BML main branch in the capital Male. MIHAARU FILE PHOTO
Maldives main bank received a net profit of MVR 360 million during the second quarter of this year.
According to Bank of Maldives (BML)’s official statistics, the total profit for the second quarter was MVR 547.6 million, with a revenue of MVR 351.7 million earned from interests and other fees.
The statistics show that operating profit was at MVR 474.9 million while operating costs were MVR 110 million.
The profit for last quarter before provisions was MVR 364.8 million. MVR 115.2 million had been cut as provision.
In a press release, BML declared that with the increasing levels of their financial status, BML’s net profit for the first half of 2016 is at MVR 571 million, which is a 152 percent increase from last year. The bank noted that the achievements of various departments and loan issuance have both increased, leading BML to enjoy one of the most profitable six months in its history.
BML further highlighted that the bank is currently boasting a higher capital than the standard requirement.