BML allocates MVR 126.4 million to provision for bad debts

The Bank of Maldives (BML) has allocated MVR 126.4 million from this year’s second quarter profit to provision for bad and doubtful debts.

The Second Quarter Report (April to June 2013) of BML states that the bank made an operating profit of MVR 154.2 million, out of which MVR 126.4 million was set aside as provision for bad and doubtful debts, and MVR 27.7 million was paid as tax.

BML said in a press release on Sunday that it had decided to strengthen the balance sheet by allocating full Q2 profit for non-performing loans.

“Whilst there are no new major nonperforming loans, this step was taken to fully comply with MMA regulations while ensuring a record profit for first half of the year,” read the statement.

BML made a net profit of MVR 527.1 million in the first quarter, out of which MVR 50 million will be distributed as dividend.

According to the press release, the Board of Directors of BML has approved to pay an interim dividend of MVR 9.29 per share.