The Bank of Maldives (BML) reported a profit of MVR 497 million in the first quarter of this year.

According to BML's quarterly financial update, the bank's operational profits amounted to MVR 698 million. During this period, the bank earned MVR 1.3 billion in revenue, which is about MVR 100 million higher than the same quarter last year.

BML also revealed that it issued MVR 1.7 billion in loans to both individuals and businesses during the first quarter, marking a 70% increase compared to the previous year, which translates to an additional MVR 470 million.

In the first quarter of 2024, the bank had posted a profit of MVR 492 million.

The bank noted that it has kept its capital and liquidity ratio above regulatory requirements.

BML's CEO and Managing Director, Mohamed Shareef, commented, "After achieving our best financial performance last year, we are delighted to carry forward this success into the first quarter of 2025."

He added, "Our strong financial foundation allows us to further our goal of enhancing banking access and fostering growth for individuals, businesses, and communities nationwide."

Currently, BML operates 39 branches, 107 self-service banking centers, and 165 ATMs across the Maldives.