Bank of Maldives (BML) has reported positive financial results for the first six months of 2018 with Profit Before Tax of over USD 44.6 million which is an increase of 16% compared to the same period of last year.
Following a record year in 2017, the national bank had cautioned that profitability in 2018 would be impacted by higher funding costs and its extensive technology and community investment programme. However, healthy business volumes across all key business segments together with low levels of non-performing loans saw the outturn for the half-year beat expectations.
The first half of 2018 saw BML step up its USD 20 million investment programme across the country with its extensive physical presence being augmented by enhanced digital technology in the areas of mobile, internet and card based services.
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 said it is committed to supporting individuals, businesses and communities across Maldives.