Bank of Maldives, the nation’s leading financial institution, has reported another year of strong performance. Its Annual Report, published last month, details steady financial growth, continued digital advancements, and sustained support for customers and communities. In a dynamic financial landscape, the Bank remains a key player for individuals, families, and businesses across the Maldives.
Performance in a Competitive Market
The Bank recorded a Profit After Tax of MVR 2.2 billion in 2024, reflecting an 8% increase from the previous year. Operating profit reached MVR 2.8 billion, up 6% year-on-year. Total assets crossed MVR 48 billion, accounting for nearly half of the banking sector’s assets in the country. The Bank’s Total Capital Adequacy Ratio stands at 58%, well above regulatory requirements, demonstrating its financial stability.
Throughout 2024, the Bank maintained and improved its asset quality, supported by sound credit criteria and resilient loan portfolios. Lending exceeded MVR 5 billion during the year, aiding both individuals and businesses. Customer growth remained strong, with 21,000 new customers joining the Bank in 2024. Deposits increased by MVR 1.2 billion, reaching MVR 32 billion, representing 55% of the market share.
Supporting Key Sectors
The Bank continues to support the tourism industry, financing a range of projects from resort development to green energy initiatives. Over the last five years, BML has financed more than USD 400 million in resort projects, with outstanding loans to the sector now totalling around MVR 6 billion. It has also introduced financing options including working capital support, business loans, and digital payment solutions tailored for tourism businesses.
At the MATI Annual General Meeting earlier this year, the Bank introduced a Green Resort Financing facility offering up to MVR 50 million at preferential rates for sustainability-focused investments. These include coastal protection, energy efficiency, reforestation, and waste management projects. In response to growing interest in Islamic finance, the Bank’s Islamic banking arm, BML Islamic, recently facilitated the country’s first Shari’ah-compliant, fully funded resort financing for the development of a 118-room luxury resort by Sentoric Island Pvt Ltd.
Celebrating its 10th anniversary, BML Islamic remains the largest Islamic bank in the Maldives, offering a wide range of Shari’ah-compliant products, including the only Islamic credit card available in the country.
Advancing Digital Capabilities
The Bank has continued its digital transformation, with most transactions now carried out through its digital channels. More than 200 million financial transactions, valued at over MVR 500 billion annually, are processed digitally. Innovations such as instant loans, simplified onboarding, and faster POS settlements have contributed to improved convenience and customer experience.
Recognising the global increase in scam activity, the Bank has introduced additional security measures including Two-Factor Authentication, One-Time Passwords, kill switches, and support for authenticator apps. It has also rolled out public awareness campaigns to educate customers about common scam tactics, using social media, ATMs, branches, and media channels.
Upholding Risk Management Standards
The Bank maintains a governance framework aligned with international standards, adhering to national and international regulations such as CMDA regulations, AML laws, the Maldives Banking Act, FATF guidelines, and IFRS reporting standards. It continues to foster a compliance-oriented culture, ensuring that its card and payment systems meet global data security standards including PCI DSS and protocols from Visa, MasterCard, and American Express.
Expanding Reach Across the Maldives
The “Mulhi Raajje ah BML ATM” project aims to establish ATM services on every inhabited island by the end of the year. These multi-functional ATMs are designed to serve as mini-branches, especially in remote locations.
As of the first five months of 2024, ATM services have been introduced to all inhabited islands in Dhaalu, Haa Alifu, Noonu, Shaviyani, and Meemu atolls. According to the Bank, over 1 million transactions and MVR 1.45 billion in deposits were recorded outside Malé City this year alone, underscoring the importance of expanding access to banking services.
In addition to its core banking services, the Bank continues to support community-based programmes. These include the donation of 300 wheelchairs since 2017, the BML Start Up Grant, MVR 1 million Bank Fund, as well as its scholarship and sports development initiatives.
Looking Ahead
Following last year’s performance, the Bank is positioned to continue its momentum in 2025. While the competitive landscape is expected to intensify, the Bank aims to adapt and grow while enhancing customer service. With evolving customer expectations, it is prioritising more digital, instant, and personalised banking experiences. Bank of Maldives has outlined its vision to be the digital bank of choice in the region and remains committed to that goal.
