BML posts strongest nine-month performance in 2026, with net profit up 26%

Bank of Maldives (BML) has achieved a record net profit for the first nine months of this year, marking its strongest performance for the corresponding period in the bank’s history.

According to BML’s third-quarter financial report, the recorded a net profit of MVR 1.93 billion after tax during the first nine months, ended on September 30. This represents a 26 percent increase from the MVR 1.53 billion recorded during the same period last year.

The report further revealed that BML generated a net profit of MVR 647.2 million in the third quarter alone, reflecting a 36 percent increase compared to the MVR 475.4 million earned during the corresponding quarter of the previous year.

BML also strengthened its capital position during the quarter. By the end of September, the bank’s Capital Adequacy Ratio (CAR) had reached 38 percent, more than three times the minimum regulatory requirement of 12 percent.

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

The report also highlighted record growth in lending activity. The total value of new loans disbursed during the first nine months of the year reached MVR 12.1 billion, exceeding the total amount of loans issued throughout the entirety of last year.

BML’s report also outlined its contribution to meeting customers’ foreign exchange needs. During the period, the bank converted USD 722.1 million into Maldivian Rufiyaa for customers, nearly matching the total amount recorded for the whole of 2025 (as cited). To facilitate these conversions, BML sold an average of USD 80.2 million in US dollars per month, representing a 31 percent increase over the monthly average for 2025.

BML attributed its strong financial performance to increased lending across key economic sectors, growth in its deposit base and an increase in digital transactions.

The bank reported a cost-to-income ratio of 28 percent, describing it as one of the most efficient performances in the region. Its return on equity stood at 14 percent.

BML emphasized that achieving these results amid challenging economic conditions, including the adverse effects of conflicts in the Middle East on the Maldivian economy and ongoing shifts in the global geopolitical landscape, provides a positive outlook for the bank’s future.