BML reports MVR 492 million in third quarter profits

Bank of Maldives (BML) has reported MVR 492 million as net profits during the third quarter of 2024, marking a 9.6 percent increase from the second quarter.

As per the quarterly report published by the bank today, BML's operating profit stands at MVR 718 million, which is a 2.9 percent increase from the previous quarter.

The report also shows that BML's total assets are at MVR 44.7 billion with its capital adequacy ratio at 54 percent, which is higher than the value mandated by the regulations.

BML, in the report, noted that its loan portfolio has strengthened in the last quarter, with over MVR 1.2 billion in new loans issued to both individuals and businesses during this time.

The bank also invested significantly into the community during the last quarter. This includes its investment in the Islamic University of Maldives (IUM) Sanabil project, an initiative poised to establish a state-of-the-art, seven-storey campus for tertiary education in the heart of Hulhumalé. BML also announced the recipients of its MVR one million bank fund during the third quarter.

The fund will support five projects in the areas of education, environment, sports and community development. These projects aim to introduce and promote sustainable and innovative practices and create opportunities for social needs.

BML's CEO Mohamed Shareef said that he is happy with the quarter results, specifically highlighting his satisfaction with the bank's community-oriented projects, assistance to individuals and businesses and its efforts to build the country's future.

"We are confident that we can maintain this good result for the rest of the year," he said.

As of date, BML has 39 branches, 89 self-service banking centres, 144 ATMs and cash agents in all 20 atolls of the country, along with its full fledged online banking services as well.