BML records highest-ever nine-month profit of MVR 1.93 billion

Bank of Maldives recorded its strongest-ever financial performance for the first nine months of a year, earning MVR 1.93 billion in profit after tax — a 26 percent increase from the same period in 2025.

The bank’s third-quarter report showed that profit rose from MVR 1.53 billion in the first nine months of last year. Third-quarter profit alone reached MVR 647.2 million, up 36 percent year-on-year.

BML attributed the performance to sustained lending growth across key economic sectors, an expanding and diversified deposit base, increased digital transaction volumes and continued cost discipline.

Net interest income for the third quarter rose to MVR 874.8 million from MVR 729.7 million a year earlier. Non-interest income increased to MVR 377.5 million from MVR 355.9 million.

The bank reported a cost-to-income ratio of 28 percent and a return on equity of 14 percent for the period.

“2026 is on course to be the strongest year in the Bank’s history,” CEO and Managing Director Shareef said.

“Our capital and liquidity remain robust, and our balance sheet continues to grow on the back of the trust that customers place in us every day.”

Total assets reached MVR 65.6 billion at September 30, compared with MVR 55.8 billion at the end of 2025. Customer deposits stood at MVR 42.36 billion, an increase of 14 percent.

Asset quality also improved, with the proportion of credit-impaired loans declining to 4.8 percent from 6 percent at the end of last year. Provision coverage stood at 100 percent.

BML said it expects to deliver a strong full-year result, supported by stronger foreign currency inflows as the peak tourism season begins.