As the national bank, Bank of Maldives (BML) publishes annual financial statements that reflect the broader condition of the Maldivian economy.
The bank’s reports consistently highlight a close and interdependent relationship between its performance and the country’s economic health. BML accounts for more than two-thirds of total banking sector assets, meaning fluctuations in the wider economy are directly felt by the bank. Its downturn during the Covid-19 pandemic underscored this link.
Data indicates a strong positive correlation between BML’s performance and the Maldivian economy, with a correlation coefficient of 0.96. The bank’s total assets are equivalent to 38 percent of the country’s gross domestic product (GDP).
Last year, BML’s assets grew by 15 percent to MVR 55.8 billion.
Driving economic activity
BML’s financial performance in 2025 reflects broader economic momentum.
The bank disbursed MVR 10bn in new loans to businesses and individuals last year, nearly double the previous year’s figure. Its total loan portfolio rose by 25 percent to MVR 25 billion, marking the highest level of lending in its history.
Much of this financing has supported national development, with funds channeled into key sectors including tourism, fisheries and small and medium enterprises. The increased access to credit has enabled resort development, supported local entrepreneurs and strengthened fisheries exports.
Despite ongoing foreign currency constraints, BML also expanded its dollar support. In 2024, the bank disbursed USD 333.5 million, representing an increase of more than 70 percent year-on-year.
Maintaining customer and shareholder confidence
BML continued to expand its operations while maintaining strong confidence among customers and shareholders.
More than 30,000 new customers joined the bank last year, while customer deposits rose by 16 percent.
The bank reported a net profit of MVR 2.5 billion, up 9.8 percent from the previous year, when profit stood at MVR 2.2 billion, an increase of around MVR 300 million.
Revenue reached MVR 5.7 billion, up MVR 900 million compared to the previous year.
BML’s board has proposed issuing bonus shares and distributing MVR 323 million in dividends to shareholders.
By channeling increased deposits into productive investment and facilitating both government and private sector activity, BML’s growth continues to underpin the resilience and expansion of the Maldivian economy.
