The Bank Of Maldives (BML) has reported strong financial performance for the first half of 2019 in their latest press releases.
According to BML the bank had continued in its upward trend with a profit before tax of MVR724 million for the first half of 2019 which is also a 5% bump from the corresponding period of last year.
Though the bank faced higher funding costs, the solid business volumes in all key business segments coupled with a “robust loan book saw this outturn beat expectations.” Furthermore, the bank notes their capital and liquidity ratios had finished the period well above the regulatory requirements.
BML had continued with its MVR300 million investment program over the period through which it had implemented over 50 community initiatives, which included projects and donations to charitable, educational, sports and environmental causes.
These initiatives include the Beat Bullying Campaign through funds raised from BML WOW Kidz Run.
The first half of 2019 also saw BML enhancing its products, especially in its Islamic Finance component. BML Islamic had introduced a complete range of Shari’ah compliant business financing products as part of the bank’s continued support to local businesses.
The BML Islamic currently provides Shari’ah compliant alternatives to all of its conventional products as per the bank.
During the first half of the year, the bank had also gone through significant expansion in its business capacity and operations as BML opened its first dedicated business center in Addu City while modern new branch premises and self service banking were introduced at Raa Atoll Ungoofaaru.