The Bank of Maldives has reported strong financial results for the first quarter of 2026, with net profit rising 27 per cent year-on-year.

The bank recorded an operating profit of MVR 879 million and a net profit after tax of MVR 631 million, supported by growth in core banking operations.

Total revenue reached MVR 1.24 billion during the quarter, driven by net interest income of MVR 796 million and fee and commission income of MVR 332 million. Operational efficiency also improved, with the cost-to-income ratio strengthening to 24 per cent.

BML’s balance sheet continued to expand, with total assets reaching MVR 60.6 billion, the first time the bank’s asset base has exceeded MVR 60 billion. Customer deposits grew to MVR 40.7 billion, while the loan portfolio increased to MVR 27.6 billion.

The bank also provided significant foreign exchange support during the quarter, facilitating USD 106.2 million for imports and essential goods. Total foreign currency support, including card transactions and remittances, exceeded USD 226 million, with approximately 32,000 outward remittances processed.

However, BML noted emerging external pressures following the onset of tensions in the Middle East, with a decline in tourism-related foreign currency inflows and a rise in outflows. Net inflows from card transactions have fallen by around one-third, while foreign currency outflows for imports and services have doubled.

Despite these challenges, the bank said it continues to manage foreign currency liquidity while supporting businesses and individuals. In the first 15 days of April alone, more than USD 25 million was allocated for essential imports, while card spending reached USD 22 million.

Lending activity also remained strong, with MVR 4.6 billion disbursed in new loans during the first quarter. Total lending for the year has exceeded MVR 5 billion following additional disbursements in April.

The bank also expanded its network, opening six new branches and deploying 90 ATMs across 70 islands, bringing its total ATM network to 253 MVR ATMs and 86 USD ATMs.

BML added that it continues to engage with key sectors including tourism, construction and fisheries, providing financing support to sustain economic activity.