BML announces record profit of MVR 1.7 billion for year 2021

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

Unaudited figures show Bank of Maldives (BML) recorded a profit after tax of MVR 1.7 billion in 2021 – the bank’s best-ever financial performance. 

The national bank announced the figures in a statement on Thursday. 

BML said its strong performance in 2021 reflected strong post COVID-19 recovery with better-than-expected performance from all business lines, and took into account the significant one-off recovery recorded in Q3 2021. 

BML’s CEO and Managing Director Tim Sawyer credited the strong performance to the hard work of the bank’s employees. 

“Last year’s performance has resulted in the best ever year for the bank. Despite operating in a challenging environment, the solid business performance in 2021 continued with tireless commitment from our teams across the country. Our loan book quality remained robust and the non-performing loan ratio saw further improvement at 2.5 percent. We continued to lend to individuals and businesses during the year with over MVR 3.3 billion in new lending,” he said. 

Sawyer said the performance further reinforced the BML's commitment to develop the bank in a prudent, sustainable manner that meets the expectations of its stakeholders.  

“As a direct result of our performance, the state, as the bank’s largest shareholder, will also see positive returns that will further support the local economy,” he said. 

BML grew it's total assets by almost MVR 7.6 billion and customer deposits by MVR 5.3 billion in 2021. Capital and liquidity ratios remained solid and well above regulatory requirements. 

BML has announced a series of monthly initiatives to support and convey appreciation to customers, communities and colleagues ahead of its 40th anniversary in November 2022. It includes the BML Scholarship Fund, the upgrade and refurbishment of the national library and launch of BML Startup Grant Fund.