BML’s CEO Andrew Healy (R) speaks at a press event. PHOTO/BML
Bank of Maldives Ltd (BML) made a net profit of MVR 350 million in the final quarter of 2017, which is a 42 percent increase from the previous quarter.
The Maldives’ main bank stated that it had made good profit in all business sectors, noting that there was a significant spike in the amount of loans issued as well.
BML is yet to reveal the statistics for the whole year of 2017 as the bank’s financial audit is still underway.
The bank declared that last quarter’s profit was higher than the projected estimate, considering that BML’s operational expenditure had increased while community services were also doubled under the bank’s “Aharenge Bank” programme.
BML also revealed that it had gained 23,000 new customers over the past year.
The bank’s current objectives are to implement 60 new community service projects, further develop its banking network, and expand its services beyond the Maldives, all of which are included in BML’s vision for the year 2018.
BML’s CEO Andrew Healy said that the surprising amount of profit the bank had made in the last quarter was a great boost to their efforts to reach the new targets. Healy added that BML plans to invest MVR 300 million to launch the 60 community programs and enhance the banking network.
The bank is also looking to expand cash agent services to islands with relatively small populations.