Bank of Maldives (BML) has made an operating profit of MVR 199 million during the first quarter, an increase of 35 percent over the previous quarter.
The bank’s income grew by 10 percent while costs were well controlled and the loan book grew by MVR 199 million in the quarter, BML said in a statement today. The bank’s deposits were up 17 percent. “These are a solid set of financial results and it is encouraging that both income and costs are moving in the right direction, while the quality of our loan book also continues to improve. We must not get carried away, however. Our Bank still has work to do to build a sustainable earnings base – much of our growth in profits over recent times has been due to loan recoveries – and we know that customer service standards are not yet at the level that we and our customers expect”, said Andrew Healy, CEO and Managing Director of BML, commenting on the bank's first quarter results.