Bank of Maldives (BML) has set a new record in credit extension, disbursing a total of MVR 12.1 billion in new loans during the first nine months of the year. According to the bank's third-quarter financial report, this volume exceeds the total amount of loans issued across the entirety of last year.
Alongside robust lending growth, the national bank posted a historic profit after tax of MVR 1.93 billion for the nine-month period ending September 30. This represents a 26 percent increase compared to the MVR 1.53 billion recorded during the corresponding period last year. In the third quarter alone, net profit stood at MVR 647.2 million, marking a 36 percent rise compared to MVR 475.4 million in Q3 of the prior year.
The bank also maintained strong liquidity and balance-sheet resilience. Customer deposits climbed by 14 percent to reach MVR 42.36 billion compared to MVR 37.19 billion at the close of last year. BML’s capital adequacy ratio remained healthy at 38 percent—more than three times the 12 percent minimum required by regulatory standards. In foreign exchange operations, outward remittances totalled USD 2.86 billion across more than 373,600 transactions, with the bank selling an average of USD 80.2 million per month to meet local FX demand.
Management attributed the strong quarterly performance to substantial credit demand across critical economic sectors, an expanding deposit base, and higher adoption of digital channels. Despite operational scale, the bank sustained an efficient cost-to-income ratio of 28 percent and delivered a return on equity of 14 percent.
BML noted that achieving record financial milestones amid broader regional geopolitical headwinds and global macroeconomic uncertainties provides significant operational confidence for sustained growth in the coming quarters.