BML posts positive first quarter results

With Operating Profits up 11% on the same period last year, Bank of Maldives (BML) has posted positive financial results for the first quarter of 2018. As per the bank, the hike comes due to solid business volumes across all key sectors.

In comparison to Quarter 1 of 2017, BML reported a 3% increase in Profit-Before-Tax, despite the higher level of loan provisioning required under the new accounting standard, IFRS 9. Profit-Before-Tax on a like-for-like basis increased by 13%, according to the bank, and loan book quality remained robust with the ratio of non-performing to total loans falling from 4.1% at the end of 2017 to 3.2%.

Capital and liquidity ratios finished the quarter well in excess of regulatory requirements. BML continued their community investment programme during the quarter and February alone saw 28 ‘Aharenge Bank’ events held across the country which supported charitable, educational, sports and environmental causes.

“We are pleased with the positive start to the year and we will work hard to continue this positive momentum throughout the rest of the year,” says Andrew Healy, CEO and Managing Director of BML.

“I would like to thank our staff across the country for their dedication and commitment during a very busy quarter where we were delighted to continue our Aharenge Bank programme, the highlight being 28 different events in February.”

With a nationwide network of 34 branches across all 20 atolls, 35 Self Service Banking Centres, 95 ATMs, 5,000 Point of Sale merchants, 277 agents and a full suite of Digital Banking services, Bank of Maldives states that they are committed to supporting individuals, businesses and communities across the Maldives.