Bank of Ceylon's (BOC) is planning to open a second branch in the Maldives.

The new BOC branch is to be located in the new Amin Avenue's commercial block in the reclaimed suburb of Hulhumale.

The area already features branches of Bank of Maldives Ltd (BML), Maldives Islamic Bank (MIB), Habib Bank and State Bank of India (SBI).

BOC made a profit of MVR 167.5 million after tax deductions last year. The bank had paid MVR 48.3 million as profit tax to the state.

According to the recently publicised statistics, the bank had earned MVR 265.8 million as interest.