Bank of Maldives has recorded its best-ever performance in 2021 and has reaffirmed its commitment to invest in supporting local communities.

The Bank said that unaudited figures for the full year showed a record Profit After Tax (PAT) of MVR 1.7 billion.

It said that this reflects strong post-COVID-19 recovery with a better-than-expected performance from all business lines and takes into account the significant one-off recovery recorded in the third quarter.

Commenting on the remarkable achievement, CEO and Managing Director of BML Tim Sawyer said that despite operating in a challenging environment, the solid business performance in 2021 continued with tireless commitment from our teams across the country.

He noted that the bank's loan book quality remained robust and the non-performing loan ratio saw further improvement at 2.5 percent while it continued to lend to individuals and businesses during the year with over MVR 3.3 billion in new lending.

The financial results further reinforce the commitment in our strategy to grow the Bank in a prudent, sustainable manner that meets the expectations of our stakeholders. As a direct result of our performance, the state, as the Bank’s largest shareholder, will also see positive returns that will further support the local economy
Tim Sawyer, CEO and Managing Director of BML

BML said that the Bank grew its total assets by almost MVR 7.6 billion and customer deposits by MVR 5.3 billion for the year.

It noted that capital and liquidity ratios remain solid and well above regulatory requirements.