Bank of Maldives (BML) has received MVR 493 million as net profit in the first quarter of 2024.
As per the first quarterly report released by the bank, the net profit this year shows a MVR 10 million decrease from last year's numbers.
Last year during the same quarter, the bank received MVR 504 million as net profit.
The bank stated that the net profit had decreased due to an increase in operational costs.
Although the net profits of the first quarter has seen a decrease compared to last year, the total revenue has increased comparatively.
In the first quarter of last year, the bank earned revenues of MVR 1.1 billion. However, this year they received revenues of MVR 1.2 billion. The bank earned MVR 708 million as operational profits. This is 5.7 percent increase compared to the first quarter of last year.
BML stated that overall development has been noted in all areas. Loan qualities have also improved, with MVR 967 million having been issued in new loans to members of the public and businesses within the first quarter.
BML said that the bank reserves and liquidity ratio has been maintained above the minimum defined in law. Total assets have risen to MVR 46.3 billion by the end of this quarter.
In reference to the quarterly report, BML CEO and Managing Director Karl Stumke said that despite the economic downturn, the bank has maintained speed in its progress. Out of the successful efforts made to extend the bank's strategy, he highlighted the introduction of instant approval for personal loans and financing and expansion of the banking system.
BML said that in their efforts to provide banking services across the country and to invest in the community, several efforts have been made within this quarter as well. Among these are the setting up of self service banking systems in Hulhumale' Phase 2, Kaafu atoll Gulhi, and Vaavu atoll Keyodhoo. In January this year, the bank has decreased the rate of study loans and Islamic Education financing to 2.5 percent.
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