Bank of Maldives (BML) generated MVR 1.3 billion in net profit during the first six months of this year.

Financial statistics published by BML show that while the bank recorded an operating profit of MVR 1.8 billion in the first six months, net profit after tax reached MVR 1.3 billion. This represents a 21 percent growth compared to the same period last year.

Looking at the second quarter alone, BML achieved MVR 887 million in operating profit and MVR 647 million in net profit.

Regarding the bank's revenue figures, total revenue for the first six months reached MVR 3.2 billion. This includes MVR 1.6 billion generated as interest income, while MVR 830 million was received from fees and commissions. The cost-to-income ratio stood at 28 percent.

As of June 30, BML's total assets increased to MVR 62.8 billion. Customer deposits reached MVR 41.6 billion, while the total loan portfolio expanded to MVR 30.5 billion. In the first six months of this year, BML issued MVR 8 billion in new loans across various sectors.

The bank also played a crucial role in providing foreign currency required for the nation's economy. In this regard, the bank provided over USD 478 million to businesses and individuals during the first six months of the year. This included USD 166 million provided via telegraphic transfers and USD 226 million for card transactions.