Bank of Maldives’ net profit increases 105 percent in third quarter

The Bank of Maldives Plc Ltd (BML) has announced a net profit of MVR205 million (US$13.2 million) for the third quarter of 2014, an increase of 105 percent on the previous quarter.

The national bank noted in a press that sources of income increased while “costs were well controlled and the quality of the loan book continued to improve.”

“The Bank continues to move in the right direction across most key yardsticks. Financial performance is solid. During the quarter we demonstrated our commitment to step up financial inclusion as we launched point-of-sale cash withdrawal services in 9 islands which previously had novbanking facilities – this figure will rise to 50 islands by year end,” CEO and Managing Director Andrew Healy stated.

He also noted that the bank had taken important steps towards modernisation and improving customer service through the introduction of new technology systems.

“This is very important technology which gives the Bank much greater flexibility in terms of the services we can provide to customers. I would like to say thank you to our customers for your patience as we moved from one system to another. We are confident you will see the benefits of the changes we have made moving forward,” said Healy.