The third quarter of 2020 marked a 15 percent increase in net profit for Bank of Maldives (BML), compared to the same period in 2019.
According to BML's quarterly report, the bank earned MVR 258.7 million as profit after tax this past quarter, compared to MVR 224.4 million last year.
The amount is also an increase of MVR 152 million from the Q2 net profit of MVR 106.3 million.
However, the bank estimates an incline in provision charges over the rest of the year.
BML's CEO Tim Sawyer noted that the ongoing final quarter would pose several challenges to the bank. He assured that BML would nevertheless continue its corporate social responsibility endeavours and make the necessary changes to existing products to facilitate easier services for customers.
The bank generated a gross income of MVR 646 million during the third quarter, compared to MVR 551 million in the second quarter and MVR 639 million in 2019.
The main bank of Maldives operates a nationwide network of 38 branches across all 20 atolls, 62 Self-Service Banking Centres, 125 ATMs, over 200 cash agents and a full suite of Digital Banking services. BML reiterated its commitment to supporting individuals, businesses and communities across the country.