BML generates MVR 276 million as profit after tax in Q1

Bank of Maldives (BML) headquarters in Male' City. (File Photo)

Financial reports for the first quarter of the year shows that Bank of Maldives (BML) genrated a profit of MVR 276 million.

The report released today shows that the bank received MVR 379 million as Profit Before Tax (PBT). This is a six percent increase compared to the profit received in the first quarter of 2018. Operation profit increased by four percent compared to the first quarter of 2018.

The report also shows that the total assets of the company grew by MVR 2 billion and that a good number of loans were given out. According to the report, the liquidity ratio was well above the regulatory requirement.

To further develop the services provided by the bank, they opened a new branch – Self Service Banking Centre in G. Dh. Gahdhoo during the first quarter. Under the ‘Aharenge Bank’ program they launched the Aharenge Bank Community Fund and inaugurated the nationwide program to deliver 60 motorized wheelchairs for mobility-impaired individuals.

Board of Directors of BML made the decision to deliver a total of MVR 129,166,080 as share profits for the shareholders of the company. This is a nine percent increase on the amount delivered last year and the highest amount to be delivered so far.