BML doubles annual profit to MVR 1.03 billion

Bank of Maldives has recorded an annual profit of over MVR 1.03 billion, marking the biggest profit made in a year since its establishment.

In 2015, BML made a profit of MVR 662 million, which means the bank more than doubled its profit in 2016.

BML released its fourth quarter financial report for 2016 this Monday; which shows the bank earned a profit of MVR 281.8 million in the fourth quarter, which is a 53 percent increase compared to the profit it earned during the third quarter.

The bank reports the MVR 1.03 billion in annual profit marked its best ever performance.

CEO of BML, Andrew Healy pledged to re-invest MVR 300 million of the bank’s profit on its CSR projects planned for 2017.

“The very solid business performance throughout 2016, and particularly the further strengthening of our loan portfolio, gives us a good platform to invest even more in the communities we serve. We will, as promised, invest MVR 300 million/USD 20 million over the course of 2017. This investment will include 10 new CSR projects and further growth in our branch, business centre and ATM network which will benefit at least 22 different islands and create 150 new jobs in the process,” he said.

Healy warned the bank forecasted lower profitability in 2017, owing to higher funding costs and lower margins, as well as its biggest ever investment program.

He said that the bank still expected further growth in business volumes and customer base.

Healy thanked the staff of the bank for their commitment to the bank.

“I would like to take this opportunity to thank our staff for all their hard work in ensuring we finished the year on such a positive note. Last year was a very busy one and our team worked tirelessly to support our customers. I am very grateful for that and together we will continue to ensure our business grows in a prudent, sustainable manner that meets the expectations of our stakeholders.”

BML has a nationwide network of 31 branches across all 20 atolls, 78 ATMs, 4,000 Point of

Sale merchants, 190 cash agents, 19 Self Service Banking Centres and 5 Dhoni Banking Units, as well as a full suite of Digital and Online Banking services.