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Bank of Maldives reports profits of MVR 724 million

Shahudha Mohamed
26 July 2019, MVT 08:54
Bank of Maldives Ltd head office in Male' City. FILE PHOTO/MIHAARU
Shahudha Mohamed
26 July 2019, MVT 08:54

Bank of Maldives (BML) revealed on Wednesday that the company received MVR 724 million in profits during the first six months of 2019, before deduction of taxes.

A statement released by the company disclosed that the five percent increase in profits compared to the first half of 2018, was higher than the expected amount.

The national bank's quarterly reports show that BML earned a net profit of MVR 528 million within this year as opposed to the MVR 499 million generated in the same period last year.

According to BML, despite an increase in operational expenses, the bank is recording profits from their issued loans and businesses.

The bank also noted that their capital was higher than the standard required by law.

During the first six months of the year, BML has initiated a variety of projects, including 50 initiatives in the field of education, sports, environmental conservation as well as in collaboration with nonprofit organizations.

Additionally, BML also continued an investment programme worth MVR 300 million that aims to contribute toward the betterment of society.

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