The Bank of Maldives (BML) reported a total loan portfolio of USD 1.54 billion as of the end of the third quarter. Within the current year, the bank disbursed USD 421.51 million in new loans.
As of September, the composition of the outstanding portfolio reflected a broad distribution across key sectors. Tourism accounted for the largest share, with USD 564.73 million in loans. Lending to private individuals followed at USD 346.43 million, while the construction and housing sector held USD 330.17 million. Transport and communication represented USD 155.64 million, and loans to businesses totalled USD 67.44 million. The remaining USD 72 million was allocated across other sectors.
BML also issued a categorical denial of allegations concerning its lending practices, stating that all disbursements are made in strict accordance with governance protocols and regulatory obligations. Responding to claims that funds were improperly extended to contractors on government projects without Board approval, the bank affirmed that all loans follow established procedures.
The bank cited compliance with regulations set by the Maldives Monetary Authority (MMA), alongside adherence to Basel III and IFRS 9. It added that its governance and financial soundness are routinely verified through independent audits by internationally recognised firms. Lending operations are guided by board-approved strategy and implemented through defined policies. All loans conform to internal credit standards and meet MMA requirements.