Bank of Maldives Plc BML on Thursday said the banks financial performance is continuing on a positive trajectory, with first half Profit after Tax up 152% on the same period last year to MVR571 million.
The Quarterly Update of Bank of Maldives (BML), released on Thursday, reported that healthy business volumes across most lines were supported by further improvements in the quality of its loan book, leading to one of its best ever half year performances. Capital and liquidity ratios finished the period well in excess of regulatory requirements, it said.
According to the report, BML has been continuing its policy of re-investing profits to support communities across the country through its MVR300 million investment programme. During the first half of 2016, BML fulfilled its promise of establishing a branch in all 20 atolls and making cash agent services available on every inhabited island. The Bank also recently implemented a significant repricing downwards of its consumer interest rates with the cost of housing sector finance reduced by 2%, while personal loan rates were brought down by as much as 6%.
In May, BML was honored by Capital Finance International with a prestigious award for “Most Innovative Banking Team in the Indian Ocean”. The award recognizes the Bank’s extensive commitment to providing financial services and community support right across this geographically dispersed country in a creative and customer-focused manner.
Commenting on the Bank’s performance, Chief Executive Officer and Managing Director of BML Andrew Healy said that, “these results give us a good platform to continue to invest in supporting individuals, families and businesses across the country”, and added that “I would like to thank our staff for all their hard work and commitment and our customers for their continued loyalty”. “We are confident we can keep the positive momentum going through the second half of the year”, he further said.
With a nationwide network of 29 branches, 76 ATMs, 3,200 Point of Sale merchants, 177 cash agents, 14 Self Service Banking Centres and 5 Dhoni Banking Units, Bank of Maldives’ investment and presence far exceeds that of all other banks in the country combined.