BML reports profits of MVR 961 million in 2019

Bank of Maldives (BML).

Bank of Maldives’ fourth-quarter financial report for 2019 has shown that the bank gained an after-tax profit of MVR 961.74 in 2019.

This is a drop of 12 percent from the MVR 1.1 billion that BML profited from in 2018.  BML’s profit for the year 2019 was lower by MVR 137 million. In a news statement issued along with the financial report, the Bank stated that the figure was as expected due to different investments, expenses and provision charges.

Unaudited figures for the full year show an increase of 2% in Operating Profit versus 2018. The quarterly report also shows that the bank had gained a total profit before tax of MVR 1.32 billion. It also showed that the bank had paid MVR 355.96 million as income taxes. The operations costs of the bank stood at MVR 540.32 million.

BML also stated that it had gained a good profit from all the main sectors of business. During the quarter, total assets increased by MVR 491 million and Capital and Liquidity ratios finished well above regulatory requirements, according to BML. The Balance Sheet of the Bank had also grown up by over MVR 3 billion during the year.

Highlights of the last quarter of 2019 by BML

  • Opening of dedicated Business Centres in Male’ and Hulhumale.
  • Opening of a new BML branch in Noonu Velidhoo.
  • The Bank also awarded 10 community development projects as part of its Community Fund.
  • The Bank also donated 60 motorized wheelchairs to individuals with disabilities across the country.

Commenting on the results, BML’s CEO and Managing Director, Tim Sawyer said, “With a renewed focus on delivering on our strategy, we will continue to invest in technology and facilities to improve customer experience and convenience to meet the high service expectations of our growing customer base.

Tim also stated that this quarter will see more Self-Service Banking Centers, a new Account Opening and Loan Centre, as well as enhancements to the BML’s loan and financing products for both personal and business customers.