Third of operating income “bad and doubtful debts”: BML quarterly report

The Bank of Maldives (BML) has reported a stable third quarter profit of Rf 10,412,552 (US$810,000) for the three months to September 2010, a small increase on second quarter profit stemming from a nine percent increase in overall income.

However of the state-owned bank’s third quarter operating income of Rf 140,236,774, almost a third (Rf 55,242,937, or US$4.3 million) was downgraded as provision for “bad and doubtful debts”, a Rf 8 million (US$620,000) increase on bad debts for the second quarter 2010.

Staff costs represented Rf 43,822,269 (US$3.4 million), over half the of the bank’s total operating expenses of Rf 71,110,433 ($US5.5 million).

During the quarter the bank sanctioned 2039 loans, worth Rf 708 million (US$55 million).

The bank also announced a new pension plan and staff provident fund, taking effect in 2011, and selected candidates for its “executive grooming programme”.