Bank of Maldives Opens 2026 With a Bang, Posting MVR 631 Million Net Profit and Surpassing MVR 60 Billion in Total Assets for the First Time

Bank of Maldives has delivered a compelling set of results for the first quarter of 2026, sustaining the extraordinary momentum built across two consecutive record-breaking years and signalling that the bank's strongest chapter may still be ahead.

Robust Profit Growth Driven by Core Strengths

For Q1 2026, BML reported an operating profit of MVR 879 million and a net profit after tax of MVR 631 million, representing a significant 27% increase compared to the same period last year. The results reflect the bank's robust financial position and continued improvements in asset quality, building confidently on the foundation laid during the most successful year in the bank's 43-year history.

Revenue Growth and Improved Efficiency

Total revenue grew to MVR 1.24 billion, driven by steady growth in net interest income and sustained contributions from fees and commissions. Net interest income reached MVR 796 million, while fee and commission income contributed MVR 332 million to the overall revenue figure.

Operational efficiency continued to strengthen, with the bank's cost-to-income ratio improving to 24%, compared to 25% in the previous year, reflecting disciplined cost management and effective operational control. Expected Credit Losses (ECL) remained prudently managed in full compliance with IFRS 9 standards.

Balance Sheet Expansion and Historic Milestone

The bank's balance sheet recorded strong growth during the quarter, with total assets reaching MVR 60.6 billion at the end of Q1 2026, an increase of approximately MVR 4.8 billion compared to Q4 2025. The figure marks a historic milestone, as it is the first time in the bank's history that its asset base has exceeded MVR 60 billion. Customer deposits grew to MVR 40.7 billion, with a substantial contribution from foreign currency deposits, while the loan portfolio expanded to MVR 27.6 billion, driven by continued lending to both individuals and businesses.

Strong Capital Position

Throughout the quarter, the bank maintained a strong capital adequacy ratio, reinforcing its financial resilience, supporting sustainable long-term growth, and ensuring full compliance with all regulatory requirements.

Foreign Exchange Support and Increased Demand

During Q1 2026, Bank of Maldives facilitated the sale of USD 106.2 million to support imports of food items, essential commodities, and other commercial needs, representing a monthly average of over USD 35.4 million and a remarkable 142% increase compared to the previous year's monthly average of USD 14.6 million. Foreign exchange support was also provided for approximately 32,000 outward remittances during the quarter.

A further USD 119.9 million was facilitated for cross-border transactions through credit and debit cards, averaging approximately USD 40 million per month, reflecting a 23% increase compared to the monthly average of the preceding year. As a result, total USD sales to businesses and individuals during Q1 2026 exceeded USD 226 million.

Emerging External Pressures on Foreign Currency Flows

The bank acknowledged emerging headwinds since the onset of the Middle East conflict on February 28, which has contributed to a rise in tourist reservation cancellations and a decline in visitor spending. Foreign currency inflows from card transactions have decreased by approximately one-third so far in April, while foreign currency outflows for imports and external services have doubled. Based on these trends, the bank expects net foreign currency outflows to significantly exceed inflows during the month.

Proactive Management and Continued Support

Despite the challenging external environment, the bank has effectively managed its foreign currency liquidity and remained fully committed to supporting businesses and individuals. In the first 15 days of April alone, more than USD 25 million was allocated for imports of food, essential commodities, and other commercial requirements, exceeding the average allocation during Q1 and more than doubling the amount facilitated during the same period last year. Foreign spending via cards also reached USD 22 million within the first 15 days of April.

Should external pressures persist, the bank has committed to ensuring continued availability of foreign currency support through necessary and temporary adjustments to sales volumes, aligned with available supply.

Supporting Key Economic Sectors

Bank of Maldives has been actively engaging with key sectors including tourism, construction, fisheries, and other industries to understand emerging challenges and provide essential working capital and financing support to sustain these critical pillars of the Maldivian economy.

Accelerated Lending Growth

In Q1 2026 alone, the bank disbursed MVR 4.6 billion in new loans across all sectors. With an additional MVR 488 million disbursed in the first 15 days of April, total loan disbursements for the year have already exceeded MVR 5 billion, representing half of the total new lending extended during the entirety of 2025 and highlighting BML's exceptional commitment to driving local economic growth.

Major Network Expansion

April 2026 marked a major milestone in BML's physical expansion, with the inauguration of six new branches in Th. Vilufushi, AA. Thoddoo, H.Dh. Hanimaadhoo, L. Hithadhoo, S. Hulhudhoo, and H.Dh. Kulhudhuffushi. A landmark ceremony attended by President of the Maldives, His Excellency Dr. Mohamed Muizzu, saw the synchronised launch of 90 ATMs across 70 islands, bringing the bank's total network to 253 MVR ATMs and 86 USD ATMs nationwide.

Market Capitalisation Growth Following Bonus Issue and Share Split

Following the bonus share issuance and share split approved at the most recent Annual General Meeting, BML's market capitalisation rose dramatically during the quarter, increasing by more than 7.8 times from MVR 3.6 billion prior to the AGM approval to MVR 28.2 billion by the end of Q1 2026, reflecting surging investor confidence in the bank's long-term growth trajectory.

Sustained Momentum Into 2026

Taken together, BML's Q1 2026 performance paints a picture of a bank firing on all cylinders, with strong financial fundamentals, continued balance sheet expansion, and sustained profitability firmly rooted in its core banking operations. As the Maldives' national bank, BML remains as committed as ever to serving every Maldivian and supporting the nation's economic future.