BML profits for second quarter exceeds MRF 132 million

The Bank of Maldives Plc has declared its profits for the second quarter of 2011 to be more than 132 million Rufiyaa. A press release issued by the Bank yesterday stated that remarkable results had been achieved by the Bank, including a sizable increase in the profit during the second quarter of this year compared to the first.

The Bank of Maldives made a profit of MRF 97,383,861 during the first quarter of the year, while the amount increased by 36 per cent, to MRF 132,201,55 during the second quarter. Last year, the Bank’s profit for the first quarter was MRF 60,311,985 and for the second quarter was MRF 79,872,266.

The Bank stated that profits from the second quarter would be reserved as provision for unproductive loans in accordance with the direction of the Maldives Monetary Authority (MMA), the country’s central bank.

Via the press release yesterday, the Bank of Maldives announced introduction of a new project that would be targeted at achieving excellence and sustainability in the Bank’s business operations. This project would include revision of the Bank’s structure and customer services. The project would also be aimed at achieving a more customer-oriented service base and overall improvements in the quality of services provided by the Bank. One of the most significant actions taken in order to achieve the said target was, according to the Bank press release, the enlistment of the services of renowned, UK based, international consultancy firm Hunter Roberts in improving staff affairs.

The Bank of Maldives Plc, founded in 1982, is the largest and only local bank in the Maldives, and it is the only bank in the country which provides banking services throughout the country. Started as a joint-venture owned by the Maldivian government and the International Finance Investment Company (IFIC), the Bank now operates as a public limited company whose shares are held by the government and public.