Bank of Maldives observes “encouraging” signs of recovery in the financial performance in the face of Covid-19 impacts during the first quarter of 2021.

Publicizing positive results of financial performance for the first quarter of 2021, the country’s national bank revealed that Profit After Taxes amounted up to MVR 357 million which is up 23 percent in comparison to the same period the previous year.

BML revealed that their performance during the first quarter mirrors a good recovery in all core business lines from the impacts caused by the ongoing Covid-19 pandemic.

Highlighting that the Operating Profit rose to MVR 537 million which is 25 percent up in comparison to 2020, BML said that this was the result of solid business volumes across all key sectors.

BML’s report further details that the capital and liquidity remains solid and well above the requirements.

Throughout the first quarter of the ongoing year, the bank’s network expansion and community investment programme continued with new Self-Service Banking Centers established across Guraidhoo island in Kaafu atoll as well as Muli island in Meemu atoll.

The bank also awarded five more projects under its Community Fund initiatives, as part of wider efforts to support local communities.

During the first quarter, BML also launched the “Samaaluvey” campaign to spread awareness on financial fraud.

“We are seeing encouraging signs of recovery post-Covid with good performance from key business lines including card income. While we continue to be cautious in our outlook for the year, we look forward to supporting our customers and communities with investments in network expansion as well as new products and services.” Tim Sawyer, BML’s CEO and Managing Director.

BML remains committed to support individuals, businesses and communities nationwide and currently has a network of 35 branches across all 20 atolls, 71 Self Service Banking Centers, 132 ATMs, over 200 agents and a full suite of Digital Banking services.