Ready to support local economy: National bank

National bank Bank of Maldives (BML) has stated that it is ready to support the local economy during the current global crisis affecting the country's economy.

The bank's audited financial statements for 2019 reflected a strong year for the bank which provided the platform to continue investing back in the community and to further support local businesses.

The bank's Profit After Tax was MVR 1.04 billion in 2019. The bank had an Operating Profit of MVR 1.7 billion, up 9% on the previous year. While total assets grew by MVR 3.3 billion, up 14% versus 2018, the bank's capital position remains well in excess of regulatory requirements with a Capital Adequacy Ratio of over 40%.

Commenting on the annual results, BML CEO and Managing Director Tim Sawyer noted, "We're in the midst of a global crisis that has severely affected the bank and the wider economy. We're continuing to work with the government to address challenges faced by businesses through targeted measures to help cushion the impact. Our utmost priority is to protect our staff and customers, and we will together get through challenging times."

Regarding the Bank's Shariah compliant banking businesses, Tim commented, "Over the past year, we further enhanced our reach with new branches and ATMs in the atolls and established Cash Agents to provide deposit and payment services to communities. We also opened a new modern headquarters for BML Islamic in Male' ;to cater for the growing customer base. Importantly, we now have additional Shariah compliant products to match almost all our conventional products for both personal and business customers."

With a nationwide network of 38 branches across all 20 atolls, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.