Bank of Maldives (BML) has continued its growth during the final quarter of the year 2019 to achieve a healthy Profit After-Tax of MVR 209 million.
According to a press release by BML, This result comes in as solid business volumes were achieved across all key business segments despite the increased funding cost, investment, and provision charge. During the quarter, Total Assets increased by MVR 491 million and Capital and Liquidity ratios finished well above the regulatory requirements.
Furthermore, unaudited figures for the full year show an increase of 2% in Operating Profit versus 2018, reflecting good growth in the business while Profit After Tax for the same period was lower as expected, at MVR 962 million due to higher funding costs and provision charges.
“With renewed focus on delivering on our strategy, we will continue to invest in technology and facilities to improve
customer experience and convenience to meet the high service expectations of our growing customer base. This quarter will see more Self Service Banking Centres, a new Account Opening and Loan Centre, as well as enhancements to our loan and financing products for both personal and business customers.” Commenting on the results, BML’s CEO and Managing Director, Tim Sawyer stated.
During the quarter 4, BML stepped up support for business with the opening of dedicated Business Centres in Male’ and Hulhumale’ as well as the launch of multichannel payment solution for merchants.
The bank has further expanded its presence with the opening of a new branch in Noonu Velidhoo.