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BML generates MVR 1.49B net profit in 2022

Mohamed Rehan
02 February 2023, MVT 15:16
BML CEO Karl Stumke during the bank's 40th anniversary celebratory event--
Mohamed Rehan
02 February 2023, MVT 15:16

Bank of Maldives (BML) reports annual net profit of MVR 1.49 billion in 2022.

The bank observed a decline of MVR 374.3 million in net profit compared to 2021. BML reported a higher annual net profit in 2021 owing to a one-off payment of a significant loan by a private party.

The bank earned a quarterly net profit of MVR 211.7 million in the final quarter of 2022, while the bank reported earning MVR 367.5 million quarterly net profit in the third quarter of last year.

The company's annual profit before tax stood at MVR 2.04 billion while the profit before tax in the final quarter of 2022 stood at MVR 290 million.

BML’s annual gross income stood at MVR 3.9 billion while its quarterly gross income for Q4-2022 stood at MVR 995.5 million. The bank’s gross income for the preceding quarter was higher, at MVR 1 billion.

While the annual operating income stood at MVR 3.07 billion in 2022, the bank’s operating income for Q4-2022 stood at MVR 747.2 million. The operating profit of BML reached MVR 2.39 billion annually and stood at MVR 488.7 million in the final quarter.

Total deposits were recorded at MVR 29.1 billion in the review month compared to MVR27.3 billion, indicating a MVR 1.8 billion increase.

Additionally, the bank recorded MVR 4.3 billion in new loans to businesses and individuals. Capital and liquidity ratios also remained well above regulatory requirements.

The company recorded MVR 41.9 billion of total assets as of December 2022 while the bank's total assets in the same month of 2021 stood at MVR 38.9 billion, indicating a MVR 3 billion increase in the assets.

Speaking about the previous year's financial performance, BML's Chief Executive Officer Karl Stumke said, "2022 was a special year for the bank as we celebrated 40 years of service. The bank launched 12 high-impact monthly community initiatives as part of its 40th anniversary".

The bank's CEO said the initiatives carried out were a part of BML's continued efforts to support and aid customers, employees and the community in various areas. He emphasized the importance of the bank's CSR activities carried out last year.

“These include education, environment and health sectors,” he said.

With a total of 35 branches in all 20 atolls, the BML has the largest banking network in the Maldives and serves over 300,000 customers.

The bank also has 140 ATMs installed in all 20 atolls, 7,900 POS merchants, 82 self-service banking centers, and 200 cash agents on 165 islands. The bank also provides full-suite digital banking services through its internet and mobile banking applications.

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