Bank of Maldives released its Third Quarter 2024 report, showcasing robust financial performance and significant contributions to the Maldivian community. The Bank reported an Operating Profit of MVR 718 million, up 2.9% from the previous quarter. Net Profit of MVR 492 million was reported for the quarter, up 9.6% from Q2.

The Bank's loan portfolio continues to grow steadily, with MVR 1.2 billion in new loans to individuals and businesses during the quarter. Total Assets at the end of the quarter stood at MVR 44.7 billion. Capital adequacy remains strong at 54%, well above regulatory requirements.

Commenting on the results, BML’s CEO Mohamed Shareef stated “We are proud of our strong financial performance, but equally proud of our commitment to investing in the future of the nation, through community initiatives and support for individuals and local businesses. We are confident that this positive momentum will continue through the remainder of the year.”

During the quarter, the Bank made a substantial investment in the Islamic University of Maldives' Sanabil project. The Bank also announced winners of the MVR 1 million worth Bank Fund initiative which will support five projects in the areas of education, environment, sports, and community development to promote sustainability, innovation and provide a social opportunity for communities.

With a nationwide network of 39 branches across all 20 atolls, 89 Self Service Banking Centres, 144 ATMs, cash agent service and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.