Bank of Maldives reports MVR 1.3 billion net profit for first half of 2026

Bank of Maldives (BML) posted a net profit after tax of MVR 1.3 billion for the first six months of 2026, the bank said in a statement. The lender described the period as a continuation of record growth from previous years.

Operating profit for the first half stood at MVR 1.8 billion, according to the bank. For the second quarter alone, operating profit was MVR 887 million, with net profit after tax at MVR 647 million.

BML attributed the results to sustainable growth, risk management, and operational efficiency amid what it called a challenging external environment.

Revenue and efficiency

Total gross income for the six months reached MVR 3.2 billion, the bank said. Net interest income was MVR 1.6 billion. Net fee and commission income added MVR 830 million. The bank reported a cost-to-income ratio of 28%.

Balance sheet growth

Total assets rose to MVR 62.8 billion as of June 30, 2026, BML said. Customer deposits grew to MVR 41.6 billion. The gross loan portfolio expanded to MVR 30.4 billion. The bank disbursed MVR 8 billion in new loans across all sectors during the first half.

Foreign currency support

BML said it sold USD 166 million to support telegraphic transfer payments, facilitating 311,722 outward remittances so far this year. That compares with 261,168 remittances in the same period last year, according to the bank.

The bank also said it provided USD 226 million to support overseas credit and debit card transactions in the first half, up from USD 175 million in the same period of 2025.

BML said total foreign currency support to businesses and individuals exceeded USD 478 million during the first half, which it said averages to about USD 80 million a month. The bank said this monthly average is higher than in 2025, 2023, and 2021.

Digital investment

The bank said it continued to invest in digital services and staff development during the period. This included expanding home financing access, launching the Maldives AI Lab with MINDCo, and preparing for future access to international debt capital markets.

Outlook

BML said it enters the second half of 2026 with a strong balance sheet, capital position, and liquidity. The bank said it remains focused on supporting customers and national economic development.