BML makes profit of Rf146.9m in first quarter

Bank of Maldives (BML) has reported an operating profit of Rf146.9m in its unaudited income statement for the quarter ended 31 March 2012.

The statement for January, February and March 2012 indicate that the Bank made an income of 209.1m; and an operating profit of Rf146.9m before making provisions on bad and doubtful debts according to MMA regulations. This is an increase of Rf21.1m when compared with the profit made in the last quarter of 2011, which was Rf125.9m.

Same as the final quarter of last year, BML makes zero profit after deduction of provisions on bad and doubtful debts. BML commenced including this provision in April last year, subsequent to the prudential regulation introduced by MMA in 2009.

The bank’s cash flow was Rf1.9b at the beginning of the quarter, which was increased by Rf582.1m to reach Rf2.5b by the end of the quarter.

BML share price is currently traded at its highest traded price, Rf70. The company’s market capitalisation is Rf376m.