News Desk
The Bank of Maldives sold 70 per cent more US dollars last year compared to the previous year, CEO and Managing Director Mohammed Shareef has said, describing 2024 as one of the strongest operational years in the bank’s history.
Shareef — the first Maldivian to lead BML — said the bank expects to sell USD 565 million to individuals and businesses by 2025. Last year alone, BML cards recorded USD 524 million in overseas transactions, including ATM withdrawals, POS payments and e‑commerce purchases. This represents an increase of more than USD 200 million over the previous year.
He noted that access to foreign currency for businesses had also improved. Previously, only 5 per cent of business TT requests were allocated dollars, but last year BML increased the allocation to 50 per cent. Shareef said the change has benefited businesses, the bank and the wider public.
Speaking to PSM, Shareef rejected the long‑standing claim that BML’s profits rise mainly through higher fees and interest. Instead, he said last year’s performance was driven by business expansion. BML disbursed more than MVR 10 billion in new loans — the highest annual lending volume in the bank’s 43‑year history.
“With that, our net loans and advances stood at MVR 25.2 billion, a 25 per cent increase over the previous year,” he said. The bank also reduced its default rate by one percentage point and reported a capital adequacy ratio of 48.1 per cent, four times higher than the regulatory requirement.
Customer growth was strong, with 30,000 new customers joining BML last year. Customer deposits rose by 16 per cent to MVR 37.2 billion.
Shareef said the results reflect growing public confidence in the bank and its efforts to modernise services. BML, which holds the largest customer base in the Maldives, posted a net profit of MVR 2.5 billion after tax — a 10 per cent increase over the previous year.
“We have shown that a national bank can deliver positive social impact while achieving financial excellence. We are not running a bank focused only on profit. We are building a bank for today’s and tomorrow’s generations,” he said.
On PSM’s Raajje Miadhu programme, Shareef emphasised that BML is not only a financial institution but a partner in national development. He said the bank’s relationship with the government is based on a shared vision of building a strong, inclusive and prosperous country.
He highlighted several joint initiatives, including the nationwide ATM expansion project. BML installed ATM services in 105 islands within nine months, with the cost of each ATM reduced by 33 per cent. The government provided a significant share of the investment. Shareef said the project has increased deposits and strengthened the formal financial system.
He also discussed BML’s affordable‑housing initiative. Through its subsidiary, BML Affordable Home Leasing Pvt Ltd, the bank is constructing 3,260 housing units in partnership with local and international companies. The project aims to make home ownership accessible to middle‑income families. The units are expected to be completed by mid‑2028.
“For us, these partnerships are not just policy implementation. They are sound business decisions that open new sectors, create new revenue streams and strengthen the bank’s long‑term position,” Shareef said.
BML’s total assets now represent 38 per cent of the country’s GDP. Shareef said this makes it strategically important for the bank to work closely with the government to support national development priorities.
