CBM's net profit at MVR 25 mill

Commercial Bank of Maldives (CBM) has made a net profit of over MVR 25 million in 2018.

CBM was opened in September of 2016 as a joint investment between Sri Lanka's Commercial Bank and Tree Top investment; a subsidiary of Champa Group.

The bank's financial statements for 2018 show the bank made MVR 40 million before tax. While the bank paid MVR 14.7 million in taxes, it made a net profit of MVR 25.5 million after tax.

During 2018, the bank received MVR 19.2 million as loan interest and other fees. CBM generated a revenue of MVR 31.7 million last year.

The report shows CBM received MVR 20.5 million for services and fees provided to the banks and deposit fees. The bank received a further MVR 24.5 million for other services provided by the bank.

CBM spent MVR 9.1 million on employee salaries and other allowances in the last year.