The Bank of Maldives (BML) has been listed among the World’s Top Performing Banks by Forbes.
Forbes ranked the World’s Top Performing Banks in partnership with market research firm Statista, with BML listed among 500 banks from 89 countries. According to BML, its inclusion in the list is a major step forward for the Maldivian banking sector, and a historic achievement that places the bank alongside leading financial institutions worldwide.
According to Forbes, the new ranking was predicated on objective financial data obtained through leading data providers, desk research, and data submissions from banks. The ranking assessed banks on four criteria: profitability, growth and earnings, capital and funding strength, and asset quality and operations.
Forbes said eligible banks were segmented into six tiers based on their total assets so that the analysis compared financial institutions within their respective peer group sizes. BML was included in the sixth tier, which included banks with USD 3 to USD 10 billion in total assets.
BML said the recognition reflects its financial performance, robust risk management and lending practices, sustained growth and a strong balance sheet. The bank noted that as the national bank, it supports individuals, businesses and the wider community through its banking network, loans and financing services and digital banking investments.
BML’s CEO and Managing Director Mohamed Shareef said the ranking compares BML’s financial performance with that of banks of a similar size worldwide. He said the ranking confirms that BML is financially strong, has sufficient capital and is well managed, and that its customers can feel confident using the bank’s services. He assured that the bank would continue to support the Maldivian economy by strengthening its foundation, investing in staff and technology, and helping businesses and communities grow.