Bank of Maldives Ltd (BML)’s CEO Andrew Healy reveals the bank’s financial statement for the third quarter of 2016. PHOTO: MOHAMED SHARUHAAN/MIHAARU
The Maldives’ main bank doubled its net profit by the end of the third quarter of this year, and thus has decided to increase expenses for service expansion up to MVR 300 million.
According to Bank of Maldives Ltd (BML)’s financial statement for the third quarter of 2016, the bank recorded a revenue of MVR 1.5 billion over the last nine months, which is MVR 398 million higher than last year’s MVR 1.1 billion.
BML’s net profit by the end of September had also significantly spiked, recording MVR 755 million, which is an increase of over 50 percent from last year’s MVR 386 million.
BML’s revenue and net profit in the third quarter alone had slightly gone down from the previous quarter. It had recorded a revenue of MVR 547 million in the second quarter, but MVR 501 million in the third, while the net profit was MVR 360 million in the second compared to the last quarter’s MVR 184 million.
BML’s project to expand services in the Maldives
150 new jobs (75 in the atolls, the rest in capital Male City)
7 new branches
4 trade centres
20 ATMs
A new customer service centre in capital Male
A new call centre in Addu City
10 new Corporate Social Responsibility (CSR) programmes
BML also decided to invest a portion of its inclining profit in expanding its services.
Speaking at the ceremony held in BML’s main office early Sunday to publicise the bank’s financial statement for the third quarter, BML’s CEO and managing director Andrew Healy stated that the bank had invested MVR 150 million over the past year. He elaborated that the money was invested to establish new branches, ATMs and self service centres, and to conduct CSR programmes.
CEO Healy announced that with an additional MVR 150 million over the next year, BML’s total investment in expanding services will be increased to MVR 300 million. The new investments include establishing 7 new branches and 4 trade centres to expand BML services to the atolls, developing a customer service centre in capital Male and a call centre in Addu atoll in the south of Maldives, and setting up 20 more ATMs across the archipelago.
BML did not specify in which islands the new branches and centres are to be established, stating that details will be released in the future.
CEO Healy also announced that BML will create 150 more jobs over the next year, increasing the bank’s workforce from 850 to 1000. While half of the new jobs (75) will be in the atoll islands, the rest will be based in the greater Male region comprising of the capital city and its suburbs Villimale and Hulhumale.
According to the CEO, the new jobs will cater to services desired by the public. He noted that more human resources and investments are necessary to accommodate such services despite the banking sector’s high level of technology.
BML is also to carry out ten CSR programmes over the next year.
BML has established 29 branches, 76 ATMS and 3,900 POS, 177 cash agents and 16 self-service banking centres across the archipelago. The bank also operates five boat banking units for islands without BML branches, as well as online and mobile banking services.