Bank of Maldives operating profits up 65 percent

The Bank of Maldives (BML) has announced that operating profit in the second quarter of 2014 increased 65 percent from the previous quarter, reaching MVR353 million (US$23 million).

“The Bank continues to move in the right direction. We are steadily building a sustainable financial base to support our strategic pillars of financial inclusion, customer service and support for business,” CEO and Managing Director Andrew Healy was quoted as saying in a press release.

“Since announcing these strategic priorities at its AGM in May, the bank has made a number of positive changes including the introduction of free cash withdrawals at ATMs and free transfers from one branch to another,” the press release continued.

“It has also recommenced issuing Visa Debit cards for rufiyaa accounts. Furthermore, the bank has started a programme to bring banking services to all inhabited islands across the country.”

“As part of its strategy, Bank of Maldives is also heavily investing in state-of-the-art technology and went live with T24, one of the world’s most advanced Branch Banking Systems on last Sunday, 3rd August 2014.”

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.”