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BML earns MVR 209 million profit in quarter 4

Mariyam Malsa
30 January 2020, MVT 18:19
Mariyam Malsa
30 January 2020, MVT 18:19

Bank of Maldives (BML) continued its growth during the final quarter of 2019 and achieved MVR 209 million as Profit After Tax.

During the quarter, total assets increased by MVR 491 million with capital and liquidity ratios exceeding regulatory requirements.

BML attributed the profits to the achievement of solid business volumes despite increased funding cost, investment and provision charge.

Unaudited figures for 2019 demonstrate a two percent increase in operating profit compared to 2018 figures which reflects good growth in business. However, Profit After Tax for the same period was lower than estimated, at MVR 962 million as a result of higher funding costs and provision charges.

Overall, the bank's Balance Sheet grew by over MVR 3 billion in 2019, reflecting considerable growth in terms of lending and other core business areas.

During final quarter of 2019, BML upped support for businesses by launching a multichannel payment solution for merchants and opening Business Centres in the capital city of Male’ as well as reclaimed suburb Hulhumale’.

BML further expanded its presence in Maldives with the establishment of a new branch in Velidhoo, Noonu Atoll.

In order to maintain support extended in the areas of education, sports, environment and community development, BML funded 10 projects as part of its ‘Aharenge Bank Community Fund’, a nationwide campaign to empower individuals to contribute to society by conducting sustainable community projects. A donation of 60 motorized wheelchairs was also awarded to individuals with disabilities across Maldives.

BML’s CEO and Managing Director Tim Sawyer assured that, “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".

Furthermore, the CEO revealed that plans for the first quarter of 2020 included the opening of more Self Service Banking Centres, a new Account Opening and Loan Centre, as well as enhancements to loan and financing products for personal and business customers.

BML's nationwide network comprises of 38 branches across 20 atolls, 51 Self Service Banking Centres, 115 ATMs, 277 agents and a suite of digital banking services.

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