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Strong second quarter performance by Bank of Maldives

Mohamed Rehan
26 July 2022, MVT 08:21
Highlights of the quarter include the new digital wallet BML Pay -- Photo: BML
Mohamed Rehan
26 July 2022, MVT 08:21

Bank of Maldives (BML), the national bank of the island nation reports "positive financial performance" for the second quarter of 2022.

The bank reports an operating profit of MVR 592 million for the review quarter, up by 19 percent compared with the same period in 2021 owing to "good performance in all core business lines and improved assets quality."

Capital and liquidity ratios of the bank remain solid and well above regulatory requirements.

Highlights for the quarter include introduction of the digital wallet; BML Pay on the Mobile Banking application enabling contactless payments and wallet-to-wallet transfer services.

The bank also made announcements of new strategic partnership with MasterCard and Maldives Transport and Contracting Company (MTCC), reinforcing its digital strategy, to introduce the country's first open-loop transit card for the public transport network; Raajje-Transport Link (RTL).

BML continued its monthly initiatives in the lead-up to its 40th anniversary with support to upgrade the Home for People with Special Needs (HPSN) in Male' atoll Guraidhoo, launched "Kindly" by BML; an online fundraising platform for NGOs and the most recent "BML Fehi Project" a CSR pledge to plant 50,000 trees annually across the Maldives.

Acting Managing Director and the bank's in-charge Ms. Aishath Noordeen commenting about the resilience and strong position of the bank said, "The bank remains optimistic about overall performance, driven by solid business volumes across all key sectors."

"We are in a solid position to deliver on our strategy which will see improved customer experience with continued investment in digitalization and operational excellence," she adds.

BML currently boasts of a nationwide network of 35 branches across 20 atolls, 81 Self-Service Banking Centers, 139 ATMs, and over 200 agents and a full-suite of Digital Banking services.

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