BML posts MVR 40 million profit in half year results

The Bank of Maldives (BML) has posted a MVR 40 million (US$2.6 million) net profit in its half year results to June 2012.

“This is after allocating MVR 224 million (US$14.5 million) to loan loss provisions during the first five months of the year,” the bank stated.

“At the half year operating profit reached MVR 263 million (US$17 million), an increase of 15 percent over the same period last year. Net interest income increased from MVR 223 million (US$14.5 million) in June 2011 to MVR 247 million (US$16 million) in the six months to June 2012, an 11 percent increase compared to the same period last year.”

BML stated that the results “reflected the strength of the bank and its success in dealing with non-performing loans.”

“I am very pleased to inform all our shareholders that we have returned to profit and that our Non Performing Net Assets (NPNA) provisioning is at a very comfortable level. I have for some time been very encouraged by our strong growth at an operating profit level, which has come about as a result of diversified income streams and strong cost control. We are now seeing all of these factors manifest in retained profits for the business,” said BML CEO Peter Horton.