The Bank of Maldives (BML) has purchased a large plot of land in Hulhumale' for MVR 154 million.

According to Civil Court documents, BML bought a total of 28,507 square feet of land. The bank paid a total of MVR 153,938,394 to the Housing Development Corporation (HDC). That is MVR 5,400 per square foot.

The land purchased by BML is located on the west side of Central Park in Hulhumale' Phase 1. Many government and private companies have recently bought land and are building offices in the area.

It is believed that the BML plans to relocate its headquarters to Hulhumale'. However, the bank has not made an official announcement.

BML posted an operating profit of MVR 790 million in the second quarter of this year and a net profit of MVR 588 million.

BML posted a net profit of MVR 1.05 billion after tax for the first six months of the year. That is a 12 percent increase over the first half of last year.