Bank of Maldives Surpasses MVR 60 Billion Asset Milestone on Strong Q1 2026 Performance

The Bank of Maldives (BML) has opened the 2026 financial year with a powerful display of financial strength, building directly on its record-shattering performance in 2025. 

The nation’s premier financial institution announced robust first-quarter results, headlined by a historic expansion of its balance sheet beyond MVR 60 billion for the first time in its 43-year history.

The bank reported a net profit after tax of MVR 631 million for the quarter, a significant 27 percent surge compared to the same period last year. This robust profitability was underpinned by strong revenue growth, with total revenue reaching MVR 1.24 billion. This was fueled by a steady increase in net interest income, which rose to MVR 796 million, and sustained contributions from fees and commissions, which added MVR 332 million. 

Demonstrating disciplined fiscal management, BML also improved its operational efficiency, reducing its cost-to-income ratio to 24 percent.

A key milestone was achieved as the bank’s total assets grew by MVR 4.8 billion in just three months to reach MVR 60.6 billion. This growth was supported by a swell in customer deposits to MVR 40.7 billion and an expansion of the loan book to MVR 27.6 billion, reflecting continued lending support for both individuals and businesses nationwide. 

The bank’s market capitalisation also saw a monumental rise to MVR 28.2 billion, an increase of more than 7.8 times following a bonus share issuance and share split approved at its last Annual General Meeting.

Amid this growth, BML played a critical role in facilitating foreign exchange for the Maldivian economy. In Q1, the bank sold USD 226 million to businesses and individuals, supporting essential imports and cross-border transactions. This included USD 106.2 million for food and commodity imports—a 142 percent increase in the monthly average from the previous year—and USD 119.9 million for overseas card spending.

However, the report noted emerging external challenges. Since the onset of the Middle East conflict in late February, the bank has observed a concerning trend—a one-third decrease in foreign currency inflows from tourism-related card transactions and a doubling of outflows for imports. 

Despite these pressures, BML affirmed its proactive management of foreign currency liquidity, stating it has already allocated over USD 25 million for essential imports in the first half of April alone—more than double the amount from the same period last year.

Reinforcing its commitment to national development, BML accelerated its lending, disbursing over MVR 5 billion in new loans year-to-date, a figure that already represents half of its total lending for all of 2025. 

The quarter also saw a significant physical expansion with the inauguration of six new branches and the synchronised launch of 90 ATMs across 70 islands.