year, according to its latest financial statements.
The bank highlighted a strong financial performance for the quarter, with operating profit reaching USD 57 million and net profit after tax standing at USD 40.9 million, reflecting an approximate 27 percent year-on-year growth.
BML’s total revenue rose to USD 80.4 million in the first quarter, driven by increased earnings from loans, financing, fees, and commissions. Income from loans and financing amounted to USD 51.6 million, while fees and commissions contributed USD 21.5 million.
Operational efficiency also improved, with the bank’s cost-to-income ratio declining from 25 percent to 24 percent, attributed to better management of operating expenses.
According to the balance sheet, total assets reached USD 3.93 billion by the end of the quarter, an increase of USD 311 million compared to the same period last year. This marks the first time the bank’s total assets have surpassed USD 3.9 billion.
Customer deposits grew to USD 2.64 billion, with foreign currency deposits making up the largest share. Meanwhile, loans extended to individuals and businesses increased to USD 1.79 billion.
The bank maintained a strong capital adequacy ratio during the quarter. It also played a key role in supporting economic activity, facilitating the sale of USD 106.2 million for imports of food, essential goods, and other commercial needs, averaging USD 35.4 million per month. This represents a 142 percent increase compared to last year’s monthly average of USD 14.6 million.
Additionally, USD 119.9 million was sold for overseas services and card-based transactions, including credit and debit card purchases, averaging USD 40 million per month. This reflects a 23 percent increase compared to the monthly average recorded last year.
