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BML's profits increase by 38 percent in the second quarter

Lamya Abdulla
01 August 2021, MVT 13:27
(FILE) Bank of Maldives (BML) opened a Self-Service ATM in Makunudhoo, Haa Dhaalu Atoll: BML had generated 299 million Rufiyaa in profit in the second quarter of the year -- Photo: BML
Lamya Abdulla
01 August 2021, MVT 13:27

Bank of Maldives (BML) saw an increase of profits by 38 percent in the second quarter of the year.

According to the bank's quarterly report, they had generated 496 million Rufiyaa in profits in their second quarter. After deducting for taxes, the profit they generated amounts up to 299 million Rufiyaa.

The increase in profit is mainly due to the timely loan repayments from various industries. Loan repayments had been suspended for some time, as the COVID-19 pandemic had halted most economic activity.

BML saw a significant increase in their profits, with the 357 million Rufiyaa generated, the first quarter of the year as well. This was a 23 percent increase, compared to 2020.

The halt in economic activity following the pandemic had slowed down supply of US Dollars within Maldives. To overcome the issue of dollar liquidity, BML had acquired 90 million USD (1.3 billion Rufiyaa) in financing from foreign financial intuitions last year.

BML had decided to distribute 80.7 million Rufiyaa from the 325 million Rufiyaa they generated as profits last year. Each stock would receive 15 Rufiyaa.

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