BML posted a net profit of MVR 448 million for the second quarter of 2024. Despite the decline in net profit, BML's operating profit stood at MVR 698 million which is 3 percent higher than the second quarter of 2023.
Bank of Maldives (BML) posted a net profit of MVR 448 million for the second quarter of 2024.
This is MVR 103 million lower compared with the second quarter of 2023. Net profit declined in the second quarter due to higher operating expenses, according to the bank.
BML's operating profit increased by 3 percent compared to the second quarter of last year despite a decline in net profit. The company posted an operating profit of MVR 698 million in the second quarter of this year.
According to BML's quarterly report, the bank provided MVR 2.8 billion in new loans to private individuals and businesses within the first six months of this year.
The bank noted that all key business areas improved during the quarter while its capital was maintained above the legally required levels.
BML's total assets stood at MVR 44.9 billion at the end of this quarter, with customer deposits totaling MVR 29.5 billion.
Operating expenses have been contained despite inflation, and provision cover remains strong at 100 percent, the bank said.
The bank introduced several new services during the last quarter, including the introduction of the Maldives' first credit card under Maldives jurisprudence, home build and home equity loans. Additionally, the bank launched opportunity to apply for BML 'Bank Fund' as part of its CSR activities to support sustainable projects, empower organizations, and contribute to the society.
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