Bank of Maldives strong year was sustained during the third quarter, with the Bank today reporting
a positive set of results with a Profit Before Tax of MVR 307 million for the quarter.
Operating profit of MVR 414m was up 5% on the previous quarter and YTD Operating Profit
amounted to MVR 1.2 billion, up 4% on the same period last year. While funding cost, investment
and provision charge increased, solid business volumes across all key business segments helped
achieve this outturn. Capital and liquidity ratios finished the period well above regulatory
requirements.
The third quarter saw BML continuing its investments with the opening of five new Self Service
Banking Centres in Kelaa, Baarah, Alifushi, Thuldhaadhoo and Maavah as well as the introduction
of USD ATM in Hulhumalé. The Bank scaled up its Islamic Banking arm, with the opening of a new
modern headquarters solely dedicated to Islamic Banking services, to better serve BML Islamics
growing customer base. During the quarter, as part of its Aharenge Bank program, over 40 CSR
activities were implemented in the areas of education, sports, environment and community
development.
Commenting on the results BML CEO and Managing Director, Tim Sawyer, said, "With our
sustained strong financial performance, we are pleased to continue the positive momentum created
during the first half of the year. While investment costs and provisions increased, continued
demand for our products and services have resulted in solid business volumes across key
segments. We look forward to a positive end to the year and I would like to thank our hardworking
team for their continued commitment and dedication."
With a nationwide network of 37 branches across all 20 atolls, 49 Self Service Banking Centres,
113 ATMs, 5,700 Point of Sale merchants, 277 agents and a full suite of Digital Banking services,
Bank of Maldives is committed to supporting individuals, businesses and communities across the
Maldives.