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BML reports positive performance for 2021's first quarter

02 May 2021, MVT 12:46
Wireless NFC cashcards used by Bank of Maldives. PHOTO: BANK OF MALDIVES
02 May 2021, MVT 12:46

Bank of Maldives (BML) reported positive financial performance with a Profit After Tax amount of MVR 357, for the first quarter of 2021.

This was a 23 percent increase compared to the same period in 2020, reflecting a recovery in its core business lines from the impact of global pandemic COVID-19.

The bank revealed that the Operating Profit increased by 25 percent, and amounted to MVR 537 million, driven by solid business volumes across all key sectors. Meanwhile, it was reported that capital and liquidity remained solid and well above regulatory requirements.

During this quarter, BML had further expanded their community and investment programme with the opening of new Self-Service Banking Centres in Guraidhoo, Kaafu Atoll and Muli, Meemu Atoll.

Additionally, five Community Fund projects were awarded as part of its CSR initiatives, and also launched a new ‘Samaaluvey’ campaign to increase awareness and prevent financial fraud.

“We are seeing encouraging signs of recovery post-Covid with good performance from key business lines including card income. While we continue to be cautious in our outlook for the year, we look forward to supporting our customers and communities with investments in network expansion as well as new products and services," said the bank's CEO and Managing Director Tim Sawyer.

Bank of Maldives has a network of 35 branches, 71 Self Service Banking Centres, 132 ATMs, over 200 agents and a full suite of Digital Banking services across the country.

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