The Bank of Maldives (BML) posted a net profit of USD 40.9 million in the first quarter of this year, according to its financial statements. This is a 26.9 percent increase from USD 32.2 million in the same period last year.
BML said it had achieved significant financial success in the first quarter of this year, posting an operating profit of USD 57 million and a net profit after tax of USD 40.9 million by the end of the first quarter. This is a 27 percent increase over the same period last year.
The bank's revenue increased to USD 80.4 million in the first quarter, driven by higher income from loans, financing, fees and commissions. BML earned USD 51.6 million from loans and financing, while USD 21.5 million was generated from fees and commissions.
The bank's cost-to-income ratio improved from 25 percent to 24 percent in the first quarter of the year due to better management of operating expenses.
According to the bank's balance sheet, total assets stood at USD 3.93 billion at the end of the quarter, an increase of USD 311 million compared to the same quarter last year. This marks the first time the bank’s assets have exceeded USD 3.9 billion.
Customer deposits increased to USD 2.64 billion, with foreign currency deposits being the largest. Loans to individuals and businesses rose to USD 1.79 billion.
The bank’s capital adequacy ratio was also maintained at a strong level in the first quarter of the year. During the first quarter, BML facilitated the sale of USD 106.2 million to support imports of food items, essential commodities and other commercial needs. This is more than an average of USD 35.4 million per month, a 142 percent increase compared to the average monthly sales of USD 14.6 million last year.
During the period, USD 119.9 million was sold for overseas services and purchases made through credit cards and debit cards, averaging USD 40 million per month. This is 23 percent higher than the average monthly sales last year.