BML nets 360 mn in 2nd quarter, pushing net profit up 152 percent during first half

Maldivian national bank – Bank of Maldives (BML) has reported a net profit of MVR 360 million in second quarter earnings, pushing the total net profit during the first 6 months of 2016 up by a record 152 percent.

BML released its second quarter earnings report this Thursday, which shows the company earned MVR 480 million in pre-tax profit, nearly double the pre-tax profit of MVR 281 million it earned during the first quarter.

The company earned MVR 360 million in net profit during the second quarter, and MVR 210 million during the first quarter.

The total value of profit after tax during the first 6 months of 2016 is MVR 571 – a significant 152 percent increase compared to the first half of 2015.

The company released a press statement on Thursday in which it noted the achievement, and promised to continue re-investing its profits into the community through its MVR 300 million investment program.

BML noted that it had established a branch in all 20 atolls, and made cash agent services available in each and every inhabited island in the country.

It also noted the recent cut in consumer interest rates.

The company said that it had reduced cost of housing sector finance by 2 percent, and personal loan rates – to as low as 6 percent.

CEO and Managing Director of BML, Andrew Healy commended the hard work of the company’s staff – and its contribution to the record profit earnings.

“These results give us a good platform to continue to invest in supporting individuals, families and businesses across the country. I would like to thank our staff for all their hard work and commitment and our customers for their continued loyalty. We are confident we can keep the positive momentum going through the second half of the year,” said Healy.