BML issues MVR 5 bil in loans in 2023

Bank of Maldives recorded a profit-after-tax of MVR 2.07 billion in 2023 -- Photo/ Bank of Maldives

Bank of Maldives (BML) has reported issuing a total of MVR 5 billion in loans in 2023.

According to BML, despite inflation rate hikes and geopolitical tensions globally, the Maldives economic growth increased by 6.5% last year, which was reflected on the bank’s performance as well.

BML reported its balance sheet for 2023 observed an MVR 3.8 billion increment, while the bank’s total asset value increased over MVR 45 billion. Additionally, the bank’s operating profit rose by 7 percent, registering MVR 2.7 billion in total.

The bank had earlier announced a record-high profit-after-tax of MVR 2.07 billion in annual terms observed in 2023.

BML’s Director of Retail, Business and SME Banking, Moosa Nimal said the bank issued MVR 5 billion in loans to both businesses and individuals last year, out of which MVR 1.4 billion was specifically issued to individuals and SME segment, which is the highest issuance for the segment in the last five years.

Besides this, the bank further enhanced its personal banking services with new and improved products for general customers and businesses.

Speaking on the new services the bank introduced last year, Nimal said, “Education is a top priority for us, and to assure the Maldivian economy is built on the foundation of strong education, we sliced the Kiyavaa Loan rate from 9% to 5%. Additionally, to qualify individuals to seek loan facilities for housing, we extended the Home Purchase Loan and Financing period to 25 years, and extended the maximum loan amount to MVR 1.2 million without a collateral.”

Additionally, three businesses under the BML Startup Grant successfully began operations last year, while two more were assisted under the grant.

Last year 23,000 new customers joined the bank, surging its customer base to 345,000 in total and 66,000 new bank accounts were opened which include 5,600 business accounts.