The net profit of the Bank of Maldives Plc Ltd (BML) for 2012 has reached over MVR 200 million (US$13 million) by the end of the third quarter.
In a press release yesterday, BML revealed that the net profit in the third quarter of 2012 was was MVR 161 million, MVR 121 million up from previous quarter.
“By end of Q3 operating profit reached MVR 402.7M, an increase of 30% over the same period last year. Net Interest Income increased from 333.6M in Sep 2011 to 372.8M in the 9 months to Sep 2012. This is a 12 percent increase compared to the same period last year.
“Deposits grew over MVR 306 million from the same period last year, a reflection of continued strong deposit growth. Deposit as of the end of the quarter was MVR 7.6 billion compared to MVR 7.3 billion a year ago,” the press release noted.
“Our solid financial performance and extremely strong liquidity position ensure that the bank continues to be well positioned,” said Peter Horton, MD & CEO of Bank of Maldives. “The strong growth on our net profit is a testament to the efforts of our entire team and our ability to adapt to ever-changing market conditions.”
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Its quite a pride for the bank executives to show massive profits of the year and upgrade their profile. But if they can't give fair dividends to the shareholders, shareholders questions whether all these glossy picture declared to public is genuine, whether there is real cash/TBs/bonds / recoverable assets etc, or is it unrecoverable loans on paper to be written off in day light ignoring shareholders shares.