Bank of Maldives (BML) has recorded a 16% decrease in its net profit for the second quarter of 2021, compared to the previous quarter.
As per the financial report of BML for Q2, 2021, the bank recorded a net profit of USD 18.7 million in the second quarter. This is a 16% decrease compared to the USD 23.1 million recorded in the first quarter of the year.
The report revealed the bank had recorded a gross profit of USD 50.8 million during the second quarter, including USD 32 million as operational profit. The figures represent a 38% increase compared to the second quarter of 2020. The capital and liquidity ratio of the bank were also maintained at the level mandated by law.
Speaking on the financial records of the second quarter, CEO and Managing Director of BML Tim Sawyer said he was happy with the results achieved by the bank during the first 6 months of the year. He said the bank is capable of recovering from the difficulties caused by the COVID-19 pandemic, and achieve sustainable progress.
As part of efforts to broaden the reach of BML across the country, the bank established self-service banking ATM centres in five islands during the second quarter. BML also established banking agents in 12 islands during this period.