News Desk
MALE’, Maldives — Amid recent social media backlash over limits placed on USD transactions for BML-issued cards, Bank of Maldives (BML) reported a robust third-quarter performance, posting a net profit of MVR 492 million—a 9.6 percent increase over the previous quarter. According to its latest earnings report, BML’s operating profit rose to MVR 718 million, reflecting a 2.9 percent growth from Q2.
The announcement comes as BML’s new CEO, former Deputy CEO Mohammed Sharif, steps into the role. Appointed two weeks ago, Sharif is the first Maldivian to lead the country’s largest bank in its history. With 25 years of experience in the financial sector and an MBA from the UK, Sharif played a significant role in BML’s evolution, introducing services such as core banking, credit and debit cards, internet banking, mobile banking, and self-service banking.
BML’s total assets stood at MVR 44.7 billion at the end of Q3, with a capital adequacy ratio of 54 percent; well above regulatory requirements. The bank reported a strong expansion of its loan portfolio, issuing MVR 1.2 billion in new loans to individuals and businesses over the last quarter, reflecting a growing demand for financial services nationwide.
BML, with 39 branches, 89 self-service banking centers, 144 ATMs, and cash agents across 20 atolls, continues to expand its digital and physical presence across the Maldives, bolstering its role in the country’s financial landscape.
