The Bank of Maldives (BML) has reported an operating profit of MVR 708 million for the first quarter of this year.
This is an increase of 5.7 percent compared to the same period last year.
BML said the quarter saw good business volumes across key sectors and loan book quality continued to improve with MVR 967 million in new loans to individuals and businesses.
The bank noted that capital and liquidity remain solid and well above regulatory requirements while total assets at the end of the quarter stood at MVR 46.3 billion.
According to the bank, network expansion and community investment programs continued during the quarter with new self-service banking centres opened in Hulhumale’ Phase 2, Kaafu Gulhi and Vaavu Keyodhoo.
BML also highlighted that the student Kiyavaa Loan and Education Financing rate was brought down to 2.5 percent in January this year.
BML’s CEO and Managing Director Karl Stumke said the bank maintained solid business momentum and achieved a net profit of MVR 493 million despite the subdued economic environment.
"As we continue to implement our strategy, I am happy to report on the good progress we have made on our strategic initiatives including the launch of our instant approval for personal loan and financing as well as our continued expansion of our network footprint," he added.
BML provides nationwide service with a network of 38 branches and service centres, 86 self-service banking centres, 142 ATMs and over 200 agents.
