Maldives' main bank Bank of Maldives (BML) maintained a strong year after reporting another positive quarter on Thursday.
BML in a statement reported Profit Before Tax of MVR365 million for the third quarter of the year which is up 10 percent on the previous quarter and 11 percent ahead of the same period last year.
Despite higher funding costs, BML reported solid business volumes across all key business segments together with low levels of non-performing loans resulted in an out-turn that beat expectations.
The statement detailed that year to date Operating Profit was up nine percent on the equivalent period last year while provisions for bad and doubtful loans were down MVR40 million as the Bank’s loan book quality has continued its improving trend.
Capital and liquidity ratios finished the period well above regulatory requirements, the statement read.
In the third quarter, BML continued its support for communities through its Aharenge Bank program which saw an additional 22 CSR and network expansion activities implemented across the country.
Investment in digital technology saw various enhancements to BML’s mobile, internet
and card based services during the quarter. The Bank also reported that it was on track to invest 30 percent of last year’s profits into community related initiatives.
Other highlights during the quarter included BML receiving the much coveted “Asia's Best Employer Brand” award from the World HRD Congress and the Employer Branding Institute for the second consecutive year -- in recognition of the Bank’s advanced policies in recruiting, developing and retaining talent.
“While funding and investment costs continue to increase, we are pleased with the positive momentum in our business that has resulted in today’s strong set of results. This can be primarily attributed to healthy customer demand for our products and services as well as to our robust loan book," CEO and Managing Director, Andrew Healy said.
"I would like to thank our hardworking staff across the country for their continued commitment and loyalty. I am optimistic we can have a strong finish to the year.”
With a nationwide network of branches, relationship managers, self-service banking centres,
ATMs, point of sale merchants and agents across all 20 atolls, complemented by a full suite of digital banking services, BML has continued to express commitment to supporting individuals, businesses and communities across Maldives.