Bank of Maldives (BML) obtained a Profit After Tax of MVR 209 million in the final quarter of 2019.
The bank made the reveal via a press statement on Thursday, revealing that the growth of the company was recorded healthy during the final quarter of last year and is a result of solid business volumes that were attained through all key business segments despite the increased funding cost, investment and provision charge.
The statement goes on to read that they completed the Capital and Liquidity ratios “well above” the necessities alongside an increase of Total Assets by MVR 491 million.
The two percent increase for figures that were not audited for 2019 in operating profit compared to the previous year mirrors good growth in business while the Profit After Tax for the same period was lower “as expected”, said BML, going on to reveal that the amount was at MVR 962 million because of higher funding costs and provision charges.
Further, BML’s balance sheet has also increased by over MVR three billion during 2019, a reflection of how its steady growth is attributing to other core business areas.
During the quarter, BML stepped up support for business with the opening of dedicated Business Centers in Male’ and Hulhumale’ as well as the launch of multichannel payment solution for merchants. Bank of Maldives further expanded its presence with the opening of a new branch in Noonu Velidhoo. Under the ‘Aharenge Bank’ program, Bank of Maldives continued its support in the areas of education, sports, environment and community development. During the quarter, the Bank awarded 10 community development projects as part of its Community Fund and completed the donation of 60 motorized wheelchairs to individuals with disabilities across the country.”Bank of Maldives
In addition, CEO and Managing Director Tim Sawyer added that the bank will continue to invest in technology and facilities to improve customer experience and convenience with renewed focus on delivering the bank’s strategy. He remains in hope that this will meet the expectations from the bank’s customer base for high service.
Highlighting that the ongoing quarter will see more Self-Service Banking Centers, a new Opening and Loan Center, BML stated that the public will see an improvement to its loan and financing products for business and private customers.
BML remains committed to support individuals, businesses and communities nationwide, with a network of 38 branches across 20 atolls, 51 Self-Service Banking Centers, 115 ATM vestibules, a full suite of Digital Banking Services and 277 agents.
