Maldives' main bank Sunday posted record profit last year and immediately announced plans to invest MVR300 million this year.
Bank of Maldives (BML) statistics for the last quarter of 2016 show that the bank made MVR281.8 million as profit after reducing for taxes. This a 53 percent boost from profits made in the third quarter of 2016, and increased the total profit made by the bank in 2016 to a staggering MVR1.03 billion which is a 56 percent increase from 2015.
BML statistics revealed that money invested into small businesses by the bank had increased in the previous year, and the bank had also maintained a better liquidity ratio for 2016 compared to the legally mandated figure. Loans given out by BML which remain unpaid have also gone down in number.
The CEO of BML Andrew John Healy stated that the growing profits of the bank will lead to better investments in the Maldives, and vowed to invest MVR300 million this year, doubling the amount invested last year.
- MVR345.7 mln was paid in taxes
- Unpaid loans down to MVR74 mln
- MVR150 mln invested
Healy said the plans for 2017, includes 10 CSR projects, increasing branches of the bank as well as expanding the ATM networks throughout the Maldives. He thanked employees of the bank for their roles in the landmark year.
"I assure the shareholders that the employees of the bank will efficiently work together to maintain this progressive run, and achieve the vision of the shareholders," Healy said.
He also noted the challenged facing the bank this year, stating that the banks expenditure would drastically rise with the large investments projects, and expected profits could be less this year with lowered interest rates.
"We aim for the bank to progress further with the our experienced team, and that customers would increase in what may hopefully become another profitable year," Healy said.
BML is the largest banking network in the Maldives, with 31 branches in 20 atolls, 78 ATMs, 4000 POS Merchants, 190 Cash Agents, 19 Self Service Baking Centers as well as 5 Dhoani Banking Units, along with a state of the art online service.
