News Desk
MALE’, — Bank of Maldives (BML) reported a robust financial performance for the first half of 2026, delivering a net profit after tax of 1.3 billion Maldivian rufiyaa ($84.3 million) driven by solid core banking growth and stringent operational efficiency.
The national lender’s second-quarter financial results show a 21 per cent surge in net profit compared to the same period last year, alongside an operating profit of 1.8 billion rufiyaa ($116.7 million) for the six-month period ending 30 June 2026.
Despite broader foreign currency pressures in the Indian Ocean archipelago, the bank processed record volumes of foreign exchange for individuals and businesses, under-scoring its pivotal role in the national economy.
Financial Highlights: First Half of 2026
- Total Revenue: 3.2 billion rufiyaa ($207.5 million), supported by 1.6 billion rufiyaa ($103.8 million) in interest income and 830 million rufiyaa ($53.8 million) from fees and commissions.
- Operating Efficiency: The cost-to-income ratio was maintained at a lean 28 per cent.
- Second-Quarter Results: Operating profit reached 887 million rufiyaa ($57.5 million), yielding a net quarterly profit of 647 million rufiyaa ($42.0 million).
- Balance Sheet Expansion: Total assets rose to 62.8 billion rufiyaa ($4.07 billion), with customer deposits swelling to 41.6 billion rufiyaa ($2.70 billion).
- Lending Growth: The total loan portfolio reached 30.5 billion rufiyaa ($1.98 billion), buoyed by 8 billion rufiyaa ($518.8 million) in new credit issued across various sectors during the first six months.
Cushioning the Foreign Exchange Crunch
A central feature of BML’s mid-year performance was its intervention in meeting local demand for US dollars, even as global and domestic acquisition costs remained challenging.
Over the six-month period, the bank facilitated more than $478 million in foreign currency—averaging roughly $80 million per month. According to figures provided by the bank, this foreign exchange output represents:
- A 30 per cent increase over the monthly average in 2025.
- Double the monthly average of 2023.
- Nearly four times the monthly average recorded in 2021.
Of this allocation, $166 million was channelled via telegraphic transfers (TTs) across 311,722 outward remittance transactions (a 20 per cent year-on-year increase). A further $226 million supported overseas debit and credit card spending by Maldivians abroad—up 29 per cent from $175 million in the first half of 2025.
In a statement accompanying the financial release, Bank of Maldives reaffirmed its commitment to supporting national economic policy and maintaining stability across key commercial sectors, promising to keep capital flowing where private enterprise needs it most.
