Bank of Maldives (BML) has reported a net profit of MVR 481 million for the third quarter of the current fiscal year.
According to the bank’s financial reports, the bank posted a total revenue of MVR 1.063 billion in the third quarter of the current fiscal year. This is an equal to what the bank had earned in the second quarter of the current fiscal year.
Revenue surged in the third quarter of the current fiscal year as compared to the corresponding quarter last year. The bank had posted revenue of MVR 1 billion in the third quarter of last year.
Besides revenue, the bank’s net profit also increased in the third quarter. The bank had posted a net profit of MVR 367.4 million in the third quarter of the last year, however in third quarter of current fiscal year bank posted a net profit of MVR 481 million. This is an increase of 31 percent.
Even though the net profit of the third quarter of this year is higher than last year third quarter, bank’s net profit declined 13 percent compared to the second quarter of this year. The bank had posted a net profit of MVR 551.6 million in the second quarter of the current fiscal year.
According to the financial report, the bank disbursed a total of MVR 3.4 billion in loans in the third quarter, including businesses and individual customers. Financial reports also show that during this period, an average of 40,000 transactions are made through ATMs per day and over 232,000 internet and mobile banking transactions are made daily.
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Ibrahim Yaafiu
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