Bank of Maldives (BML) has reported a Profit Before Tax of about USD 20 million in a strong third quarter.
BML said operating profit of USD 26.870 million was up 5% on the previous quarter and YTD Operating Profit amounted to USD 77.884 milliom, up 4% on the same period last year. While funding cost, investment and provision charge increased, solid business volumes across all key business segments helped achieve this outturn. Capital and liquidity ratios finished the period well above regulatory requirements.
The third quarter saw BML continuing its investments with the opening of five new Self Service Banking Centres in Kelaa, Baarah, Alifushi, Thuldhaadhoo and Maavah as well as the introduction of USD ATM in Hulhumalé. The bank scaled up its Islamic Banking, with the opening of a new modern headquarters solely dedicated to Islamic Banking services, to better serve the growing customer base BML Islamic. During the quarter, as part of its corporate social responsibility (CSR) programme, over 40 activities were implemented in the areas of education, sports, environment and community development.
“With our sustained strong financial performance, we are pleased to continue the positive momentum created during the first half of the year. While investment costs and provisions increased, continued demand for our products and services have resulted in solid business volumes across key segments. We look forward to a positive end to the year and I would like to thank our hardworking team for their continued commitment and dedication,’’ BML CEO and Managing Director Tim Sawyer said commenting on the results.