Bank of Maldives (BML) reported a staggering net profit of MVR 1.9 billion for the year 2023. The unaudited financial reports reveal an impressive 17% profit surge compared to the previous year, driven by a remarkable income increase of MVR 400 million, totaling an income of MVR 4.4 billion.
Facing challenges during the pandemic in 2020, with a 70% profit decrease, BML has not only recovered but exceeded its previous best financial margins. The bank’s resilience is evident in its robust performance, overcoming pandemic-induced losses and achieving unprecedented profits.
BML’s strategic moves include issuing new loans totaling MVR 5 billion, bringing the cumulative loans to an impressive MVR 19 billion. Furthermore, the bank’s deposit amount reached MVR 31 billion, reflecting its continued growth and stability.
With a total capital of MVR 45 billion, BML maintains its position as the largest bank in the country. Serving 340,000 customers, the bank has facilitated around MVR 85 million internet transactions, showcasing its significant impact on the financial landscape.
Noteworthy is the last quarter of 2023, where BML recorded a profit of MVR 361 million, and the second quarter marked a peak profit rate with an income of MVR 551 million. The exceptional financial performance in 2023 solidifies BML’s position as a key player in the Maldivian banking sector.