BML records MVR 1.3B net profit in first half of 2026

Bank of Maldives has reported a net of profit after tax of MVR 1.3 billion in the first half of 2026, marking a 21 percent increase over the same period last year.

The Bank recorded an operating profit of MVR 1.8 billion and a net profit after tax of MVR 1.3 billion during the first six months of 2026, marking a 21 percent increase in net profit compared with the corresponding period last year. In the second quarter alone, operating profit reached MVR 887 million, while net profit after tax stood at MVR 647 million, reflecting sustained growth in the Bank's core business and overall operational performance.

Gross income for the six-month period totaled MVR 3.2 billion, supported by higher net interest earnings and continued growth in fee and commission income. Net interest income amounted to MVR 1.6 billion, while net fee and commission income contributed MVR 830 million. The Bank also maintained a cost-to-income ratio of 28 percent.

The Bank's financial position strengthened further during the second quarter, with total assets rising to MVR 62.8 billion as of June 30, 2026.

Highlights from the first half of 2026. pic.twitter.com/kPNaSd4qyd

— Bank of Maldives (@bankofmaldives) July 30, 2026

Customer deposits increased to MVR 41.6 billion, while the gross loan portfolio grew to MVR 30.4 billion, reflecting continued lending to individuals, businesses and key sectors of the national economy.

Over the first half of 2026, the Bank issued MVR 8 billion in new loans across multiple sectors, underscoring its continued support for economic activity and private sector development.

The Bank also continued to play a key role in meeting the Maldives' foreign currency requirements during the first six months of the year.

Between January and June, the Bank sold USD 166 million to facilitate telegraphic transfer (TT) payments, enabling 311,722 outward remittances. This represents a 20 percent increase from the 261,168 remittances processed during the same period in 2025.

The Bank further provided USD 226 million to support overseas transactions made using credit and debit cards during the first half of the year. This compares with USD 175 million during the corresponding period in 2025, representing an increase of 29 percent.

Overall, the Bank supplied more than USD 478 million in foreign currency to businesses and individual customers during the first six months of 2026, highlighting its continued efforts to meet demand and support the wider economy despite persistent constraints on U.S. dollar availability.

On average, the Bank provided approximately USD 80 million in foreign currency support each month during the period. This is 30 percent higher than the monthly average recorded in 2025, more than double the average in 2023, and nearly four times the monthly average reported in 2021, demonstrating the significant growth in the Bank's foreign currency support over recent years.

The Bank also continued to invest in product development, digital banking services, employee development and strategic partnerships. Key initiatives included expanding access to home financing, launching the Maldives AI Lab in collaboration with MINDCo, strengthening leadership development programmes and advancing preparations for future access to international debt capital markets.

Entering the second half of 2026, the Bank underscored that it remains in a strong financial position, supported by a solid balance sheet, healthy liquidity and a robust capital base. It added that it is well positioned to continue supporting customers, businesses and the country's economic development through prudent financial management and the disciplined implementation of its long-term strategy.