BML Reports Record MVR 2.25 Billion Profit, Eyes Regional Digital Leadership

Business

Following a landmark year for Bank of Maldives (BML), CEO and Managing Director Mohamed Shareef addressed shareholders at the Bank’s Annual General Meeting (AGM) held tonight, highlighting record-breaking financial results, the Bank’s rapid digital evolution, and its ongoing commitment to customers and communities.

Shareef announced that BML achieved its best-ever performance in 2024, posting a Profit After Tax of MVR 2.25 billion—an 8% increase compared to the previous year. He further revealed that the Bank’s total assets exceeded MVR 48 billion, while customer deposits reached MVR 32 billion, representing 58% of the market share.

“This is a clear reflection of customer confidence,” Shareef said. “The Bank’s Total Capital Adequacy Ratio stands at a robust 58%, well above regulatory requirements, underscoring our strong financial position.”

The CEO also emphasized BML’s strides in digital transformation, noting that 99% of all financial transactions are now conducted through digital platforms. In 2024 alone, the Bank facilitated over 220 million transactions worth more than MVR 540 billion via its digital channels.

Looking ahead, Shareef shared BML’s vision of becoming the best digital bank in the region. “We are excited about the possibilities ahead in our digital journey. The team we have at Bank of Maldives is our greatest asset. Their loyalty and dedication drive the Bank’s success,” he said.

He also reaffirmed BML’s commitment to investing in its workforce, ensuring that employees are empowered to deliver exceptional service and drive continued growth.