BML posts a net profit of MVR 448m for Q2 2024

Bank of Maldives (BML) has posted a net profit of MVR 448 million for the second quarter of this year.

The national bank announced its Q2 results in a statement on Tuesday.

According to the bank, its operating profit for the quarter was MVR 698 million, up 3 percent compared to the same period last year.

BML recorded MVR 2.8 billion in new loans to individuals and businesses during the first half of the year.

According to BML, business volumes across all key sectors were robust during Q2, and capital ratios remained solid and well above regulatory requirements.

Total Assets at the end of the quarter stood at MVR 44.9 billion and deposits amounted to MVR 29.5 billion.

The BML said it managed to maintain operating costs despite inflationary pressures, and provision cover remained strong at 100 percent.

The second quarter of the year saw BML launch the first-ever Shari’ah compliant credit card in the Maldives.

The bank also introduced new home build and home equity loans to cater to the growing customer needs for home construction and renovation.

And as part of its CSR initiative, BML launched a ‘Bank Fund’ to empower NGOs to contribute to their communities through sustainable projects.

BML boasts a nationwide network of 38 branches and service centers, 86 self-service banking centers, 144 ATMs, cash agents and a full suite of digital banking services.

It reiterated its commitment to supporting individuals, businesses and communities across Maldives.