Bank of Maldives (BML) has released its audited financial statements and annual report for 2019.
According to the report, Profit After Tax was MVR 1.04 billion, down by 5% as anticipated compared to 2018 which is due to higher funding costs and provision charges. Despite this, the year resulted in an Operating Profit of MVR 1.7 billion, up 9% on the previous year.
Total assets grew by MVR 3.3 billion, up 14% versus 2018 and the Bank’s capital position remain well in excess of regulatory requirements with a Capital Adequacy Ratio of over 40%.
“We’re in the midst of a global crisis that has severely affected the bank and the wider economy. We’re continuing to work with the government to address challenges faced by businesses through targeted measures to help cushion the impact. Our utmost priority is to protect our staff and customers, and we will together get through these challenging times.” BML CEO and Managing Director Tim Sawyer commented on the results.
Furthermore, regarding the Bank’s Shari’ah compliant banking business, Tim commented, “Over the past year, we further enhanced our reach with new branches and ATMs in the atolls and established Cash Agents to provide deposit and payment services to communities. We also opened a new modern headquarters for BML Islamic in Male’ to cater for the growing customer base. Importantly, we now have additional Shari’ah-compliant products to match almost all our conventional products for both personal and business customers.”
With a nationwide network of 38 branches across all 20 atolls, 51 Self Service Banking Centres, 115 ATMs, 277 agents and a full suite of Digital Banking services, BML is committed to supporting individuals, businesses and communities across Maldives.