In a major turnaround after more than ten years of losses, Bank of Maldives Limited (BML) has announced a pre-tax profit of PKR 1.44 billion for the half-year ending June 30, 2025. The bank also posted an after-tax profit of PKR 707 million for the same period, signaling a successful reversal of fortunes and renewed operational strength.
The financial results were approved by BML’s Board of Directors during a meeting held on August 1, 2025. The figures represent a significant shift from the loss before tax of PKR 2.44 billion recorded in the corresponding period last year—an impressive improvement of PKR 3.88 billion. This performance marks the first time in over a decade that the bank has reported a profit, underscoring the effectiveness of the bank’s restructuring and recovery strategies.
Chairman of BML, Mr. Abdulla Nasser Abdulla Hussain Lootah, credited the positive results to a combination of improved net mark-up income, recoveries from long-standing non-performing loans, a more efficient deposit mix reducing the average cost of funds, and strategic gains through treasury operations. He emphasized that this performance is a testament to the hard work, commitment, and alignment of the bank’s teams with its long-term recovery roadmap. “We are confident in the bank’s trajectory and optimistic about Pakistan’s recovering macroeconomic environment,” he added.
Further strengthening BML’s position, the bank successfully completed the sale of a strategic asset, adding PKR 12 billion to its liquidity. Additionally, an injection of PKR 5 billion from the Sponsor, categorized as advance against share capital, was received shortly after the reporting period. These developments have provided a strong boost to BML’s capital base and liquidity profile.
One of the bank’s key restructuring pillars, the Scheme of Arrangement, is now in its final legal phase with the Islamabad High Court. Upon completion, it is expected to reinforce the bank’s structural reforms and provide additional support to its capital adequacy and long-term sustainability.
President and CEO Mr. Jawad Majid Khan described the milestone as a defining moment for BML. “These results mark a new chapter in the bank’s journey and validate the turnaround strategies we have pursued with consistency and discipline. This sends a strong signal of renewed financial health and operational confidence to all our stakeholders,” he stated.
He further noted that with the majority of restructuring activities nearing completion, BML is now poised for sustained growth and profitability. The leadership is focused on driving innovation, strengthening customer relationships, and enhancing shareholder value.
The Board of Directors also extended appreciation to the Chairman and the Sponsor for their unwavering support, highlighting their integral role in the bank’s recovery. Their continued commitment, both strategic and financial, has been instrumental in steering BML toward a successful revival after years of challenges.
BML’s half-year performance not only represents a pivotal financial milestone but also reflects growing investor confidence in Pakistan’s banking landscape as institutions work to realign with evolving market dynamics and economic reforms.