BML posts net profit of MVR 493m for Q1

Bank of Maldives (BML) has announced a net profit of MVR 493 million for the first quarter of this year.

The announcement was made by the bank in a statement on Monday.

According to BML, it produced an operating profit f MVR 708 million in Q1 2024, up 5.7 percent compared to the same period last year.

The bank said that in Q1 2024, it saw good business volumes across key sectors, and loan book quality continued to improve with MVR 967 million in new loans to individuals and businesses during the period. Capital and liquidity remain solid and well above regulatory requirements. Meanwhile, total assets at the end of the quarter stood at MVR 46.3 billion.

The bank’s network expansion and community investment program continued during Q1 2024 with new self-service banking centers opened in Hulhumale’ Phase II, K. Gulhi and V. Keyodhoo. In January, the bank further reduced its student Kiyavaa Loan and Education Financing rate to 2.5 percent.

BML’s CEO and Managing Director, Karl Stumke commented that the bank had a strong start to the year.

“Despite the subdued economic environment, we maintained solid business momentum, achieving net profit of MVR 493 million. As we continue to implement our strategy, I am happy to report on the good progress we have made on our strategic initiatives including the launch of our instant approval for personal loan and financing as well as our continued expansion of our network footprint,” he said.

With a nationwide network of 38 branches and service centers, 86 self-service banking centers, 142 ATMs, over 200 agents and a full suite of digital banking services, BML said it is committed to supporting individuals, businesses and communities across Maldives.