The national bank of the island nation – the Bank of Maldives (BML) – posted strong performance in light of continuing investment with a Profit Before Tax of MVR307 million for the third quarter of 2019.
Continuing with the trend of strong performance which has been sustained throughout the year so far, the bank reported its operating profit of MVR414 million was up 5% on the previous quarter while the year-to-date operating profit amounted to a total of MVR1.2 billion, up 4% compared to corresponding period last year.
This financial result was churned in through increase in funding cost, investment and provision charges coupled with solid business volumes across all key business segments. The capital and liquidity ratios had finished the period “well above regulatory requirements.”
The bank’s investments remain robust, as BML opened five new Self Service Banking Centers in Kelaa, Baarah, Alifushi, Thulhaadhoo and Maavah along with the introduction of a US Dollar ATM at the satellite town of Hulhumale’.
The bank’s Islamic Banking wing had also seen phenomenal growth with a new modern headquarters opening up at a prominent spot in Maldives capital “solely dedicated to Islamic Banking services.” The new Islamic Banking wing’s HQ opened up in a bid to better serve the growing customer base of the bank’s Islamic wing.
In the review quarter, BML had implemented over 40 CSR activities in the areas of education, sports, environment and community development as part of their ‘Aharenge Bank’ initiative.
The bank’s CEO and Managing Director Mr Tim Sawyer commented on the growth and performance of BML, and was quoted saying “with our sustained strong financial performance, we are pleased to continue the positive momentum created during the first half of the year.”
“While investment costs and provisions increased, continued demand for our products and services have resulted in solid business volumes across key segments. We look forward to a positive end to the year and I would like to thank our hardworking team for their continued commitment and dedication.”
BML boasts the widest banking network in the country with 37 branches across all 20 atolls, 49 Self Service Banking Centers with 113 ATMs scattered across the country and with 5,700 Point of Sale merchants along with 277 agents and one full suite of Digital Banking services.