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.


Bank of Maldives net profit for 2012 rises to MVR 200 million

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.”