Bank of Maldives (BML) has released its Third Quarter 2024 report, reporting USD 31.9 million as net profits, a notable 9.6% increase from the previous quarter. The bank reported an operating profit of USD 46.6 million, up 2.9% from the previous quarter.
The report indicates that the bank's loan portfolio continues to grow steadily, with USD 77.8 million issued as new loans for individuals and businesses during the quarter. Meanwhile, total assets at the end of the quarter stood at USD 2.90 billion, and capital adequacy remains strong at 54% ratio, well above regulatory requirements. Commenting on the results, the Chief Executive Officer (CEO) of BML Mohamed Shareef expressed confidence that this positive momentum will continue through the remainder of the year.
During the third quarter, BML made a substantial investment in the Islamic University of Maldives' Sanabil project. The bank also announced winners of the USD 64,850 worth Bank Fund initiative which will support five projects in the areas of education, environment, sports, and community development to promote sustainability, innovation and provide a social opportunity for communities.
With a nationwide network of 39 branches across all 20 atolls, 89 Self Service Banking Centres, 144 ATMs, cash agent service and a full suite of Digital Banking services, BML has expressed It's commitment to supporting individuals, businesses and communities nationwide.