BML pushes profits by 90 percent

  • - Profits for first three months MVR 281 million
  • - MVR 7 billion released as business loans
  • - MVR 300 million as investments

National bank, BML has increased their profits for the first quarter of the year by 90 percent.BML has defined this year as one of the best starts for the bank.

BML has revealed that in the first three months of the year, the bank had earned a pre-tax earnings of MVR 281 million. Last year, MVR 110,959 was recorded in the same period: this year's figure is a 90 percent increase in earnings. The bank had released MVR 7.7 billion as business loans for the first quarter, with the bank maintaining more than the amount mandated by the state as reserves.

BML added that in the last quarter, two new branches, five self service banking centers and green loan funds were launched under a MVR 300 million program to improve banking services in the country. Also, in the last quarter the Bank had launched the BML Payment Gateway, aimed to provide secure financial transfers for small and mid-sized businesses.

In a statement released by the Bank, CEO and MD, Andrew Healy said the successes of last year is being experienced this year as well. He said this was a great incentive to invest into the country and the citizens. Healy remarked that one of the biggest achievements was the opening of a branch in every atoll and increasing the bank's capability to serve the public.

"The interest rates for the most competitive products have been reduced. With this we are more determined to give a better service," he said.

Recently the bank had publicized the audited financial statements. The bank had also passed a record amount as dividend payments the past three years. The last dividend payment was at MVR 17.