Maldives' main bank Bank of Maldives (BML) on Sunday reported positive financial results for the first quarter of 2018 with Operating Profit up 11 percent on the same period last year due to solid business volumes across all key sectors.
The Bank reported a three percent increase in Profit Before Tax in comparison to the corresponding quarter last year despite the higher level of loan provisioning required under the new accounting standard, IFRS 9.
Profit Before Tax on a like-for-like basis increased by 13 percent. Loan book quality remained robust with the ratio of nonperforming to total loans falling from 4.1 percent at the end of 2017 to 3.2 percent. Capital and liquidity ratios finished the quarter well in excess of regulatory requirements.
BML’s community investment program continued during the quarter and February alone saw 28
‘Aharenge Bank’ events held across the country which supported charitable, educational, sports
and environmental causes.
“We are pleased with the positive start to the year and we will work hard to continue this positive momentum throughout the rest of the year," CEO and Managing Director, Andrew Healy said
"I would like to thank our staff across the country for their dedication and commitment during
a very busy quarter where we were delighted to continue our Aharenge Bank program, the
highlight being 28 different events in February.”
With a nationwide network of 34 branches across all 20 atolls, 35 Self Service Banking Centres,
95 ATMs, 5,000 Point of Sale merchants, 277 agents and a full suite of Digital Banking services,
Bank of Maldives is committed to supporting individuals, businesses and communities across
Maldives.
