Bank of Maldives reports its financial performance for the final quarter of 2020 with an operating profit of MVR376 million.
However, the national bank observes net loss for the period due to significant provisioning on restructured credit facilities.
Moreover, the Covid-19 pandemic had great impact on the bank’s business and income lines during review quarter.
Unaudited profit after tax for the year ending 2020 is reported at MVR329 million, a decrease of over 60% in comparison with previous year.
Furthermore, bank continued its lending over the year with over MVR3 billion in loans and financing to “support the economy while Total Assets grew” by almost MVR 5 billion.
Additionally, customer deposits grew by MVR4.6 billion.
BML reports their liquidity and capital ratios remain solid above regulatory limits.
Meanwhile, the bank’s CEO Tim Sawyer comments on the quarter’s performance noting “our financials affected with the direct impact of Covid-19.”
“While we faced a high degree of uncertainty over the year, our past financial strength meant we were well prepared. Over the year, the bank also played a pivotal role in keeping the economy afloat, with uninterrupted banking services during lockdown, loan moratorium, working capital support to businesses, assisting Government with the Covid-19 Recovery Loan Scheme and securing financing support from international agencies such as EIB and IFC,” Sawyer adds.
Moreover, BML made announcement of positive changes to its loan and financing portfolio during the last quarter of 2020.
As such, the bank sliced borrowing rates on loan and financing portfolios with more flexible terms.
During review quarter, self-service banking centers were established in:
Moreover, bank had eliminated cash agent withdrawal fee to support “customers in the atolls with access to essential banking services.”
BML also made introduction of the new Digital PIN service.