The Bank of Maldives (BML) has reported a net profit of MVR 374 million for the year 2012.
The bank’s Annual Report 2012 published today shows that in 2012, it earned a gross income of MVR 1.35 billion and a net profit of MVR 374 million, which is an increase of 52.7 percent when compared with the net profit of 2011.
In 2011, BML earned a gross income of MVR 1.07 billion.
Also, operating profit for 2012 was MVR 792 million which is an increase of 52.7 percent when compared with 2011.
The bank’s shareholders funds had increased by 61.7 percent, and cost income ratio had decreased from 34.9 percent to 26.2 percent.
In a statement issued by BML today, CEO Peter Horton said that the progress made by the bank was possible because of the dedication, commitment and skill of the staff at all levels within the bank.
He further said, “In year 2011 we established two fundamental priorities in the transformation of the Bank. The first was to address the long standing NPNA problem. The Bank is now fully compliant with MMA’s provisioning requirements and the most obvious impact is that we have retained profits for the year. We have achieved net profit of MVR 374 million which are among the best ever achieved by the Bank.”