Bank of Maldives (BML) has revealed it has recorded its best performance in 2021 with USD 110 million in profit after tax. BML stated the figure reflects strong post-COVID-19 recovery with a better-than-expected performance from all business lines and takes into account the significant one-off recovery recorded in the third quarter.
Chief Operating Officer (CEO) and Managing Director Tim Sawyer said last year's performance has resulted in the best year for the national bank and the solid business performance in 2021 continued with tireless commitment from its teams across the country, despite operating in a challenging environment. He said BML's loan book quality remained robust and the non-performing loan ratio saw further improvement at 2.5%, as the bank continued to lend to individuals and businesses during the year with over USD 214 million in new lending.
He also said the financial results further reinforce the commitment in BML's strategy for growth in a prudent, sustainable manner that meets the expectations of the stakeholders. He added the state, as BML's largest shareholder, will also see positive returns that will further support the local economy as a direct result of the bank's performance.
BML grew its total assets by USD 490 million and customer deposits by USD 343 million for the year while capital and liquidity ratios remain solid and well above regulatory requirements.
Furthermore, BML announced a series of monthly initiatives as a way of supporting and appreciating customers, communities, and colleagues, as the bank marks the milestone of its 40th anniversary in November 2022. The initiatives announced so far include the BML Scholarship Fund, the upgrade, and refurbishment of the National Library, and the launch of the BML Startup Grant Fund.