Bank of Maldives (BML) has observed strong results for the first quarter of the year.

In a publication earlier this week, the country’s national bank reported an operating profit of MVR 708 million, which is a 5.7 percent increase in comparison to the same period last year.

BML revealed that the first quarter of the year saw good business volumes across key sectors.

With loan book quality continuing to improve, BML revealed that MVR 967 million was provided to individuals and businesses in new loans, during the period.

Highlighting that capital and liquidity remain solid and well above regulatory requirements, the bank added that the total assets at the end of the quarter stood at MVR 46.3 billion.

During the quarter, BML’s network expansion and community investment program continued as well, with new self-service banking centers unveiled in Hulhumalé Phase II, Gulhi island in Kaafu atoll and Keyodhoo island in Vaavu atoll.

BML in January further reduced its student ‘Kiyavaa Loan’ and Education Financing rate to 2.5 percent.

Karl Stumke, BML’s CEO and Managing Director revealed that they had a strong start this year and despite the subdued economic environment, they maintained solid business momentum, achieving a net profit of MVR 493 million.

As they continue to implement their strategy, he reported on the good progress made on BML’s strategic initiatives including the launch of their instant approval for personal loan and financing as well as continued expansion of the network footprint.

BML remains committed to support individuals, businesses and communities nationwide, boasting 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.